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Service Providers Assist in Short Sales

Mortgage News

A host of recent offerings promise to help mortgage servicers manage short-sale transactions. Newly developed short-sale platforms connect service providers with servicers and help all parties keep track of their transactions.

Special servicer Wingspan Portfolio Advisors recently touted its efficiency in handling short sales. It claims that its average short sale takes between four to six weeks to complete versus up to six months for the industry.

The Dallas-based firm’s completion rate is 80 percent compared to 30 percent for the industry as a whole.

Wingspan says the short-sale offers that it presents to servicers have been pre-screened for errors and other issues that traditionally stall the process. It also works out junior lien problems.

In April, Wingspan announced the launch of American Home Remedy to accelerate the short-sale process and eliminate impediments to closing short sales. The service promises to be a “one-stop resource” for initiating short sales.

A month earlier, Wingspan Commander was unveiled. The short-sale technology and service platform empowers realtors with “fast, professional, full-service short sale facilitation, negotiation and closing services nationwide.” In conjunction with the release, access was also made available to Wingspan Certified Short Sale, a pre-contract review service that identifies potential obstacles earlier in the short-sale process.

Short sales can now be tracked as a result of enhancements to RiskFinder Distress, DataQuick recently announced. The improvements utilize national and local sales information and also track REO liquidation and auction sales.

Distressed borrowers in Southern Arizona can receive short-sale consultation, legal counsel and assistance through a partnership announced between Integra Group Real Estate LLC and Fairway Independent Mortgage Corp. Borrowers will learn about how a short sale will impact their credit scores and income tax liabilities as well as the potential liabilities and statutes of selling or surrendering distressed properties.

A short-sale tracking and fulfillment portal through a joint venture announced earlier this year between CSC and Quandis promises to accelerate processing cycles. An agreement between the two service providers calls for building and maintaining an online data exchange interface to facilitate short-sale offers between servicers, agents, borrowers and investors through a single platform.

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