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Whether you're taking a new listing or getting ready to write an offer on a new short sale, it may help to set expectations on what you're up against.

ForeclosureRadar posted its take on the best (FIVE STARS) and the worst lenders to work with, according to Mortgage Resolutions Services who provides regular updates. And YOU can add your own rating and comments. Here's their Short Sale Report.

And here's an excerpt

HSBC  - Five Stars

Time to
Acknowledge		 Time to
Approve		 Commissions Full Release
Available		 Comments
over 5 days 60+ days 5% tough Comments: 0

1sts - You can usually get someone to talk to. Experiences seem to be uneven - some o.k., many not so o.k. Not fast movers, budget over two months for an approval.

2nds - For some reason HSBC uses Century Credit to collect documents on junior liens - then Century Credit starts calling for file updates. Go figure. Watch out for the HSBC recovery department after a "charge off." Not very nice overall on 2nds. Frequently takes the position that if the homeowner doesn't give a pound of flesh they are going to punish them with a foreclosure.

 

HOW DO THEY STACK UP?

FIVE STARS

  • Wells Fargo
  • Wachovia
  • First Horizon
  • HSBC
  • Litton
  • Ocwen
  • Option One
  • Radian Mortgage Insuance
  • Saxon
  • Wilshire

FOUR STARS

  • Citi Mortgage - 4 stars
  • Specialized Loan Servicing

THREE STARS

  • Bank of America - 3.4 stars
  • Chase - 3.3 stars
  • American Home Mortgage - 3 stars
  • Washington Mutual - 3 stars
  • First Franklin - 3 stars
  • Countrywide - 3 stars
  • Greenpoint - 3 stars
  • Old Republic - 3 stars

TWO STARS (And the worst!)

  • National City - 2.5
  • Downey Savings - 2.3

 

 
This post has been included in California Real Estate News
Post is included in group: Short Sale REALTORS®
Post is included in group: Short Sale Specialists & Pre-Foreclosure Education
Post is included in group: Short Sales Specialists
Post is included in group: Short Sale Support Group
Post is included in group: "Whacked"!!!

14 Comments on BEST AND WORST SHORT SALE LENDERS - a Short Sale Report from ForeclosureRadar.com

SEP
27
2009

Seems our team keeps getting to deal with the 3 star varieties. Have a great week.
11:22pm • #1
SEP
28
2009
501,733 Points 1 Featured Post Outside Blog Attended Rain Camp Called Shot Master

I'll keep this list right by my phone. The ratings are way over due.  I hope somebody sent the list to Congress.
1:30am • #2
461,889 Points 47 Featured Posts Localism Sponsor Hit Router Attended Rain Camp Called Shot Master

Larry ---- I guess everyone's experience is different from the others. My first short sale was with First Franklin, and it went without a hitch. I agree with the rating for Wells Fargo and HSBC. I'd give Bank of America 2 stars, however.

Jim --- I hate not being able to help clients who are in short sale predicaments. But there are situations that no matter how hard you try, it's impossible to get relief. That's what I ran into when dealing with Downey Savings and Washington Mutual.
2:19am • #3
563,132 Points 24 Featured Posts Attended Rain Camp Called Shot Master

Hi Pacita:  Another great post with valuable information ... thank you.  Wells-Wachovia has a preapproved short sale program in place for all World Savings Mortgages.  It is streamlined - approval in 3 days or less!!! Some banks are leaders in this market ... and the Five Star list does stack up well!  Thanks again for the info.
11:40am • #5
461,889 Points 47 Featured Posts Localism Sponsor Hit Router Attended Rain Camp Called Shot Master

Kathleen -- appreciate the confirmation about the lenders who do get things done. In addition to short sale approvals, guess we should have info about lenders who act fast on loan modifications. Put Wells Fargo on top of the list, too. Two of my clients were able to get theirs modified with the least amount of trouble.
12:14pm • #6
584,469 Points 69 Featured Posts Called Shot Master

Pacita - I am literally shocked and amazed that Wells got five stars.  While I don't work with a lot of short sales (most of my clients won't even look at short sales), the little experience I have had with them (from the buyers side) is that Wells and BofA or CW (which ever they're both the same to me) are the worst.
12:15pm • #7
461,889 Points 47 Featured Posts Localism Sponsor Hit Router Attended Rain Camp Called Shot Master

Donne --- I guess it all depends on the situation and who you're dealing with. I have my own loan officers from BOA and Wells Fargo, and I don't and haven't had any problems on this side. I've cultivated these folks from the beginning. They know they will continue to get referrals from me as long as they take care of my clients (and me).

I've also listed short sales with Wells Fargo and Wachovia, and they were a lot --- a WORLD --- better than BOA. I closed those deals without trouble, and a lot faster than I thought after getting offers. On BOA, I submitted offers after offers on the same listing ---- April, June, and August --- and when buyers walk away after waiting for a long time, BOA want us to resubmit the entire package each time!

 
12:36pm • #8
671,845 Points 69 Featured Posts Outside Blog Attended Rain Camp

I do not see Carrington Mortgage on the list. This week, I am downgrading Carrington to 1 star.
8:00pm • #9
461,889 Points 47 Featured Posts Localism Sponsor Hit Router Attended Rain Camp Called Shot Master

Melissa --- that bad, eh?
9:47pm • #10
SEP
29
2009
367,965 Points 38 Featured Posts Outside Blog Hit Router Called Shot Master

Pacita - That is an interesting poll... I wonder how they got their data...  I would like to add 0 stars for PHH, People's First...
7:03pm • #11

Currently working with Chase on shorting seconds in Southern Calif. Very difficult. Any suggestions on getting them to move a little faster? 
8:11pm • #12
461,889 Points 47 Featured Posts Localism Sponsor Hit Router Attended Rain Camp Called Shot Master

Wendy --- they probably poll professional short sale negotiation companies.

Arthur --- someone wrote an email to the CEO of Bank of America. I did the same thing. I didn't hear back from a representative until more than a week later. Another agent wrote the CEO of Wells Fargo, and had someone call her back within 24 hours. Big difference!

 
8:51pm • #13
OCT
04
2009
151,011 Points

Wells Fargo can respond really fast except I had one short sale negotiator who NEVER responded, once the file got moved response was great. It's funny that Option One has 5 stars they changed their name/got bought out by American Home Mortgage 3 stars.
2:23am • #14
461,889 Points 47 Featured Posts Localism Sponsor Hit Router Attended Rain Camp Called Shot Master

Julie --- I can truly appreciate that loan negotiatiators are overloaded....but  I still don't understand, why, with all the unemployed people, that the banks won't/can't/don't hire some of these people who will be GRATEFUL for the job. Certainly, folks like that may be so thankful to get a job that they won't be as uncaring as some of the loan negotiators we've run into!
11:21pm • #15

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