PHH Competes for Top Spot in Yearly "Worst Short Sale Lenders" List

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PHH Competes for Top Spot in Yearly "Worst Short Sale Lenders" List

PHH Mortgage is vying for Top Spot in my yearly list- "10 Worst Short Sale Lenders". PHH is a servicer of mortgages for companies such as Merrill Lynch Credit Corporation, Provident Bank, UMB, Bank Atlantic, Banco Popular, etc. Their poor service prompted today's email to the negotiator for a Niceville Florida short sale:

To: john.negotiator@mortgagefamily.com
Cc: terence.edwards@phhmail.com
Subject: Short Sale - 0022940
Importance: High

Hello Mr. Negotiator,

I am following up on VA Borrower, John Doe, short sale 0022940…. I was told you are now assigned to this file.

This short sale has been in process for 8 months.

I was told it was “escalated” to you on October 19.

The buyers, waiting since March 20, need to close asap.

On July 17, Joe Smith of PHH, counter offered the contract price and HUD line items, and asked for the closing date to be revised THEN to August 31.

We complied, the buyers agreed to the new price and terms, and the HUD was sent to your company with a closing date of August 31 as requested.

ALMOST THREE MONTHS have passed since that date.

Is the end in sight?

Thank you,

Wendy Rulnick, Broker/Owner

Rulnick Realty, Inc.

Featured Short Sale Specialist in "Kiplinger Magazine" and "Florida Realtor Magazine"

www.ShortSales-EmeraldCoast.com

www.ShortSaleSuperStars.com agent short sale training

Local 850-650-7883 ext 204

Posted by Wendy Rulnick "Its Wendy!" Destin Florida Short Sales on 11/05/2009 03:59 PM

Comments (12)

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Originally posted at: Destin Florida Short Sales & Real Estate by Wendy Rulnick: PHH Competes for Top Spot in Yearly "Worst Short Sale Lenders" List

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12 Comments on PHH Competes for Top Spot in Yearly "Worst Short Sale Lenders" List

NOV

2009

Boy this really makes us look bad! Our clients can trust us 99.99% but I just have the feeling that there may be a little voice in the back of their head saying, "Does she really know what she's doing?"

I have never heard of them. Maybe they have not responded because they have gone under?

Wendy,

Don't burn bridges! At least they haven't turned you down. So far as you know.

Bill

Great idea Wendy, maybe a list of the top 10 offenders and the 10 best will create some public opinion influence to help push more efficiency or communication into the system. A press release?

My question is does an email like this make a difference. I guess it's the only thing you can do.

NOV

2009

Hmmm....we have some local lenders here who still can't spell short....and promise one thing and then break the promise before the ink is dry....oooohhh if they only still had public prosecutions...(hangings ?) Maybe we should start a bulletin/dart board with lender names who don't play fair...hmmmmn ?

Nancy - My sellers are cc'd on email communications! He loved this one!

Melissa - LOL!! They don't tell you their name on the phone. It is a strange company. If you get a Coldwell Banker Mortgage, or many others - PHH handles it.

Bill - You can burn a bridge when it goes to "nowhere"!!

Dana - Sometimes they have to be reminded what is going on:)

Sally & David - I've had execs read blogs and gotten results - believe it or not!

Wendy, been there and done that. I have learned that more often than not, it's not the company but the individual negotiators involved. Unfortunately, not that much we can do about it.

NOV

2009

Wendy...great idea for the Top 10. Bank of America still fills the number 1 spot for me!!

NOV

2009

Ahhhh PHH. I wrote about them as well on my blog. You get routed to India and they give you the extension of your negotiator, just not the number. The negotiators don't answer e-mail and only respond to your file (if you are lucky) two days before auction. So you have two hurdels:

1. Dealing with a useless call center in India

2. Dealing with Negotiators who won't qualify working at McDonald's because they are a few french fries short of a Happy Meal themselves.

Sergio - PHH may overtake BOFA!!! I am not sure yet.

Satar - PHH is a complete joke! Their hold music is most annoying, it plays STATIC over the music! It kills my ears. They are so clueless. They don't get it. Thank you for sharing.

Yeah, I forgot about the static as well. It drove me nuts! Luckily the negotiator on my short sale pulled through and gave us an approval letter. Seeing how this is a public post, I want to go on record to say that my negotiator was not a few french fries short of a Happy Meal! ;)

NOV

2009

PHH - bad

Taylor, Bean, Whittaker - was a very happy day in August when the Feds took them out behind the barn and put them down

Countrywide/BofA - worse

WAMU (not Chase, just WAMU) - deplorable

IndyMac - should be burned at the stake

As it's late in my day and creeping towards happy hour, I thought everyone might enjoy a laught at the expense of Countrywide. Here's a recent email to the phase 2 negotiator's supervisor for a file that was submitted on 4/2/09. It's been four days since I sent it and, not a big suprise, I've received no response:

Ms. X –

I’m writing to request an accurate status on the short sale file on the above referenced loan. This file was originally submitted on 4/2/09. From numerous conversations with the short sale support group, I have been told the following:

· I was informed on 8/5 that the file had been sent to Freddie Mac on 7/29 for approval and they would respond within 30 days

· Calling to check the status on 9/4, I was told that it hadn’t been submitted to Freddie on 7/29, but on 8/7 instead. Additionally I was told it had simultaneously been sent to the PMI company on the same day. I was informed a decision would be reached within 30 days.

· On 9/25, I was told it had never been submitted to Freddie, but had been sent to the PMI company on 8/28. Again, I was told to expect an answer within 30 days.

· On 10/15, I was told it had never been submitted to Freddie or the PMI. I was told that an escalation email was sent.

· On 11/2, I was told that the offer had been countered at $62k. Additionally, updated bank statements were required. Finally, the MLS Listing Agreement, purchase contract and hardship letter had gone missing from the file.

· On 11/3, I emailed the negotiator the requested documents and informed her that based on the comps in the area,the Buyer was unwilling to increase their offer.

· Today, I called in again and was told there was no record in the system of a counteroffer being made, any missing documents being requested, or any documents being received. Nor had any updates been made in the system this month.

All of this information was given to me by calling 866-880-1232 and pressing ‘0’ ‘#’ until being transferred to what I have been repeatedly told was the short sale support team.

I fully appreciate how overwhelmed everyone is with these short sales, but would hope that you’d agree with me that the above sequence of events is unacceptable to all concerned.

I would politely request that someone with actual working knowledge of this file contact me either via email or the phone number listed below and provide me with a no-nonsense assessment of the following:

1. What is the actual status of this file?

2. What, if anything, do you need from my office in order to move this file forward?

3. What steps remain in order to complete this process?

4. When should we realistically expect this process to be completed?

I will provide whatever is needed to finish this, but it is extraordinarily difficult to do when I’m quite literally being told a different story every time I call in.

And the dance continues.........................

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Wendy Rulnick "Its Wendy!" Destin Florida Short Sales

Destin, FL

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Rulnick Realty, Inc.

Address: 12889 Emerald Coast Pkwy West, Ste. 107-A, Destin, FL, 32550

Office Phone: (877) 487-9639 x 204

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