BEST AND WORST SHORT SALE LENDERS - a Short Sale Report from ForeclosureRadar.com
Well, I love this! I just wish we could actually have some kind of enforceable rating system that would encourage the short sale lenders to move forward quickly. There are times when I'm willing to just go over there and help them with the file...if only they would allow me to.
My understanding is that Wells Fargo and Wachovia actually are the same system, per Sandra who covers the entire Santa Clara County area for Wachovia. I can tell you they make it WAY easier - having a one-page short sale submission form helps a whole lot.
Thanks for passing this along - very helpful information for all of us working in the trenches on these.
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
AcknowledgeTime to
ApproveCommissions Full Release
AvailableComments 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
Comments(2)