LPS readies launch of short sale broker/agent network
* by Kerry Curry * 2:45 PM August 26, 2010
http://www.reoi.com/news/lps-readies-launch-of-short-sale-brokeragent-network
A Lender Processing Services (LPS) division will go live with its new short sale broker/agent network within 60 to 90 days, company officials told REO Insider. The network is designed to help servicers respond to the increasing volume of short sales, LPS said.
LPS Asset Management Solutions, a division of LPS, began discussing the creation of the network in January as the Home Affordable Foreclosure Alternatives (HAFA) program was getting ready to roll out, said Danielle Washburn, assistant vice president marketing for LPS Asset Management Solutions.
LPS said it determined that some of its REO network of brokers and agents, about 3,000 members strong, could be tapped for the new network, but said it needed to reach out to short sale experts.
“I think a lot of this will depend on timing,” Washburn said. “If REO inventories increase, you’ll have REO brokers focusing on REO properties.” If not, REO brokers will be looking to diversify their offerings, she said.
LPS has joined with another firm, PartnerFirst, to create the short sale network. PartnerFirst will make available its 5,000-member short sale network, and LPS will add to that to create its network, which is expected to grow to about 7,500 short sale brokers and agents, Washburn said.
LPS said it anticipates working with its lender-servicer clients as well as working directly with borrowers in the short sale arena. In some cases, a servicer will designate and identify properties for short sales or give LPS a pool of assets that already have short sale offers.
In other cases, LPS said it will tap the broker/agent network to refer the borrower to three certified short sale broker/agents in the borrower’s neighborhood. Borrowers will also be able to access the network themselves over the Web once it goes live.
“We’ll work with borrowers to see if they have listing agents or listing contracts that are expiring,” said Randall Brown, managing director for LPS Asset Management Solutions.“It’s the borrowers’ decision who they want to utilize, but we want to offer up some assistance if they ask for it.”
In order to be a part of the network, brokers and agents need not be a part of LPS’ existing REO network. They do, however, have to have short sale certification, either the PartnerFirst Nationwide Real Estate Network certification or the Certified Distressed Property Expert (CDPE) designation. Once accepted into the network, LPS will provide additional servicer-specific training to inform agents about servicers they’ll be working with who may have their own unique requirements.
Interviews to be accepted into the network are under way. Anyone wishing to apply should go to the LPS-AM.com’s link “To become a short sale agent” for more information. “This is an opportunity for the broker to learn more about short sales,” Brown said, “and be an integral part of a network to change the face of a difficult situation.”"
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