short sale leads: Default Industry Update (for the last 14 days) - 06/07/11 11:50 AM
By: PartnerFirst
 
Things have been a little quiet in the default world for the last few weeks. However, there were some interesting stories and developments that you may find interesting.  I'll give you the Cliff's Notes version...
 
Imminent Default Regulations for Short Sales
Fannie Mae issued a notice to their servicers detailing changes on how they should determine "imminent default" for short sales and DIL's.  In a nutshell, they are now required to use the same method as is used for determining imminent default with a HAMP modification application.  The borrower cannot have more than $25,000 in cash reserves, and must have … (0 comments)

short sale leads: Short sales increase drastically nationwide! REO’s continue to fall… - 05/09/11 12:13 PM
Need more reason to stay connected to what is going on at PartnerFirst?  This very recent report confirms the inevitable!
Short sales rose from 17% of all sales in Feb to 19.6% of all sales in March and continue to outpace REO’s. This is good news for Realtors and homeowners and I take it as an indicator of a couple positive trends.
 1. Buyers are more willing than ever to consider short sales as options for them to purchase
 2. Realtors, on both sides of the transaction, are becoming more informed about short sales and less afraid of the problems that … (0 comments)

short sale leads: Ehhh, who really cares... - 04/06/11 10:16 AM
By: Jacob Swodeck, PartnerFirst - Director of Education
 
So what is new in the default servicing world?  The Treasury will start to publish a scorecard of the servicers HAMP performance soon, the House voted by a large majority to end Obama's HAMP program altogether Tuesday evening, the shadow inventory is dropping slightly (but still very little non-GSE REO inventory), Wells Fargo is now on the Equator platform, Bank of America launched a revitalized cooperative (HAFA-like) short sale program, and Fannie Mae is participating in the game changing top-down / lender initiated short sale initiative with default servicing giant ServiceLink.
 
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short sale leads: At last - lender-initiated short sales! - 03/30/11 11:06 AM

For agents who have struggled to find viable short sale listings— and then struggled to get the attention of lenders—the latest news from the field is welcome indeed. 
At last, proactive mortgage servicers are initiating the process of approaching delinquent borrowers with the short sale option, and then connecting them with qualified agents to make it happen.  The results: real leads, resulting in real listings. That’s the news from agents on the ground who are following up on PartnerFirst’s Fannie Mae Short Sale Initiative.
In that campaign, homeowners are approached by mortgage servicer outreach representatives who present the various options … (3 comments)

short sale leads: Bank of America, IndyMac, and others look to component servicers for solutions: - 04/14/10 09:59 AM
"The REO network of yesterday, is now the PartnerFirst network of today" - Son Nguyen (PartnerFirst) 
I have created a special report for the Active Rain Community. I have to warn you that it is rather long for a traditional blog, however, below are a few sampled points from my special report titled "The Shifting Default Industry".
If you would like to download the report in it's entirety please visit www.partnerfirst.org/connect  There you can also get more information on PartnerFirst and/or register for a free informational webinar on the PartnerFirst Agent Network.
Special Report: "The Shifting Default Industry"  The Phantom Foreclosure Inventory:  Most … (9 comments)

short sale leads: First "Agent Network" emerges to satisfy HAFA requirements: - 04/08/10 01:45 PM
With the first to market agent network emerging to satisfy the demands of HAFA, component mortgage servicers may now with confidence refer distressed homeowners to pre-foreclosure specialist as part of a massive call to action to bring solutions to the short sale market.
Component servicers will now be handling a lot of the heavy lifting and streamlining the short sale process for some of the nations largest banks.
 
Question: What does that mean to an agent who is working on a short sale that is shifted to a component servicer?   Answer: Your short sale file is now in the hands … (3 comments)