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This is officially the original installment of Short Sale Power Hour, year two! Fred is currently on hold with PHH Mortgage, a smaller lender in the industry. He was attempting to close up this call with PHH Mortgage before filming, but that has not occured.
We talk about the large four banks lots on this program. GMAC, Wells, BofA, and Chase are the bulk of our interactions. Today, we are going to chat about the smaller lenders in this game and in particular PHH Mortgage. A lot of of these smaller lenders have major issues with short sales.
Here’s the deal. With smaller banks you need to master the first 30 days. call them habitually. You have to be on top of them through every step of the course, even more than the big banks. They are losing documents frequently and their stated procedure times are dreadfully long. It can be 60-90 days before they will even get you to a coordinator and do a BPO.
We took a little time to dig up contact details for PHH Mortgage and now we have an cache of people to contact if we need to escalate. It becomes crucial to escalate files quicker with these smaller banks. You need to put the demands on these small lenders.
We are also working on a deal with Flagstar. They are still working on folders based on how close they are to the foreclosure sale date. The big lenders stopped doing this since they found out that the only thing they were accomplishing is postponing sale dates. So, none of the transactions were being approved.
In summary, stay on top of your files with smaller lenders. Escalate sooner rather than later. It is easier to get to the top. Additionally, with smaller lenders, the employees take things a little more personally because they are not dealing with short sales as much.
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