Preserve The Right Perspective with Short Sales
March 10th, 2010
We have all heard stories of folders being misplaced and lenders not returning phone calls. It is important to remember that the lenders are overwhelmed with short sale folders and they are often doing the best that they can do. Here is an illustration of just 1 situation that Brian Gubernick encountered with a popular lender. In calling this specific lender, Brian found that the staff member who was dealing with his folder had more than 300 folders on his desk at the present time. The lender employee also was pleased that he had achieved his best thirty days yet, completing 30 short sales. What does that tell you? Essentially, the lender is completing ten percent of their short sales. So, you better work hard as an professional to be 1 of the ten percent that get completed.
Trent Chapman has seen similar results when he speaks to lenders. There are between 300 and 500 folders per negotiator in the majority of lenders, whereas Trent doesn’t allow his staff to keep more than fifty to 70 per person maximum. So, there is a legitimate concern that the lenders do not have the staff to deal with the short sale folders that they are receiving.
In Kevin’s talk with a manager at Citi, he discovered that the Citi negotiators have anywhere from 330 to 350 folders. They begin receiving bonuses when they complete 30 or more folders per month. So, they are just expected to make a judgment on ten percent of the folders in front of them. Check out the video to hear more.
If you have questions, get your Short Sale questions answered by Short Sale Specialists.
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Fred Weaver is a founding co-owner of Group 46:10. He has been working in the financing/real estate business for over 7 years. Fred began his real estate career by working for a large wholesale bank as a processor and rate/lock specialist for home mortgages. After 2 years in the business, Fred transferred from the banking side of home loans to the mortgage side. While on the mortgage side of financing, Fred gained experience originating mortgages and processing files for Morgan Capital of Arizona, Inc.
Kevin is a founding co-owner of Group 46:10. He began working in the real estate business in 2007 after spending 8 years working in the finance industry for companies such as Bank One, Green Tree Financial, & GE Capital.