Outsource Mortgage Short Sale Services
We coordinate with lenders to assist them with all back-office needs for effective short sale management
Expert Mortgage Assistance has over 10 years of experience in working closely with lenders to provide end-to-end back office support services for short sale process. Our expertise lies in assisting lenders to shorten the time and labor needed to close a short sale process while ensuring optimal property valuation. We have extensive knowledge and experience in helping lenders obtain the right documentation for establishing fall of income and therefore justifying a short sale initiation process.
Driven by a team of certified mortgage professionals, we coordinate with lenders to obtain and execute all that is needed for effective short sale management. Be it lenders associated with Home Affordable Foreclosure Alternatives Program (HAFA) or lenders who do not participate in HAFA, we work closely with all, to collect and review all the necessary documents such as hardship information, financial statement, purchase agreement and HUD-1 Settlement Statement for smooth short sale execution. Our ability to seamlessly close the process has helped us become the first choice short sale services company for third-party support.
Our End-to-End Short Sale Services
Our clients outsource short sale services to us because we offer a wide range of short sale service:
Assembling Short Sale Package
We collect the short sale request form from borrowers on behalf the lender and review the financial information to determine the nature of hardship. Based on our analysis we recommend whether or not the borrower qualifies for a short sale. We collect and review all monthly bills, including property taxes, telephone and card bills, other loan payments and utilities to arrive to a conclusion. Besides, these, we evaluate hardships based on other supply supporting documents associated with the hardship such as medical bills, divorce papers or documents proving unemployment.
Some of the items we collect and evaluate on behalf of the lender are:
- Hardship Letter
- Tax Returns and Bank Statements of last 2 years
- Pay Stubs (last 2 pay periods)
- Other income proof (Social Security, Pension, etc.)
- Personal financial statement with list of assets, liabilities and monthly expenses
- Listing agreement
- Purchase agreement
- Sales agreement
- Prequalification letter from buyer
- Seller/borrower authorization letter
- Comparative market analysis of property in question
- HUD-1 Draft Settlement Statement
- Social Security Number
- Mortgage statement account number
- Contact information of all stakeholders
Besides these, we collect all the additional addendums as needed by the lender along with additional signatures.
We provide back-office support services for short sale appraisal requirements. We also specialize in providing support for broker price opinion to determine the value of the property. Banking on our back-office processes, many clients have been able to evaluate market value in fast and efficient ways. We help lenders order and review appraisals. We also provide back-office support to effectively carry out property conditions, prepare repair estimates, get a proper understanding of neighborhood listings etc.
Comparable Market Analysis of Value (CMA)
Our back-office support for CMA is designed to help lenders understand the characteristics of the property and the number of similar properties for sale so that the estimated current value of the property can be accurately established. Our detailed report includes the projected selling price and a comprehensive description of the comparable properties used to provide a subjective estimate of the price under current market conditions.
Title Clearance for Short Sale
As an expert short sale services company, we provide back-office support to settle title issues while negotiating a short sale. We help lenders identify if there are other names attached to a title, last minute check for liens after the short sale is approved, check for multiple liens etc. When it comes to title clearance for short sale process, we specialize in title ordering, title examination, title commitment etc.
Other Short Sale Services
- Deficiency Review: We review the lenders settlement term for accuracy and compliance.
- Closing Support: We provide support to preparing closing instructions, which includes preparing and delivering final documents.
- Post-Closing support: We carry out post-closing data integrity audit to ensure a perfect transaction.
Why Outsource Short Sale Services to Expert Mortgage Assistance
- 1000+ mortgage processors working fulltime
- 10+ years of experience in providing support for short sale
- Automated process for less critical tasks
- High quality check process
- Strict adherence to regulatory requirements
- At least 30% reduction in TAT
- At least 40% reduction in per employee operational cost
- Flexibility to scale work up to 80% during peak times
- 100% data confidentiality and privacy
- Faster delivery, leveraging 24/7 work environment
- Flexible hiring model
If you are looking to outsource short sale services, we are a one-stop solution for your needs. Contact our experts for more.