National Quick Sale offers new Web site to automate short sales, prevent foreclosuresMortgagePress.comNational Quick Sale, GSE, short sale, foreclosure, Rich Rollins
National Quick Sale, a division of Infusion Technologies, has
rolled out its Web-based platform designed to automate the process
of real estate "short sales," and shorten the transaction time from
the several weeks currently required to a matter of days. National
Quick Sale has been in a pilot with one of the nation's government
sponsored enterprises (GSEs) and several of their mortgage
servicers since earlier this year. A number of mortgage servicers
are working with National Quick Sale to provide their loss
mitigation departments with technology-based assistance for short
sales, and have been impressed with the solution's
capabilities.
Short sales are a strategy in which delinquent borrowers have an
opportunity to sell their homes before their mortgage loans go into
foreclosure, but lenders must consent to accepting less than they
are owed, causing delays that make these transactions extremely
difficult to complete successfully. National Quick Sale's platform
enables all parties to react quickly, dramatically improving the
chances of completion before the potential buyer loses interest and
the property is sold in foreclosure. The technology can reduce the
all-important time from offer submission to receiving an answer
down to as little as 10 days, according to National Quick Sale
founder and CEO Rich Rollins.
"With the current wave of foreclosures, lenders and Realtors
have largely given up on the short sale as a workable strategy
because it can take several weeks if not months just to hear back
from a lender on whether or not the offer has been accepted,"
Rollins says. "The key is to provide a centralized platform where
offers are transparent--where they can be submitted, viewed and
responded to very quickly.
"If that is accomplished, Rollins says, Realtors and potential
buyers don't lose interest and move on. National Quick Sale
integrates all parties, provides workflow-based processes for
everyone, orders third party services as needed, and tracks the
progress of the entire process to a successful completion. By
drastically reducing the time it normally takes to conclude a short
sale, National Quick Sale can save lenders, investors and mortgage
insurance companies millions of dollars in losses and prevent
thousands of borrowers from the painful process of foreclosure. At
the same time, lenders have an opportunity to turn a defaulting
loan into a performing asset by financing the new buyer. It's a
win-win for everyone, says Rollins."
National Quick Sale accomplishes all this with Web-based
technology. The seller and Realtor submit required documents and
data electronically via the website. Required collateral items,
such as single or multiple valuation products, title searches and
credit reports, are electronically ordered using workflow and
business rule engines.
"Offers not meeting minimum thresholds established by the
servicer, investor or mortgage insurance company are automatically
declined," Rollins explains. "This feature alone helps prevent the
pipeline of offers from getting clogged and provides the seller and
the Realtor the immediate response that the offer is too low."
After passing a minimum acceptable threshold analysis, the offer
goes through an extensive quality control process to ensure that
required documents and data have been collected. All relevant data
is pulled from the servicers platform, including unpaid balance and
foreclosure sale date, if one has been set, along with a variety of
other essential information, and everything is loaded into National
Quick Sale's system. Offers are then presented through National
Quick Sale's unique offer management system and can be
electronically applied to client-specific work queues and investor
or servicer net present value or loss severity models. Queues can
be customized to meet virtually any criteria, and can be set to
grant higher priority to loans with large unpaid balances, second
liens, fast-approaching foreclosure sale dates or other factors, so
the more important the case, the more attention it receives from
the lender or servicer.
For more information, visit www.nationalquicksale.com.
