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National Mortgage Professional
Oct 21, 2008

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.
Published
Oct 21, 2008
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