The Loan Post Inc., a provider of loss mitigation and short sales solutions, has announced the release of ShortSales360, a do-it-yourself private label short sales system that produces e-signature-ready documents for the federal Home Affordable Foreclosures Alternative (HAFA) short sales initiative. ShortSales360 offers the only available document automation with an e-signature option for short sale documents for all interested parties like real estate brokers and agents, borrowers, and servicers. The system also includes online portals for complete borrower HAFA file submissions to streamline the file intake and prequalification process, while also supporting real-time file updates for all concerned parties in a short sale transaction.
ShortSales360 provides all the step-by-step tools needed for real estate brokers and agents, servicers and sub-servicers, non-profit mortgage counselors, attorneys and investors, among others, to manage the whole short sales process for distressed homeowners. The short sales software platform also helps manage third-party vendor relationships for legal, title and appraisal services, as well as real estate-owned (REO) property management.
“Mortgage loss mitigation trends are pointing to more short sales as the fastest path to housing market recovery over the next two years,” said Chris Fuelling, chief executive officer of The Loan Post Inc. “In the race to put together HAFA and bank short sale packages, The Loan Post’s new ShortSales360 is the only software system that offers e-signature capability to expedite the short sales process. Borrowers can even draw their own signature inside any web browser. Nobody else has it.”
With ShortSales360, a real estate broker, for example, can perform a HAFA analysis to see if a borrower qualifies for the program. If the borrower qualifies, ShortSales360 automatically generates a bank-ready HAFA package that includes exclusive e-signature capability to speed up the process of submitting the HAFA documents to the servicer or bank.
ShortSales360 can auto calculate probable lender losses if a foreclosure is executed and the net investor benefit in a short sale transaction, so lenders and investors can determine if a short sale makes financial sense.
Available as part of TheModPost’s loss mitigation web-based platform, the ShortSales360 system offers continuously updated HAFA program guidelines and requirements from the government, providing short sales specialists with the latest information on the best practices that lenders and servicers must follow, thus assisting them in their short sales negotiations on behalf of borrowers.