Quandis Inc., a provider of default management mortgage technology solutions, has announced that it has released a Web-based short sale application that automates short saleworkflows and streamlines communications between servicers, lenders, borrowers and real estate agents. The result is the efficient, effective processing of short sale transactions that can be executed in roughly 60 days. The short sale solution is designed for use by services to automate their back-office workflows and offer them a centralized Web portal where other pertinent parties involved in short sell transactions can log in to manage their tasks, upload documents and view status. The application integrates with leading mortgage servicing platforms and is completely configurable and customizable to the servicer’s unique short sell process that their negotiators and processors must follow. Servicers, lenders, investors, borrowers and real estate agents all have separate logins to the Web portal that standardize the format in which information is submitted and establishes much needed transparency.
“Today’s servicers are challenged to effectively handle an influx of short sell transactions that involve multiple parties who all must be on the same page to successfully complete deals in a timely fashion,” said Scott Stoddard, chief executive officer of Quandis. “All too often services don’t have the technology in place to manage a convoluted, laborious process that requires the strict attention to lots of time sensitive moving parts that are often absent of visibility. The average short sell can take up to 10 plus months to complete, and many times key information is misplaced or not completed in time, causing deals to fall apart and a foreclosure ensues. Completing a short sale does not have to be this long and arduous of a process. Using our application, servicers can get it done in around 60 days.”
The solution allows servicers to receive and complete short sale packages directly from the borrower or its listing agent, which includes complete financials, property valuation data, lien verification and all supporting qualification documentation needed from the borrower. Quandis also incorporates a loss analysis tool into the application to assist servicers with the decision and approval process. Multiple offers can easily be received and negotiated electronically.
Key features of Quandis’ short sale solution include:
►Single, centralized view of borrower, servicer approvals, property listing, identification and approval of buyers and offers, and monitoring of the property sale.
►Structured process and format for the seller and buyer’s agents.
►Alerts, event triggers and email updates that ensure tasks are completed and up-to-date status is provided to borrowers and listing agents.
►Wizard that walks the borrower through the steps needed to apply for a short sell and submit required documentation.
►Easy, quick generation and access to all documentation needed to complete a short sale package and deal negotiation.
►Instant access to current credit reports and lien verifications.
►Ability to configure and customize servicers’ preferred workflows.
►Robust reporting tools that allow users to track milestones, approval dates and any relevant information needed for compliance and analysis.
►Direct, real-time interface with leading mortgage servicing platforms.