Quandis Inc. has announced that PennyMac Financial Services Inc. is using its short sale technology to assist in effectively and efficiently managing the short sale process. Quandis’ Web-based solution automates PennyMac’s back-office workflow for short sales and provides a centralized portal that allows servicers, lenders, borrowers, real estate agents and other pertinent parties to successfully complete transactions.
“Before short sales became a preferred and acceptable alternative to that of foreclosures in this fast-moving market, PennyMac took measures early on to manage the proliferation of impending short sale transactions,” said Scott Stoddard, CEO of Quandis. “PennyMac was very forward-thinking and immediately engaged with us to help automate a process that inherently has many moving parts and tasks to complete in a timely fashion. Many mortgage companies, on the other hand, didn’t have the foresight that PennyMac did to implement technology to help prepare for the influx of short sales.”
The Quandis solution allows organizations to receive 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. Alerts, event triggers and email updates ensure tasks are completed on time and up-to-date status is provided to borrowers and listing agents. Borrowers can visit the Web portal to apply for a short sale and submit all required documentation. Multiple offers can easily be received and negotiated electronically. Quandis’ short sale portal brings transparency to the process and establishes much needed collaboration between the parties that must communicate and complete tasks.
“The completion of a short sale shouldn’t be materially longer than a traditional real estate transaction, barring a requirement for subordinate lien approval. However, it can take up to a year for ill-prepared organizations to finalize short sales in today’s market," said Rob Schreibman, director at PennyMac. “When we or one of our customers opts to move forward with a short sale, using Quandis’ technology, we are able to complete the transaction efficiently and expeditiously for all parties involved.”