Replies to This Discussion

Permalink Reply by Joseph Alfe on March 9, 2012 at 11:28pm

many lenders require their own documents

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Permalink Reply by Linda S. Cefalu on March 10, 2012 at 4:52am

Thanks for your reply Joseph.  You know......I have heard that, but I've always used my CPDE packet and have not had a problem up to now.  Just wondering if things are changing again.

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Permalink Reply by Smitty on March 10, 2012 at 3:40am

I don't initiate a sale in Equator until I have offer in hand.  Not necessary.  If it's a WF primary then likely you will need to initiate in Equator.  HELOC's get faxed in.  Use WF docs.  I have not had a WF sale approved YET where they reserved their deficiency rights, but there is no way to tell up front.  They service for a LOT of investors, and usually that is investor specific.

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Permalink Reply by Linda S. Cefalu on March 10, 2012 at 4:54am

Hi Smitty,

Thank you for responding.  Your information is helpful.  It is a primary and only.  Either way, I guess you're saying that I definitely do have to do it through Equator.  Any helpful tips?

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Permalink Reply by Smitty on March 10, 2012 at 10:14am

Be patient.  WF on equator is cumbersome and time consuming.  I like BOA, GMAC, nationstar much better.  WF is repetitive and IMO takes much longer.  Just make sure you're seller is prepped that you'll need a lot of information from them, as you'll need data throughout the process that isn't part of your packet.

Good luck.

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Permalink Reply by Linda S. Cefalu on March 10, 2012 at 1:22pm

Thanks for the help Smitty.

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Permalink Reply by Jim Schneider on March 10, 2012 at 2:08pm

Linda,

It's also worth finding out who the investor is,  what type of loan it was (fha, conventional, fha), and if their is mortgage insurance (ideally, who the mi company is). With this you can often find out more about how the short sale will be handled, including deficiency judgements.

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Permalink Reply by Robin Mitchell on March 21, 2012 at 6:30pm

Jim,

Could you enlighten how to find out who the investor is?  I have worked several short sales but didn't realize you could get this information.

Thanks

Robin

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Permalink Reply by Smitty on March 22, 2012 at 1:31am

Loans can be looked up on the Fannie and Freddie site.

You can check in MERS with the MIN number

You can send in a QWR

Sometimes you can ask and they'll just tell you.   I asked on a BOA file last week and the negotiator was nice enough to tell me.  I don't necessarily NEED the information but if there was ever a huge issue you can go directly to the investor unless it's a pool..then it's difficult.

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Permalink Reply by Jim Schneider on March 22, 2012 at 3:02am

Just a little clarification. In MERS you'll need the last four of the borrower's soc to get the investor information.

 

Also, I would strongly suggest that you send in a QWR at the beginning of the listing, anytime that the investor cannot be identified from the fannie, freddie, and MERS sites. The reason is that the servicer has 60 business days (3 months) to respond, so you don't want to be sending this in when you're already in a snag, because by the time you get the information, the deal will be dead.

 

Sending in a QWR (qualified written request): look on the back of the borrower's mortgage statement, they usually list an address for the "correspondence department" or they may even say send qualified written requests to ___. In this request ask for the identity of the investor and the mortgage insurer.

 

Good Luck.

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Permalink Reply by Robin Mitchell on March 22, 2012 at 3:09am

Thanks so much for the information.  It is very helpful and interesting.

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Permalink Reply by Smitty on March 22, 2012 at 4:44am

Robin, Just to clarify again,

in MERS you need the FULL social and on Freddie or Fannie (I foget which one) you only need the last four of social. 

the response to a QWR can be up to 60 days, although it's usually sent in less time.

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