Should we do a QWR? Have you found this effective?
Despite the increasingly difficult battle to get short sales approved, we are looking to improve our success rate. Our question is...
Do QWR's work? Can they help us with our short sales? Let's face it, most of our clients have no idea of the terms of their loan, or the note owner. This places us at a disadvantage when trying to communicate with the lender for a short sale.
Please let us know your experience with this process. We will pass it on to all those interested.
Rich
Replies to This Discussion
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Permalink Reply by Richard Worcester on
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Ron,
Here is what I am trying to accomplish with the QWR. I am trying to find out who owns the note and what are the terms of that note. As mentioned, many of my short sale clients do not have that information, and when I ask the lender, they laugh.
I am aware of the abuse of the QWR. It sounds like you have been subjected to that abuse.
However, I am also sick and tired of the lenders laying waste to distressed borrowers like fur hunters to baby seals. People caught in bad circumstances deserve fairness and compassion. These traits are non-existent in the financial industry.
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Yeah sorry about the analogy. Thank you for the input - our main reason for QWR is to 1) Have the end Investor info handy in case a servicer becomes uncooperative, and 2) have the loan terms handy so we can calculate loan loss etc. We don't intend to use for leverage or stop a sale. Just help give us a complete picture.
I used to chase the OCC and FDIC rabbit, but no more. While I may have won the battle, my clients usually lost the war.
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Permalink Reply by Wendy Rulnick on
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I've done a QWR, and the info wasn't helpful in speeding up the short sale. We did find out that the loan was held in-house by Bank of America, interestingly.
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