Titanium Solutions & Can I say WHAT?
Replies to This Discussion
-
Permalink Reply by Jeff Payne on
-
Good discussion, I joind Titanium about 3 years ago and found myself spinning my wheels chasing around borrowers. I am sure alot has changed but I felt like my time was better spent pursuing new listings that pay much more than pursuing deliquent borrowers so I stopped with Titanium.
I certainly understand what Leslie is saying, the lender/servicer hires Titanium to help establish or reestablish contact with teh borrower and in her case, her borrower was already in contact with the lender attempting to do a short sale. Looks like the lender is who needs to get their act together and establish the communication between the short sale and foreclosure departments, wouldn't that make more sense? If then they establish that the borrower is not in contact, they can proceed with hiring someone to make contact.
Sorry but I just don't see how this is the best use of a realtors time, at least not in my area. Not sure what they pay but I think it was something like $100 to make contact with them. In my area you would need to do this 50 times in order to get paid the same amount as closing one lisitng. If it takes a few hours of just travel time to find the borrower, that is 100 hours invested just to make the same as one closed listing would pay. Sorry I got a bit off topic.....
Good stuff here!
-
-
I think that her point was missed to a certain extent. Her borrower has applied for a short sale and the lender is sending someone out to make contact with her borrower. Doesn't make sense, shouldn't the lender already know that the property is listed since a short sale has been initiated? The listing agents information should be in their system if the short sale has been initiated. Silly to think that the foreclosure and short sale departments do not have access to the same information, actually I believe they do, they just use that as another excuse as to why they take so long to make decisions.
The Negotiator said:You have made your point clear! If you don't like their ideas, then DON'T bother working with them. Your thoughts are appreciated, however. Speak your opinion on a subject and move on. It's like Glen Beck, really. Here is the information, so, you can make up your own mind! Hounding someone for "missing the point" is not what we are hear to talk about.
Leslie Neiss said:You are missing the point. This isn't about someone trying to get my clients. This isn't about a company trying to be of so-called service to them. You are a Realtor who is contacting the public and not identifying yourself as a Realtor in your dealings with them. It's difficult enough for agents working a short sale, without finding that companies who are interjecting themselves into the process for their own financial gain are hiring Realtors to make that public connection.
FYI, my clients are represented by attorneys and asset managers who are dealing with the lender on a daily basis. There's plenty of communication going on. My clients aren't "dodging phone calls" and my clients' "status" is clear to all the parties that matter.
You are being sold a bunch of BS from Titanium. And you are putting your Realtor license at risk.
-
Permalink Reply by Steele V. Propp on
-
Point is not missed, Jeff. But at the same time someone at the lender ordered Titanium Solutions to make contact on the bank's behalf to discuss alternatives.
If, in fact, they knew about the short sale, it is still possible that they wanted to discuss other options. Remember that industry averages have short sales succeeding about 50% of the time.
Just a thought.
-
-
I understand that but wouldn't it be very easy for them to contact the listing agent since they already have their contact info from the short sale? This is the problem with the lenders, they bury themselves in worthless guidelines and processes, if they didn't then maybe more than 50% of the short sales would close. What is the % of homeowners that successfully modify their loan or are able to work alternatives? I would bet you could count that percentage on one hand.
The reason that I say her point was missed is that all of the TS reps on here are saying that the bank was not able to make contact with the homeowner when most likely the homeowner was right in front of them the entire time trying to work a short sale.
Sorry but other options is a shot in the dark, at least it is in my experience with loan mods vs short sales vs foreclosure.....
-
Permalink Reply by Eric Mieles on
-
I'd have to slighly disagree Jeff. For example I have a Wachovia Fast Track file right now. I have a great in, moved the file at light speed, were ready to go and my Wachovia guy just needs to talk with the borrower to tell them about HAFA and at least give them a chance to either accept or decline that option. The borrower is nowhere to be found.
My guy tells me "Eric whats up, were trying to be proactive and this is dragging out now" I call the listing agent and they tell me "she doesnt pick up any calls from the bank. She doesnt care" lol!!
So when you say "I understand that but wouldn't it be very easy for them to contact the listing agent since they already have their contact info from the short sale?"
If the lender has requested Titaniums help then why would they call the listing agent if the listing agent is not an approved HRC. Reagrdless of the current situation I have to believe it's not that big a deal for the borrower to update the lender for whatever reason. If that's whats needed to be done that that's it. I just think Leslie had a bad apple who saw a potential listing and has no ethics. He should have just attempted the warm transfer, told them good luck and respected Leslie's position.
-
-
The bank does not have a relationship with the listing agent. They have a shared client/customer, the seller. Easier to contact the listing agent? Maybe. But then again, perhaps they were concerned that a listing agent may want the sale more than objectively presenting alternatives. And before anyone says something, I am not suggesting that would be a problem here. Rather that this is the way banks have tended to think when I deal with them. They want direct contact with the borrower.
Problem is that all of us are just guessing as to the particulars of the situation.
Leslie, did your sellers have any contact with the department of the lender that sent out Titanium Solutions? Was there any kind of dialog with this department? It would be interesting to hear if anything was offered.
-
-
Eric,Your example happens everyday. I get an email or call from the negotiator asking me, the listing agent, to have the borrower call them, especially in a HAFA situation. I contact my seller and give them the information.
Find it hard to believe the borrower is nowhere to be found, didn't they sign the purchase agreement and provide their agent with the paperwork for the short sale file?
Why would the negotiator not just ask the listing agent for the borrower to contact them? My point is that it is totally a waste of everyones time to add one more thing to the mix like hiring a third party to get the borrower to comply when the listing agent is there to do just that. No need for it.
Eric Mieles said:I'd have to slighly disagree Jeff. For example I have a Wachovia Fast Track file right now. I have a great in, moved the file at light speed, were ready to go and my Wachovia guy just needs to talk with the borrower to tell them about HAFA and at least give them a chance to either accept or decline that option. The borrower is nowhere to be found.
My guy tells me "Eric whats up, were trying to be proactive and this is dragging out now" I call the listing agent and they tell me "she doesnt pick up any calls from the bank. She doesnt care" lol!!
So when you say "I understand that but wouldn't it be very easy for them to contact the listing agent since they already have their contact info from the short sale?"
If the lender has requested Titaniums help then why would they call the listing agent if the listing agent is not an approved HRC. Reagrdless of the current situation I have to believe it's not that big a deal for the borrower to update the lender for whatever reason. If that's whats needed to be done that that's it. I just think Leslie had a bad apple who saw a potential listing and has no ethics. He should have just attempted the warm transfer, told them good luck and respected Leslie's position.
-
-
Steele, I agree to a point, the seller does have a relationship with the agent and if a short sale was submitted, the agent has authorization to speak with the lender.
The way the banks think is the reason that 50% of the short sales don't close and the reason that loan mods do not work for the majority of the people.
It should not matter which "department" that the seller communicated with, I know for a fact that with BofA and Wells, anyone in those companies can look at the notes on the file and see where the file is,even a lowly bank teller if they have the loan number. Don't care if it is the foreclosure dept or loss mit department, they all can see the same notes on the files so the excuse that they do not communicate is the banks issue that they want to pass on to the homeowner.Bottom line is that the banks continue to waste time and money on nonsense. A call to the listing agent to have the homeowner call them is all it takes. If they do not call, the file can be closed, simple as that.
As far as those that are not represented by an agent, have at it.
Steele V. Propp said:The bank does not have a relationship with the listing agent. They have a shared client/customer, the seller. Easier to contact the listing agent? Maybe. But then again, perhaps they were concerned that a listing agent may want the sale more than objectively presenting alternatives. And before anyone says something, I am not suggesting that would be a problem here. Rather that this is the way banks have tended to think when I deal with them. They want direct contact with the borrower.
Problem is that all of us are just guessing as to the particulars of the situation.
Leslie, did your sellers have any contact with the department of the lender that sent out Titanium Solutions? Was there any kind of dialog with this department? It would be interesting to hear if anything was offered.
-
-
Well Jeff lol I was over exaggerating just bit partner...lol but my point was that they just continue ignoring calls or all forms of communication with the lender. That's it. I agree Jeff that the last thing we need is another entity, people, whatever thrown into the mix. However, not every assignment is an already listed home. Actually I find probably 1 out of 10 assignments is already listed.
Jeff Payne said:
Eric,Your example happens everyday. I get an email or call from the negotiator asking me, the listing agent, to have the borrower call them, especially in a HAFA situation. I contact my seller and give them the information.
Find it hard to believe the borrower is nowhere to be found, didn't they sign the purchase agreement and provide their agent with the paperwork for the short sale file?
Why would the negotiator not just ask the listing agent for the borrower to contact them? My point is that it is totally a waste of everyones time to add one more thing to the mix like hiring a third party to get the borrower to comply when the listing agent is there to do just that. No need for it.
Eric Mieles said:I'd have to slighly disagree Jeff. For example I have a Wachovia Fast Track file right now. I have a great in, moved the file at light speed, were ready to go and my Wachovia guy just needs to talk with the borrower to tell them about HAFA and at least give them a chance to either accept or decline that option. The borrower is nowhere to be found.
My guy tells me "Eric whats up, were trying to be proactive and this is dragging out now" I call the listing agent and they tell me "she doesnt pick up any calls from the bank. She doesnt care" lol!!
So when you say "I understand that but wouldn't it be very easy for them to contact the listing agent since they already have their contact info from the short sale?"
If the lender has requested Titaniums help then why would they call the listing agent if the listing agent is not an approved HRC. Reagrdless of the current situation I have to believe it's not that big a deal for the borrower to update the lender for whatever reason. If that's whats needed to be done that that's it. I just think Leslie had a bad apple who saw a potential listing and has no ethics. He should have just attempted the warm transfer, told them good luck and respected Leslie's position.
-
-
Agreed, a listed home and non listed home are night and day different. A listed home typically has a motivated borrower who sometimes needs a nudge from the listing agent.
I have no issues with a bank hiring TS to find a missing homeowner, one that is not listed. A listed homeowner is usually not MIA.
Eric Mieles said:Well Jeff lol I was over exaggerating just bit partner...lol but my point was that they just continue ignoring calls or all forms of communication with the lender. That's it. I agree Jeff that the last thing we need is another entity, people, whatever thrown into the mix. However, not every assignment is an already listed home. Actually I find probably 1 out of 10 assignments is already listed.
Jeff Payne said:
Eric,Your example happens everyday. I get an email or call from the negotiator asking me, the listing agent, to have the borrower call them, especially in a HAFA situation. I contact my seller and give them the information.
Find it hard to believe the borrower is nowhere to be found, didn't they sign the purchase agreement and provide their agent with the paperwork for the short sale file?
Why would the negotiator not just ask the listing agent for the borrower to contact them? My point is that it is totally a waste of everyones time to add one more thing to the mix like hiring a third party to get the borrower to comply when the listing agent is there to do just that. No need for it.
Eric Mieles said:I'd have to slighly disagree Jeff. For example I have a Wachovia Fast Track file right now. I have a great in, moved the file at light speed, were ready to go and my Wachovia guy just needs to talk with the borrower to tell them about HAFA and at least give them a chance to either accept or decline that option. The borrower is nowhere to be found.
My guy tells me "Eric whats up, were trying to be proactive and this is dragging out now" I call the listing agent and they tell me "she doesnt pick up any calls from the bank. She doesnt care" lol!!
So when you say "I understand that but wouldn't it be very easy for them to contact the listing agent since they already have their contact info from the short sale?"
If the lender has requested Titaniums help then why would they call the listing agent if the listing agent is not an approved HRC. Reagrdless of the current situation I have to believe it's not that big a deal for the borrower to update the lender for whatever reason. If that's whats needed to be done that that's it. I just think Leslie had a bad apple who saw a potential listing and has no ethics. He should have just attempted the warm transfer, told them good luck and respected Leslie's position.
-
-
BTW Steele, an agent who would not present all of the options to the seller better be careful because I think they are treading on some thin ice, especially if the bank actually wanted to do a loan mod or deed in lieu and not a short sale. Gotta look out for their best interest and not the agents best interest.
We may disagree at times or in principle but I appreciate your input in this, that is why this site is so great!
Steele V. Propp said:The bank does not have a relationship with the listing agent. They have a shared client/customer, the seller. Easier to contact the listing agent? Maybe. But then again, perhaps they were concerned that a listing agent may want the sale more than objectively presenting alternatives. And before anyone says something, I am not suggesting that would be a problem here. Rather that this is the way banks have tended to think when I deal with them. They want direct contact with the borrower.
Problem is that all of us are just guessing as to the particulars of the situation.
Leslie, did your sellers have any contact with the department of the lender that sent out Titanium Solutions? Was there any kind of dialog with this department? It would be interesting to hear if anything was offered.
-
Permalink Reply by Robyn Soerries-Funk on
-
Jeff,
She was my client in so far as the listing agreement had been signed but it stated not to be listed until she put in new carpet. So I did not have a sign in yard or lockbox on and it was not on mls yet. HOWEVER, she told the realtor, she had a signed agreement with me and I was her Realtor so to call me if she had questions. The Realtor who again did not say she was a realtor again restated that she represented her lender and was there to help her. I have her Titanium Solutions business card that she gave my client and no where on the card does it say she is a REALTOR!!! This is an ethical violation. But unfortunately, in this market if you are a realtor with a large company you can pretty much get away with anything.And from here on out........ I really can't say what I really have experienced or feel is the TRUTH!
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons