Aurora is transferring servicing of their loans? I heard this is due to BK, anyone heard anything like this?
go to www.myauroraloan.com
They are transferring all servicing to Nationstar. If you've been following Mortgage Servicing lately, Nationstar has been taking over HUGE numbers of loans each month. They just bought $10.5 Billion from BofA too.....
Thanks for the scoop, Thom!
Yes, they sure are....... what is the plan for the short sales in progress?
The short sale processing will transfer to Nationstar - it's not supposed to skip a beat, or lose anytime, but in my experience, Aurora is so slow as it is. A letter is supposed to go out to the homeowner in July.
I am in the process of buying a short sale with Aurora being the sellers lender. We've been waiting since January. Any ideas to what the BK and transferring to Nationstar will do to our file?
We had a short sale open with Aurora and supposedly the loans were transferred to either Nationstar or Selene Finance company. I've called several times and they do not show the loan at either bank. We've searched by name, address, social and old Aurora loan #. With the help of the title company we were able to get the MERS ID # and it says US BANK is the investor. I've called US BANK and they do show them either.... So what happened to the loan? What do we do?
Stenya - The borrower (seller) should have received a letter from Aurora notifying them of the transfer of the loan to another servicer. Following that letter, the borrower should have received a letter from the NEW Servicer notifying the borrower of the new loan number how to reach the servicer. This is required by law anytime a loan is transferred. So, either the borrower got it and ignored it or it went to an old address for the borrower. I would start with your client and ask them to provide you anything & everything they have received regarding their loan. Best of luck !
Yes I did ask the borrowers about receiving any paperwork, they said they did not. So I'm assuming maybe they did, but didn't realize what it was.... perhaps if it had another lenders name on it.... but I was hoping someone had any ideas on where do we go from here? Thanks so much!
Seems like every time we get close to short sale approval lately, the loan gets transferred to another servicer. We had one with Saxon that was on the verge of approval before going to Ocwen... And now we're supposed to be getting a decision next week on an Aurora file... Guess that isn't going to happen. Sigh.
Hi Shannon - long time ..... :-) There are no loans with Aurora anymore. They have shut down all operations so your loan must have been transferred someplace - likely Nationstar. You can initiate the short sale with Nationstar in Equator as long as you have the new loan #.
Yes, we're limping along with Nationstar now. It took them about a week to get all the loans transferred over so we could initiate in Equator. It's been about 30 days now and we're in waiting mode...