I have a short sale listing in a popular neighborhood for a basic starter home in the lowest price range ($120k). We're on our 4th or 5th offer because buyers don't have the patience to wait indefinitely. The MI company is MGIC and we still do not have an approval from them. When I hear from Cenlar it's only to ask for updated financials from this divorced couple. Today the Cenlar negotiator said it's taking so long because I "keep submitting new offers and she has to start all over with the MI company each time" as though it's my fault. I explained that this home appeals to first time home buyers and they don't need to wait because there are so many homes on the market just like it. Current buyer has an offer approval deadline of 4/15 and that includes lender approval. Sale date is scheduled for 5/2/2012 though negotiator said "no problem in getting that moved back". I explained what we really need is approval so we don't lose the current buyer and have to start over again. Any suggestions?"
Does anyone have any insight to help Janie on this one?
Thank you @jimschneider - I hope someone will have some insight soon!
I looked through MGIC's servicing and I don't this addressed. Actually, having read through quite a few servicing guides (Fannie, Freddie, other PMI co's) it seems like they think short sales always close with the first offer, if only it were so!
I would suggest you call MGIC directly and see if you can get an answer to your question. Definitely send on your letter of authorization first, and it would really help if the servicer will give you the mortgage certificate number, and put that on the LOA before you send it.
Good luck, and please write back here with what came about, because we need to start pooling information on these PMI companies so that all of our deals go a little smoother. Thanks!
Thank you for the suggestion. I found MGIC website very helpful with names and contact information for default claims. Under Contact Info - Default Servicing Claims Support, they actually invite you to contact them to help improve their servicing processes! So I've faxed in the Seller Auth with a plea for help. I'll follow up with them tomorrow giving them 24 hrs to process. I'll keep you posted. Thanks again. http://www.mgic.com/contact/contactclaims.html
Good find Janie, I've added that contact info to the MGIC page. Thanks
WOW! MGIC blew my socks off today. I called their Default Servicing and Claims Dept and got nothing but top notch service and support. I can only wish all lenders and servicers were so responsive. Today I got to the right person who had my file and she told me the exact dates my previous offers were submitted by Bayview Loan Servicing (CENLAR) and the facts were extremely disappointing. In fact, one of the offers NEVER WAS SUBMITTED!! The most recent one was only submitted yesterday (4/3/2012) and Bayview had it since 2/23/2012 - completely unacceptable. MGIC approved the offer WITHIN THE HOUR since speaking to me and called me to let me know the approval had been sent back to Bayview. Many thanks to MGIC and particularly to Trina Vanderveer who handled this so quickly and communicated so well.
Contact MGIC Default Servicing and Claims at 800-424-6442 and fax in your third party authorization to 800-345-3291 and wait to be amazed.
so glad to hear that this went so well. Thank you for sharing your experience with us here.