Residential Credit Solutions

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Residential Credit Solutions

Phone: 800-737-1192

Fax: 1-888-775-7250

Website: http://www.residentialcredit.com
Location: Fort Worth, TX
Members: 36
Latest Activity: Feb 23

Discussion Forum

Deed Restrictions

Started by Nicole Espinosa. Last reply by Jeffrey Burnham Jan 6, 2016. 2 Replies

So we all know this is the new thing in Short sale approvals. My question is has anyone seen deed restrictions in the RCS approvals? This is my first one with RCS so i want to make sure and notify…Continue

Catalyst Asset Management is owned by Residential Credit Solutions

Started by Brian M. Rust. Last reply by Joy Baker Jul 8, 2013. 14 Replies

Hey Superstar Community,As others have suggested, Patience Castillo from Catalyst Asset Management, LLC is…Continue

Tags: Referral Fee, Processing Fee, Residential Credit Solutions, RCS, Catalyst Asset Management

CATALYST ASSET MANAGEMENT - TAKING 1% OFF THE TOP?

Started by Mike Mondy. Last reply by Brian M. Rust Feb 26, 2013. 2 Replies

I just received the following e-mail message:Hello Mr. Mondy,This account was forward to me. Catalyst is managing the listings on behalf of the Mortgage Holder RCS for faster processing on this short…Continue

Tags: conflict, of, interest, catalyst, solutions

Servicing Company Using Bogus Subcontractor To Skim 1% For Themselves?!

Started by Jennie Blackburn. Last reply by Mike Mondy Jan 10, 2013. 1 Reply

An agent asked us:Nearly 9 out of 10 of my short sales, the lender cuts the commission from 6% to 5%. I am sick of this. They know they have us by the short hairs and do it automatically. Now I have…Continue

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Comment by Stewart S Daniels on April 20, 2015 at 1:50pm

@Brett Goldsmith

RCS gave me the same exact problem. (read below) The loan that I'm currently working on is not owned by Fannie Mae or Freddie Mac. Managers will not speak to me. Need an inside contact....

Comment by Brett Goldsmith on April 20, 2015 at 1:38pm

Have you reached out to BOA escalations to see if they can assist or escalated at RCS? Does this loan have MI? It seems like there could be more going on than meets the eye and potentially you are not getting all the right info.

Brett@ishortsalenow.com

310-564-6389

www.ishortsalenow.com

Comment by Rich Madden on April 20, 2015 at 12:02pm

1 jumbo loan - RCS servicer with BOA as investor.

Owner did a chapter 7 that has been discharged 2 years ago.

Listed home - offer 433k. RCS counters us to 455k on 4/8.  Buyer agrees on 4/10 to 455k.

4/16 RCS calls me and says the 455k counter was a mistake and 510k is what investor wants based on appraisal done on 4/3.

They email me the certified appraisal today dated 4/3 and it shows 450,000!

I call RCS and they say investor still wants 510K.

Any ideas how to fix/ fight this?

Comment by Brett Goldsmith on March 5, 2015 at 6:09pm

@stewart i'd be speaking to managers to see what is going on. It makes no sense that the value would jump that much in a week unless if they completed a new value. Did they complete a new value? I feel a value dispute and escalations is the only way to go. I'll check if I have any RCS contacts saved in our database.

Reach out to me anytime.

310-564-6389

www.ishortsalenow.com

brett@ishortsalenow.com

Comment by Stewart S Daniels on March 3, 2015 at 9:26pm

1st time doing a Short Sale with RCS. I have RCS 1st BOA 2nd and IRS(Internal Revenue Service) 3rd. RCS counters my buyer at $429k from $415k. My client stands firm at his price . A week later RCS increases their counter to $535k??? Absolute deal killer. RCS explanation is that the  Appraisal was short sale value... What does that mean? I'm going to package up a value dispute as the property needs extensive repair. Also the neighborhood doesn't have much comps. Does anyone have any ideas or tips on how to salvage this deal and or tips? An escalation contact would really help...

Comment by Ellen Kirwan on May 5, 2014 at 12:22pm

Have a short sale. Ocwen 1st (not short) RCS 2nd (short) rec'd SS approval 2.10.14 after only one month.  They removed some line items from HUD and reduced commission to 5% total.  Had to go back for new HUD approval as amount to Ocwen was over estimate.  RCS was getting $30,000 on a $100,000 loan (much more than they would get in a  HAFA SS) Cannot get a new approval. Have sent HUD's for March closing, April closing and now just sent one for May closing.  All they say is; "there's nothing we can do. It's with the investor and we have to wait"  Their $30,000 is now down to $24,000.  I have a buyer ready and willing to close.  Even had my attorney call them and he got the same story.

Thankfully no NOD from Ocwen.

Argggg!  any suggestions?

Comment by Carl SanFilippo on January 12, 2014 at 12:38pm

Does anyone have a clear copy of the short sale package, that they could email me to csanfilippo@gmail.com

Comment by Pacita C Dimacali on July 25, 2013 at 3:45pm

Funny...my faxes via myfax.com were all delivered successfully. 

How about sending it to the email HelpTeam@ResidentialCredit.com

Comment by Wendy Rulnick on July 25, 2013 at 12:53pm

Apparently, RCS rejects faxes from myfax.com.  We found out the hard way after four attempts at faxing an LOA....  "Fax refused".  We had to hard fax it.

Comment by Pacita C Dimacali on July 23, 2013 at 1:40pm
They sent me a fax --- and what I saw are that the forms they are requesting are the standard Form 710 and 710a, the Dodd Frank certification, the 4506T.

They faxed these to me -- which of course was in degraded fcondition, so I looked up cleaner copies on internet

 

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