Potiental seller that has a loan with Lender Business Process Service (now called SETERUS)

I have a client that has a current loan with Lender Business Process Service (now called SETERUS).  I was reading on the web some comments about this lender and they are not real positive.  I would like to know if anyone has worked with them and if so how are they to work with as this deal may be a short sale.  Looking for advise on how to handle this lender.  Thanks!

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Permalink Reply by Sam Purtle on August 28, 2011 at 4:30pm

Victoria - I have closed 5 short sales with Wilshire over the past several years (before it became LBPS); three short sales with LBPS and have two currently in process with Seterus.  I just got approval from Seterus on one of them and expect approval on the other this week.  Don't know why anyone would say they are not great to work with.  I think personally they are one of the easiest lenders to work with.  Make sure that you submit a complete short sale package and have comps to substantiate the offer price and I am sure they wll be receptive.

 

Good luck... Sam

Permalink Reply by Enrique Vasquez-Plaza on August 28, 2011 at 5:57pm
Hi Victoria.

All I can tell you is that SETERUS ( previously known as LBPS IBM) is great. I deeply enjoy working with them, specially a lot of loans dropped by Chase and now serviced by them. (loans that I was actually working from scratch at Chase and that they were then transfered... ). When this happens, i ussually inquire about the servicer transfer but very rarely the transfer is done successfully so i start from scratch. Seterus is not only reasonably faster (compared with the rest) but you can tell the systems is working. Sometimes they take a bit answering the phone but the automated system tells you how much you should expect to wait... Timeframes given (if any for holding time and process itself)are ussually respected and accurate so that works for me.

I have over 4 right now ( transferred from chase snd others not from chase)and since they were lbps (back in july) to know seterus i have not seen any difference.

I like working with them and they honor my efforts into getting my files closed.
Good luck and dont be scared by some other comments here. We are all different and my personal experience with them was great.

Good luck!!!
Permalink Reply by Patrick Smith on August 30, 2011 at 12:17pm
-1

I have two with Seterus. One is a dream. The other a nightmare.
Permalink Reply by Carol Pease on September 3, 2011 at 4:09pm
I had a short sale with this lender and it was one of the worst experiences and worst outcomes I have ever had.  They actually foreclosed on a government contractor who was in Iraq.  It was a total nightmare.  LBPS reps contradicted each other and I actually had better luck dealing with the lender's attorney.
Permalink Reply by Samantha James-Tharp, PA on September 4, 2011 at 2:38am
I am doing a short sale with them they are quick about their business time line for the short sale that I originated with them was 3 weeks they approve it with no issues.  Just make sure you send in a complete file.
Permalink Reply by John A. Zentmyer on September 4, 2011 at 4:03am

 

  Victoria                    9/4/11

 

    I also have a file with them currently. They only want auth on their form and if you place a attorney on the form. Then they only want to speak with the attorney not you. They are a pain and my sellers have already gone B/K so you'd think they want it sold and fast?

 

 DID I SAY THEY ARE A PAIN? Cross your T's and dot the i's ok? But you can get it done!

 

  Johnny ZZ

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