Hello Fellow Short Sale Agents:

Just looking for some feedback from everyone on which banks you consider easier to work with and which ones make you want to pull your hair out?

I know that every file is different and every negotiator is different as well, but just wanted to hear what some of your experiences out there are like.

Also anything you want to mention about certain banks that you have noticed are getting better and quicker about approving short sales.

Thanks,

Happy New Year,

Sherry Sims

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Thanks everybody for your great responses.

I agree with some of you who said that Bank of America and Wells/ASC are among the best, and probably B of A being most improved.

I also personally like the fact that both these lenders use Equator, because anytime that I can upload my documents into their system it sure beats faxing documents. Clean, quick and verifiable.

Seterus has been VERY easy to work with recently...cooperative and responsive.

Chase and Wells Fargo are fine as long as you work within their system.

GMAC seems to take a long time.

GreenTree is the WORST.

Just starting a file with CCO- never worked with them before but reviews are not great...

Two most frustrating banks to deal with: Bank of America and Chase. Bank of America may have gotten more responsive, but their front lines (set up specialists) are still problematic.  It helps that they have a BOA Twitter. Wish Chase had one. Their Executive Resolution Team isn't much better at resolving problems.

Best bank for short sales was Wachovia (now part of Wells Fargo).

The "My Favorite or Least Favorite" Servicer question comes up frequently.  In some respects, all Servicers are more-or-less the same, all good, all bad.  It's a bit like asking "Which microphone is your favorite singer?"

I think because for me,  "Favorite" is more determined by circumstances: Investor, MI, Appraisal, Seller, etc.

I have stronger feeling about Investors/Trustees/MIs than Servicers.  Eg, I dislike Deutsche Bank as Trustee and the FHA as Insurer, and prefer Fannie/Freddie and hedge funds.  Credit Union and Finance Companies are generally a pain.  And, portfolio loans for the Big Banks are okay.  And HAFA is still pretty much the silliest program on Earth.

Servicer?  Often seems like shooting the messenger.  I have many negotiators that I've enjoyed working with. For example, I like working with the BofA negotiators, always have, even back when everyone was slamming them. Doesn't mean I like dealing with FHA loans serviced by BofA, or any other Servicer.

Michael, Maybe it's your area of the County, but I jump for JOY every time I come across a FHA PFS.

The most difficult I have had lately has been PNC due to high loan to value ratio.  The MI companies

are out of touch with reality.  Some are asking for more than $100,000 more than appraised value on the property.

I have closed many with PNC. But on these with MI, watch out.

I dread B of A FHA deals.  They've even tried to tell me they don't do them as FHA Pre-foreclosure sales, and I've had to get HUD involved for that to change.... seem to always get done, but it can be 6 months or more, just like the old days.....

 

Other B of A deals are great, I've had good experiences with Nationstar, Chase, even some of the smaller ones.

Worst in my experience are Litton, Green Tree, FHA, Ocwen only because you can't get anyone who knows anything on the phone and just have to wait for them to send you something.

 

All in all, way better than it used to be,.

I agree with gentleman who noted BofA most improved. I just did ss w/them and we closed in 4 weeks!

I would think that PNC would be on the top of everybody's list. LOL. In CAlifornia, that would be followed by The Golden1, which would take second place for worst short sale bank -- but the number one award goes to PNC for worst.

I have to say PNC has been my most difficult to date.

My teams experience...
Lenders it's case by case, property by property...and most of all the borrower's situation that mainly determines if it will be a good experience or the nightmare from h*ll

U S Bank:  you absolutely cannot get an approval letter until at least 7 months in. And if buyer walks, start over (after approval letter anyway). They have always required a prom note or cash contribution, "take it or leave it." US Bank and Aurora are on my "worst list."

Favs: Chase, BofA, Ocwen. SunTrust is growing on me, they seem to be getting better organized.

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