Replies to This Discussion

Permalink Reply by Wendi Sanches on January 24, 2012 at 1:00pm

I wish I knew the US Bank of before.. I am currently working 2 with them.. and closed 4 last year... what a nightmare. Every time I call a "new" person is lucky enough to answer and explains some new policy change with the 3rd party authorization or status updates. So after I thank them for nothing and hang up.. call back and speak with someone who actually knows the process. Sometimes I can call 4 or more times in one day before I actually receive a decent answer to my status questions.

IMO they are one of the most erratic, no guideline, lenders doing short sales.  

I am constantly reminded the review process takes 30 - 45 days even when I have an approval letter that is still valid but the buyer walked, new buyer same offer amount. Then once the file is with the investor the reps are more than happy to spout that the investor has no time frame and can and may take up to six months to respond.

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Permalink Reply by Smitty on January 25, 2012 at 3:02am

Hmmm...Does any SSS out there have an escalation contact they can share?

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Permalink Reply by Michael Schneider on January 25, 2012 at 4:06am

@ Lisa.  Since December 28? Less than a month under review, including a holiday.

My experience with US Bank is that they were totally crushed by the volume of short sales, they have staffed up, but the timeline is still long. My outcomes from US Bank have been good.

In my experience, formal approval with written letter in less than 3 weeks from time of appraisal is unlikely, from any Servicer.

Total of 60 days from date of executed contract is a realistic goal, I think.

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Permalink Reply by Lisa Brown on January 25, 2012 at 4:25am

Michael,

Let me correct my information from earlier.  They have had a completed file since Dec 8th.  They sent it to underwriter Dec 28 after all their evaluation etc was complete which seemed to be moving very quickly. Now they just keep saying underwriter has 60-90 days to get back with them from Dec 28th.  My contact person assigned to the file does not seem to care or want to request any information from underwriter.  I have had great success with US Bank as well as other servicers in 30 days or less for some sort of request or response.  If you don't ask you don't receive and the file just sits or gets lost. 

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Permalink Reply by Lisa Brown on January 25, 2012 at 6:16am

Thanks Erik,  I have that number and my contact is Khandace and I am getting no where with her.  I guess my expectations are too high.  I do my best to make sure to do what they ask and send complete files as well as offers that should have no problem getting accepted and I am on their side trying to make their job easier. But.....

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