Who is Your Favorite Short Sale Lender or Servicer?

I'll start.

BB&T, PNC and Bank of America:

BB&T and PNC for being straightforward and their quick response time.

Bank of America for its predictabilty.


Who are your favorite short sale lenders or servicers, and why?

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Replies to This Discussion

Permalink Reply by Donna McClelland on April 7, 2013 at 5:52am

CHASE hands down!  My fastest approvals have been with them and they don't pick apart every single document like BofA does.  I had one approval in a DAY (2nd lien) and another in 8 days (both first and second with Chase).  They are also easy to reach by phone.   Wells Fargo and Ocwen are improving.  BofA is great if we deal with AMS or DTS first.  

Permalink Reply by Wendy Rulnick on April 7, 2013 at 10:50am

I am just astonished at all this Chase love, Donna! And Wells, too.

Permalink Reply by Pam Graham on April 7, 2013 at 6:10am

I like HSBC, they consistently approve in 30 days or less and usually don't require a HUD two days before closing. Just don't like their commission offering. I also had one with Wells Fargo Financial and they opened the file when I listed it. Did the BPO, assigned a negotiator, who I had the whole time. We made price adjustments once a month. Once the offer came in, had an approval in 1 week. I wish WF Mortgage worked the same way.

Permalink Reply by Wendy Rulnick on April 7, 2013 at 10:51am

Pam - That is a good hint on Wells Fargo. Was it a regular short sale, where they assigned a negotiator at the start of your listing?

Permalink Reply by Ann Howard on April 7, 2013 at 6:35am

Chase is the best....quick to make a decision and approve. They extended their approval three times in my last transaction with them with no penalty for the extensions. The hardest seem to be the servicers of the banks that deal with the investors...takes a lot of time to approve, had two Buyers walk when dealing with SLS (Specialized Loan Servicing, LLC) Still working on one with them that started last August.... 

Permalink Reply by Wendy Rulnick on April 7, 2013 at 10:51am

Ann - I think  Chase has won this round!! Impressive with all the kudos.

Permalink Reply by ElizabethWeintraub00697006LyonRE on April 7, 2013 at 11:54am

Wachovia was my all-time favorite and the short sale standard setter. Now it is Bank of America and Wells Fargo, followed by Chase. PNC is at the bottom along with Green Tree.

Permalink Reply by Marivel Costanza on April 7, 2013 at 12:04pm

B of A is OK  follow instructions and timelines to keep the file moving along

Wells Fargo good so far

PNC, Indymac and Ocwen were prompt and the negotiators were extremely helpful.

Credit Unions OK but they've tried to lower commission

SLS is the most frustration and slow process so far.

I have a file that was transferred from B of A to SLS and  it's going on 7 months and they keep ordering BPOs and asking for the same info over and over.

Chase hard to get extensions and stressful because they wait until the last minute to respond.

Permalink Reply by John T Rockey on April 7, 2013 at 2:01pm

I've had good luck with BoA and Equator. Not so much with Chase. I've had one file that Chase has lost in totality 4 times and in part a 5th time. They kept saying they were on Equator. It wasn't until they sent me an email from Equator that we were able to connect. I prefer working with them through Equator. Interesting, I sent some documentation to my negotiator through Equator April 1st and didn't hear anything back so faxed her the info on Wed April 3rd and rec'd a phone call on Friday April 5th totally oblivious to the Equator message or the fax message. Disappointing. I've never had one with WF. I've found Citi fairly easy to work with.

Permalink Reply by Kimberley Kelly on April 7, 2013 at 3:55pm

I'm doing a lot less short sales out here in Palm Springs, CA.  I would say B of A (COOPS), followed by Chase and OCWEN.  They all seem to have a plan..way different than several years ago, right???

Permalink Reply by Becky Alfaro on April 8, 2013 at 3:22am

Mine would have to be Select Portfolio Servicing because of how easy it is to reach a person and how quickly they move when you send in a complete package. It used to be BOA but lately they have been making it difficult to get a payoff statement therefore delaying my approvals and it is getting ridiculous. 

Permalink Reply by Jackie Thompson on April 8, 2013 at 3:46am

HSBC is the easiest in my opinion.  They don't require documentation from the homeowner.  No Equator.  You fax the package in and they respond in a timely manner.   One bad thing though, if you double end the transaction they cut your brokerage fee.

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