Replies to This Discussion

Permalink Reply by Brigitte Powell on August 30, 2010 at 9:24am

Ann, why would it not be the same for Wells as it is for BoA? Tell the seller to call and ask for it or submit an email from the seller asking for it. With BoA my seller had to be in writing and she sent an email requesting it. i also sent an email FOR my Seller asking them that the Seller is requesting me to ask for this information.

Permalink Reply by Veronica "Ronni" Caggiano SFR on August 30, 2010 at 9:32am

what is the benefit in getting this information

Brigitte Powell said:

Ann, why would it not be the same for Wells as it is for BoA? Tell the seller to call and ask for it or submit an email from the seller asking for it. With BoA my seller had to be in writing and she sent an email requesting it. i also sent an email FOR my Seller asking them that the Seller is requesting me to ask for this information.

Permalink Reply by Brigitte Powell on August 30, 2010 at 9:37am

The listing agent can try to contact the investors and see if they will intervene. Ask Ben Benita he has done this before and advocates at least an attempt at this if the process is stalled. I have never needed to do that because mine were either Freddie or Fannie.

Permalink Reply by Jeff Payne on August 30, 2010 at 9:50am

The seller needs to request it in writing, it is called a qualified written request as per Section 6 of RESPA (12USC 2605) The reason that you want to know this information is because many times it is the key to getting the short sale approved. When the servicer stalls so that they can collect more servicing money, you can call the investor and tell them that the servicer has an offer for the property and ask them to escalate the file.
Ben Benita is the man to ask these questions to.

Permalink Reply by Ann Trieb on August 30, 2010 at 9:53am

Thank you Jeff! This is a CHAMP loan, and I don't believe Wells Fargo is desperate to hold on to it, but what do I know. They have had a really hard time getting answers from the investor (it's been six months since the investor's purchase price counter) and I'd just like to try my hand at at least finding out what the investor's program requirements or prerogatives are.
You can't negotiate unless you know what the other side really wants!

Jeff Payne said:

The seller needs to request it in writing, it is called a qualified written request as per Section 6 of RESPA (12USC 2605) The reason that you want to know this information is because many times it is the key to getting the short sale approved. When the servicer stalls so that they can collect more servicing money, you can call the investor and tell them that the servicer has an offer for the property and ask them to escalate the file.
Ben Benita is the man to ask these questions to.

Permalink Reply by Ann Trieb on August 30, 2010 at 9:54am

There are times when the short sale seems to have hit a brick wall. At those moments, you've got to cut through any road blocks and get to the heart of what it will take to approve the short sale.
Sometimes, the servicer gets in the way of this. Other times, it's just good for the agent and the borrower to understand whether the investor ever intends to approve a short sale.


Veronica "Ronni" Caggiano SFR said:

what is the benefit in getting this information

Brigitte Powell said:

Ann, why would it not be the same for Wells as it is for BoA? Tell the seller to call and ask for it or submit an email from the seller asking for it. With BoA my seller had to be in writing and she sent an email requesting it. i also sent an email FOR my Seller asking them that the Seller is requesting me to ask for this information.

Permalink Reply by Veronica "Ronni" Caggiano SFR on August 30, 2010 at 2:21pm

thanks for the great imput - I will try this

Permalink Reply by Ben Benita on August 31, 2010 at 4:54pm

You guys are all so nice......it is true, reaching out to the Ivnestor works 9 times out of 10, particuarly when your Servicer is not helpful.
We now ALWAYS get that info. at the beginning of the process.
As Jeff noted, it is referred to as a QWR in banking speak.
Best moves:
1) Call customer service, and, ask them for the fax number for the "Corrrespondence Department", and, a phone number to follow up with. The QWR must be faxed here (if it is not in writing, the Servicer need not give out this info.)
2) Have your Seller write a 2 or 3 sentence letter with:

".....I would like to know the name and contact information for the Investor on my loan..."
and for mortgage insurance where applicable
".....I would like to know the name and contact information for the Mortgage Insurer on my loan, as well as the coverage ratio..."

Signed and with the loan number and property address located thereon.

The above works like a CHARM in getting short sales done b/c the Investor actually CARES how much the NET is and how long the process takes!!!!!

Now go close some short sales....do it quick before "Hamp 2.0 comes out and principal reductions become the new "rage"!!!

Permalink Reply by Ann Trieb on September 1, 2010 at 3:54am

I would warmly welcome principal reductions. The future viability of all real estate in our city depends on it. We're not holding our breath though. Thanks for the info!!

Ben Benita said:

You guys are all so nice......it is true, reaching out to the Ivnestor works 9 times out of 10, particuarly when your Servicer is not helpful.
We now ALWAYS get that info. at the beginning of the process.
As Jeff noted, it is referred to as a QWR in banking speak.
Best moves:
1) Call customer service, and, ask them for the fax number for the "Corrrespondence Department", and, a phone number to follow up with. The QWR must be faxed here (if it is not in writing, the Servicer need not give out this info.)
2) Have your Seller write a 2 or 3 sentence letter with:

".....I would like to know the name and contact information for the Investor on my loan..."
and for mortgage insurance where applicable
".....I would like to know the name and contact information for the Mortgage Insurer on my loan, as well as the coverage ratio..."

Signed and with the loan number and property address located thereon.

The above works like a CHARM in getting short sales done b/c the Investor actually CARES how much the NET is and how long the process takes!!!!!

Now go close some short sales....do it quick before "Hamp 2.0 comes out and principal reductions become the new "rage"!!!

Permalink Reply by Vellanee Richardson on January 6, 2011 at 6:17pm

Oh thank you thank you thank you, I just asked WF this today and they said they couldn't tell me who the investor was. 

Ben Benita said:

You guys are all so nice......it is true, reaching out to the Ivnestor works 9 times out of 10, particuarly when your Servicer is not helpful.
We now ALWAYS get that info. at the beginning of the process.
As Jeff noted, it is referred to as a QWR in banking speak.
Best moves:
1) Call customer service, and, ask them for the fax number for the "Corrrespondence Department", and, a phone number to follow up with. The QWR must be faxed here (if it is not in writing, the Servicer need not give out this info.)
2) Have your Seller write a 2 or 3 sentence letter with:

".....I would like to know the name and contact information for the Investor on my loan..."
and for mortgage insurance where applicable
".....I would like to know the name and contact information for the Mortgage Insurer on my loan, as well as the coverage ratio..."

Signed and with the loan number and property address located thereon.

The above works like a CHARM in getting short sales done b/c the Investor actually CARES how much the NET is and how long the process takes!!!!!

Now go close some short sales....do it quick before "Hamp 2.0 comes out and principal reductions become the new "rage"!!!

Permalink Reply by Ben Benita on January 6, 2011 at 7:36pm

Vellanee - they can and they will tell you who the Investor is, just means they have to do a little extra work.

Depending on a few things, you can most often find this out by asking the customer service dept. if the loan is government backed (Fannie, Freddie, etc.), portfolio (where Wells is both teh servicer AND the Investor), or if there is a private investor on the loan.  If they refuse, you can contact the executive office and ask them the same questions (or have teh Seller make the phone call).

 

You can go to the fannie and freddie loan lookup sites to see if the loan is with them:

 

Fannie Mae - http://loanlookup.fanniemae.com/loanlookup/
Freddie Mac - https://ww3.freddiemac.com/corporate/

 

If the loan is VA - HOME RUN - they will actually TELL YOU what the BPO value is and the NET they need.

If the loan is a portfolio loan - your SS will go VERY smoothly and VERY quickly b/c it is Wells Fargo money on the line.

 

For private investors, you will need to use a QWR as noted below, qualifed written request.  This gets faxed to the "correspondence" or the "research" department.  Banks do have up to 20 days to acknowledge and respond, but, tend to respond VERY quickly.

 

If you contact me off here, [email protected], I can send you a copy of the QWR we used last with Indy Mac, and, the response and subsequent approval we got (found out Deutsche Bank was the Investor and had an approval shortly after contacting THEM directly)........good stuff.

 

Also ALWAYS ask if your Seller's loan is FHA.....if so, send the request for short sale approval and get HUD form 90045, it will TELL YOU the list price and NET needed for approval....nice to have......

 

All my best to those on the short sale battlefields!!!!  Sorry I have been a little absent from the site, working on some things, learning a TON of new stuff!!!

 

Hope everyone heard about the NEW HAFA guidelines...GREAT time to be doing short sales!!!!

Vellanee Richardson said:

Oh thank you thank you thank you, I just asked WF this today and they said they couldn't tell me who the investor was. 

Ben Benita said:

You guys are all so nice......it is true, reaching out to the Ivnestor works 9 times out of 10, particuarly when your Servicer is not helpful.
We now ALWAYS get that info. at the beginning of the process.
As Jeff noted, it is referred to as a QWR in banking speak.
Best moves:
1) Call customer service, and, ask them for the fax number for the "Corrrespondence Department", and, a phone number to follow up with. The QWR must be faxed here (if it is not in writing, the Servicer need not give out this info.)
2) Have your Seller write a 2 or 3 sentence letter with:

".....I would like to know the name and contact information for the Investor on my loan..."
and for mortgage insurance where applicable
".....I would like to know the name and contact information for the Mortgage Insurer on my loan, as well as the coverage ratio..."

Signed and with the loan number and property address located thereon.

The above works like a CHARM in getting short sales done b/c the Investor actually CARES how much the NET is and how long the process takes!!!!!

Now go close some short sales....do it quick before "Hamp 2.0 comes out and principal reductions become the new "rage"!!!

Permalink Reply by Sheyenne Schultz on October 19, 2011 at 1:19pm

HI folks! Save yourself the trouble of having a Qualified Written Request letter sent in taking up to 20 days for the banks to get back to you. Did you know that your seller can call in to the bank and DEMAND over the phone to know who is investor is? It is illegal for the lender NOT to give the seller this information. Do this and get the investor info immediately. Just make sure to tell your seller that they must be firm and diligent in demanding this info, the banks will sometimes try to transfer him/her around to different departments. Do NOT take no for an answer. I get the investor information EVERY time know before starting the process so I know who the investor is right off the bat. Saves alot of time and trouble. I've NEVER had one seller contact me and say they couldn't get the information. If that's the case, they are weak and able to be pushed around. Then get on a 3 way with them as a witness and DEMAND. You'll get it in one phone call. I've thrown all those QWR forms in the trash 2 years ago. This is with EVERY bank. Hope this helps. Shy:) 310-429-4170 [email protected]

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