Lenders Would Get 45-Day Response Time in Short-Sale Bill |
NAR is supporting a bill, "The Prompt Decision for Qualification of Short Sale Act of 2010," H.R. 6133, to require mortgage servicers to decide on consumer short-sale requests within 45 days. "While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times," says NAR President Vicki Cox Golder. "Many consumers have mentioned that the delay in short sale price approval exceeds 90 days, and in many cases never arrives." The bill sponsors are U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.). In my opinion this new short-sale bill is aimed at lenders like Wells Fargo, who routinely request the same documents 3 or 4 times and need 3 to 4 more additional months to process a short-sale after all of the required paperwork and appraisals have been completed. This is a win-win for home buyers looking to purchase a short-sale and homeowners who are facing a possible short-sale situation. Squeezing the time from 6-9 months with some lenders for a response to 45 days is a positive if the mortgage banks actually complete their work. Another way to look at this is 45 days may not be enough time and some lenders will issue denials because they didn't have enough time to complete their paperwork. |
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2 Comments
Hey, Wells, et al simply "lose" your documents by accident. They didn't mean to lose them. Oh by the way, the ones they had, well they misplaced those in the dumpster, so when you resent the missing ones, well now we are missing the ones we already had. And those ones you just sent, can you resend as when we discovered we didn't have the others we decided to throw these out too.
ReplyDeleteSince loan servicing is our second largest profit center. It was mistake. Honest! Completely an operational error.....to make more money servicing the load as long as possible!
It is about time. Something needs to be done.
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