Foreclosure Response Team Completes Pilot Program Creating First Uniform Process for Streamlining Short Sales Nationwide
Scott Coloney, president of Fort Lauderdale-based Foreclosure Response Team (FRT) has announced the completion of a national 20-month Pilot Program of its “Uniform Short Sale Process.”
Fort Lauderdale, FL, January 05, 2011 --(PR.com)-- The only full-service, interactive short sale solution in the country, Foreclosure Response Team’s Uniform Short Sale Process consists of: a national network (“Response Team”) of local real estate agents, title companies and attorneys, coupled with centralized loss mitigation support and innovative short sale processing technology that expedites and streamlines the short sale process from pre-listing to post-closing, Online Management System (OMS).
Working in collaboration with the FRT, Denver CO-based Default Servicing Solutions (DSS) conducted the Pilot Program and tracked the performance of Affiliate real estate agents throughout 28 states over a 20 month period. DSS is the premier provider of default management services. Processing tasks for six of the top national mortgage servicers, DSS provides a central processing hub for FRT Affiliates.
Results report a national closing ratio of 48%, with a closing timeframe of 99 days from contract to purchase. In addition to the OMS report, the Pilot Program also concluded that by assigning one loss mitigation processor regardless of the number of listings, real estate agents were able to process three to four times the number of listings typically feasible, by turning their attention to actually selling the property. Current FRT real estate agent Affiliates number approximately 2,000 nationwide.
Importance of a Uniform Short Sale Process to prevent foreclosure:
Real-time communication, transparency and quality control – is attained through the OMS which allows FRT Affiliates to easily track and manage multiple short sale files throughout the process. The OMS facilitates all documents and requests, and ensures team accountability through a centralized, paperless and interactive platform. (Vs.) All parties involved in the short sale working in different systems for each file, managing an inconceivable paper trail, are unaware of the status of documentation pertaining to a file, and have no liability over their role.
Identical short sale packages – are facilitated nationwide by a network of Affiliate short sale experts who all use the same centralized loss mitigation division. These highly-specialized loss mitigation processors effectively prepare short sale packages with all necessary documentation and presentation format required by the bank. (Vs.) Fragmented and inexperienced real estate agents and title companies with inconsistent methods for preparing a short sale package.
Proper attention to marketing and selling of the home – is achieved by assigning a dedicated loss mitigation processor who serves as one point of contact for the real estate agent who is relieved of the cumbersome and complicated tasks associated with the processing of a short sale. (Vs.) The real estate agent having a typical 18 points of contacts when handling an average 10 short sale listings, and dealing with the processing all of the paperwork involved in the short sale instead of focusing on the sale of the home.
Banks are provided a solution – to the back log of pending short sales offers by receiving short sale packages that are consistent each time and meet bank guidelines; assisting in the decision making process and reducing closing timelines. (Vs.) Receiving inconsistent packages from across the U.S. lacking the necessary information and form required by the banks, making it harder for decisions to be made in a timely manner.
The Foreclosure Response Team headquarters are located at 600 South Andrews Ave., Suite 300, Ft. Lauderdale, FL 33301. For more information on becoming an Affiliate, or to learn more about how the Online Management System can help increase your short sale success, call Scott D. Coloney at (954) 760-4888 or visit www.ForeclosureResponseTeam.com.
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Working in collaboration with the FRT, Denver CO-based Default Servicing Solutions (DSS) conducted the Pilot Program and tracked the performance of Affiliate real estate agents throughout 28 states over a 20 month period. DSS is the premier provider of default management services. Processing tasks for six of the top national mortgage servicers, DSS provides a central processing hub for FRT Affiliates.
Results report a national closing ratio of 48%, with a closing timeframe of 99 days from contract to purchase. In addition to the OMS report, the Pilot Program also concluded that by assigning one loss mitigation processor regardless of the number of listings, real estate agents were able to process three to four times the number of listings typically feasible, by turning their attention to actually selling the property. Current FRT real estate agent Affiliates number approximately 2,000 nationwide.
Importance of a Uniform Short Sale Process to prevent foreclosure:
Real-time communication, transparency and quality control – is attained through the OMS which allows FRT Affiliates to easily track and manage multiple short sale files throughout the process. The OMS facilitates all documents and requests, and ensures team accountability through a centralized, paperless and interactive platform. (Vs.) All parties involved in the short sale working in different systems for each file, managing an inconceivable paper trail, are unaware of the status of documentation pertaining to a file, and have no liability over their role.
Identical short sale packages – are facilitated nationwide by a network of Affiliate short sale experts who all use the same centralized loss mitigation division. These highly-specialized loss mitigation processors effectively prepare short sale packages with all necessary documentation and presentation format required by the bank. (Vs.) Fragmented and inexperienced real estate agents and title companies with inconsistent methods for preparing a short sale package.
Proper attention to marketing and selling of the home – is achieved by assigning a dedicated loss mitigation processor who serves as one point of contact for the real estate agent who is relieved of the cumbersome and complicated tasks associated with the processing of a short sale. (Vs.) The real estate agent having a typical 18 points of contacts when handling an average 10 short sale listings, and dealing with the processing all of the paperwork involved in the short sale instead of focusing on the sale of the home.
Banks are provided a solution – to the back log of pending short sales offers by receiving short sale packages that are consistent each time and meet bank guidelines; assisting in the decision making process and reducing closing timelines. (Vs.) Receiving inconsistent packages from across the U.S. lacking the necessary information and form required by the banks, making it harder for decisions to be made in a timely manner.
The Foreclosure Response Team headquarters are located at 600 South Andrews Ave., Suite 300, Ft. Lauderdale, FL 33301. For more information on becoming an Affiliate, or to learn more about how the Online Management System can help increase your short sale success, call Scott D. Coloney at (954) 760-4888 or visit www.ForeclosureResponseTeam.com.
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Contact
Foreclosure Response Team
Scott D. Coloney
954-760-4888
foreclosureresponseteam.com
Scott D. Coloney
954-760-4888
foreclosureresponseteam.com
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