Short Sale Files Being Transferred
http://kevinandfred.com/power-hour/loan-servicer/
Kevin and Fred discuss service transfers. There have been numerous file transfers from Fannie Mae to IBM. To read the entire article that was referenced in this video, click here.
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About the Authors
Kevin Kauffman & Fred Weaver
Kevin and Fred the founders of Group 46:10. Over the last 10 years Kevin and Fred, and their team have closed tens of millions in real estate all over the country and have created some of the best training for agents in the market. Kevin and Fred are also highly sought after teachers whose work has helped agents all over the country build their own next level real estate business.
I had one with IBM/LBPS and they were pretty easy to work with. It is a Fannie Mae loan. Thanks for that tip about asking if there are any impending transfers.
BOA just transferred one of mine to LBPS
My loan was transferred from Citimortgage to IBM at the end of last month and I am a Fannie Mae loan owed property with payment as agreed for several years.
Also I am a loan officer in CA with a property WHOA upside down because of the foreclosure market. When requesting information from IBM to apply for a Fannie Mae Refi Plus program they will tell you to contact Quicken Loans Fannie Maes lender.
I had one with them that got transferred from Aurora to them. Very nice and polite crew, HORRIFIC amounts of time spent on hold (with bad hold music too). I mean I was on hold for 1.5 – 2 hours each time! But easy people to work with.
Yes it is Fannie Mae
I had 2 get transferred from Chase to IBM on 10/1. I have finally just now got the authorization letter approved through their legal department-they mail out a letter that has to be notarized with seller’s signature, and they have ordered BPO. It is not assigned yet, and once it is assigned, it takes 20-30 BUSINESS days for decision. I have been on hold for 1.5 hours minimum. A rep there told me they took in 91,000 loans on Oct 1 so they are bottlenecked.
I meant to add that my 2 with IBM are both Fannie Mae loans.
My loan servicing was transfered to IBM from Chase – it is Fannie Mae as well.
We had a short sale that was with Chase, we had received the offer on and in the middle of the short sale with them it was transferred to IBM/LBPS. I can tell you I have never had so much trouble getting a 3rd party authorization approved. It took me 3 weeks; and 7 faxes to finally receive an approval. However I will tell you once the 3rd party was approved I received the approval letter on the short sale about 2 weeks later. I do believe they need to hire a lot more people because it is nothing to be on hold with the short sale department for 1 1/2 hrs to 2 hrs. I have found if you call at 7 am it tends to be a little less but still insane. Also they need to figure out the 3rd party authorization ordeal. After I received approval I emailed the negotiator and thanked him for his hard work on getting the file approved so quickly, he told me generally it doesn’t go that fast but because I faxed in all the short sale documents with my first 3rd party authorization they were able to work on the packet without the 3rd party. I do think once they get all the customer service reps trained on what they are doing and triple their staff it will probably be pretty easy with them.
Thank you guys! I watch you show every day!
Lindsey
P.S It was a Fannie Mae also!
Shaved head with a Lacoste shirt…that’s a pretty familiar look. Hmmm
Ha ha
I confirmed with a Manager at LBPS they received 45,000 files in the month of October. Do not use the online financial form, your work will be lost.
Have fun!
You guys are really in the trenches. Thanks for all your great content. I’m Very happy today and so are my sellers. Just closed a short sale on a luxury home that I put on the market in August! Woo hoo. Meet me in February before Family Reunion at Surf Taco and I will treat!
Did someone say Taco Surf? I am in =)
I have a file with LBPS, from Chase, and yes it’s a Fannie Mae. Without bitching too much sorry (Kevin), I will say it’s been a nightmare so far. Yes, everyone is nice, but I have been requesting an extension for almost 30 days now, an extension from the original approval letter that didn’t give me ANY time to get the new loan of an FHA buyer done in the first place, an extension that they have been saying it’s coming, then excuse after excuse has been given. 🙁
Love the hold music myself actually, and on a positive note, I do have plenty of time to do other things while waiting for them to answer. 🙂