Escrow Officer Banned Because of Short Sale Oversight
The 90-Day Condition… Short pay lenders are serious about the principals upholding the terms and conditions placed on them by the short sale agreement. One of the most common conditions reads, “The property will not be sold within 90 days of the closing date of the subject real estate purchase contract.” Short pay lenders enforce […]
Bank of America Short Sale Letter Verification Hotline
You might recall our post titled, “FAKE Short Pay Letters? True Story…” which discussed how an alert settlement agent identified a fraudulent approval letter supposedly issued by Bank of America. She prevented the closing, saving the Company from potential future liability. In an effort to prevent the reoccurrence of such fraud going forward, Bank of […]
The trouble with a non arm’s-length short sale…
The Backstory An investor opened several short sale transactions, acting as the buyer in each. One–by–one the short sale transactions began to cancel for one reason or another, leaving the escrow branch disgusted with the amount of work they put into each one without remuneration. The next deal in line came extremely close to closing […]
Fake Short Pay Letters? True Story…
Leading the way. The FNF Family of Companies is the leader in the industry. Being the leader is not always easy. Many times we are the first ones who uncover the latest schemes and, as a result, issue a new policy and procedure. It is our settlement agents who are on the front lines implementing […]
Flopping – The Latest Short Sale Scam
Short Sale Loss Mitigation It is estimated lenders lose hundreds of millions annually in undervalued short sale transactions. Loss mitigators working on behalf of the lenders have anywhere from 450 to 600 active files on their desks at one time. Working the best deal for the lender is an all-consuming task for the loss mitigators […]