PennyMac is utilizing the short sale technology of Quandis, a provider of default management technology solutions, in order to assist in effectively and efficiently managing the short sale process.
Quandis’ Web-based solution automates PennyMac’s back-office workflow for short sale, providing a centralized portal that allows servicers, lenders, borrowers, real estate agents and other pertinent parties to complete transactions successfully.
"Before short sales became a preferred and acceptable alternative to that of foreclosures in this fast-moving market, PennyMac took measures early on to manage the proliferation of impending short sale transactions," said Scott Stoddard, CEO of Quandis.
Stoddard added many mortgage companies, on the other hand, didn’t have the foresight that PennyMac did to implement technology to help prepare for the influx of short sales.
"The completion of a short sale shouldn’t be materially longer than a traditional real estate transaction, barring a requirement for subordinate lien approval. However, it can take up to a year for ill-prepared organizations to finalize short sales in today’s market," said Rob Schreibman, director at PennyMac.
He added, "When we or one of our customers opts to move forward with a short sale, using Quandis’ technology, we are able to complete the transaction efficiently and expeditiously for all parties involved."
By using Quandis’ solution, organizations are allowed to receive short sale packages directly from the borrower or its listing agent. This includes complete financials, property valuation data, lien verification and all supporting qualification document necessary.
To ensure tasks are completed in a timely manner, alerts, even triggers and email updates are sent. Additionally, up-to-date statuses are provided to borrowers and listing agents.
Borrowers can apply for a short sale and submit all required documentation via the Web portal. Multiple offers can be easily received and negotiated electronically.