Spike in Short Sale Demand Keeps Asset Manager Busy
Scottsdale, Ariz.-based Loan Resolution Corp., a third-party pre-foreclosure asset management company, said its hired 50 new employees to join its short sale division due to a spike in demand for the firm's services. The firm works as an overflow resource or as a full-time service provider for mortgage servicers. Chief operating officer Travis Hamel-Olsen said the company specializes in working with distressed borrowers after they have been denied home retention solutions like modifications or refinancings. The firm works with homeowners to help them find a real estate agent and do the document collection upfront and develop a pre-approval for the short sale, reducing the turnaround time to complete the transaction. “It’s about being proactive in trying to resolve the homeowners situation before it gets to foreclosure,” Hamel-Olsen told HousingWire. “We substantially reduce the turnaround time so you won’t be hearing real estate agents complain about how long it takes us to approve a short sale.” The new employees are staffing the firm’s outreach campaigns, processing new cases, negotiating with prospective buyers to minimize the lender’s losses, process short sale closings and quality control. Write to Austin Kilgore.