Enhancing Education and Collaboration

Property preservation firms and third party vendors in the default servicing industry are collaborating more today with code enforcement professionals and real estate agents.

Mortgage Contracting Services is busy presenting mini-summits to provide specialized education and encourage teamwork between the code enforcement community and other players working in the default and REO fields.

These sessions are used to fulfill continuing education requirements for code enforcement officials. MCS is offering this service at no cost to the municipalities or attendees. Once municipalities schedule a code enforcement mini-summit with MCS, the company will then enlist its local vendors and servicing shops to attend.

The company held its first session on Aug. 24 in Frisco, Texas, and will host additional mini-summits in coming months in areas that correspond with executives’ travel
schedules for tradeshows and other industry events.

“Our goal with this program is to not only promote goodwill between these parties, but to also best prepare them to manage the defaulted properties within their jurisdictions,” said Caroline Reaves, CEO of the Tampa, Fla.-based MCS.

The mini-summits will outline the intricacies of the default servicing industry for code officers, from the definitions of pre- and post-sale foreclosure, thorough MERS demonstrations, to how MCS interacts with each of its clients.

The sessions also give individuals an opportunity to have direct communication with both area contractors and servicers to discuss the community’s particular challenges and tendencies regarding effective property preservation.

“This effort is mutually beneficial for banks, property preservation companies and city code enforcement departments to work together to achieve the same goal of preserving properties,” added Greg Carr, a Frisco code enforcement administrator who attended the preliminary meeting by MCS.

In today’s housing market, a lot of focus is being placed on training regarding short sales. Real estate agents need to be thoroughly educated on the ins and outs of short sales so that they can “educate” various sellers.

“There is currently a lot of confusion as to what Realtors can and can’t do regarding short sales, such as what their rights are when dealing with the independent consumers who are trying to do a short sale,” said Mark Hollander, president of Claremont, Calif.-based Hollander Financial.

The mortgage services provider recently formed a partnership with National Quick Sale, Jacksonville, Fla., a company known for its short sale automation technology.

“Their software portal is second to none. This is a platform where any agent, whether they do 30 or 40 deals a month, or a person doing one deal a month, there is a place for them in the network. It’s very real time. That’s why we are out there actively promoting it.”

Hollander Financial is bringing its relationships with approximately 1,000 independent Realtors around the country to the NQS platform, working with both buyers and sellers to effect successful and timely short-sale transactions.

NQS has rented space in Hollander’s corporate office. “We have their West Coast operation out here. In fact, we have a negotiator and a sales team. We go out and do seminars and training sessions to the Realtor community.”

These presentations occur between three to five times a week and normally last for about an hour. Audiences can include small groups of 15 independent agents or large seminars of over 300 people.

Demonstrations are done via online webinars but many are in-person with an introduction to the NQS portal and software. NQS takes the short sale from the point of contract all the way through closing the deal with the servicer.

NQS does not have any type of preforeclosure certification because they want “everybody, any agent to have the ability to use the system,” Hollander adds.

“We think there are enough accreditations out there and why should we go and charge Realtors to come in and learn how to do a short sale? We’ll tell you how to do it and then you can use our software system. Once you pay the initial fee for NQS, you can use it as often as you like, and they’ll never charge you anything until a deal closes.”

Demonstrations are done via online webinars but many are in-person with an introduction to the NQS portal and software. NQS takes the short sale from the point of contract all the way through closing the deal with the servicer.

As a result of all of this training, Hollander thinks short-sale closings will increase “phenomenally.”

“I get reports every day. NQS has about a 40% increase vs. this time 10 months ago, which is when we really started going full force actively pursuing agents to start these seminars.”