The Loan Post Launches Short Sale Technology Platform
The Loan Post, a provider of loss mitigation and short sales solutions, launched a new technology platform for real estate brokers, servicers and attorneys to expedite short sale applications.
The ShortSale360 is a do-it-yourself private label short sales system that produces e-signature ready documents for the Home Affordable Foreclosures Alternative short sales initiative.
Features that are part of the system include online portals for complete borrower HAFA file submissions to streamline the file intake and prequalification process, while also supporting real-time file updates for all concerned parties in a short sale transaction.
“Mortgage loss mitigation trends are pointing to more short sales as the fastest path to housing market recovery over the next two years,” said Chris Fuelling, CEO of The Loan Post, based in Miami. “In the race to put together HAFA and bank short sale packages, The Loan Post’s new ShortSales360 is the only software system that offers e-signature capability to expedite the short sales process. Borrowers can even draw their own signature inside any Web borrower. Nobody else has it.”
ShortSales360 provides all the step-by-step tools needed for real estate brokers and agents, servicers and subservicers, nonprofit mortgage counselors, attorneys and investors to manage the whole short sales process for distressed homeowners. The software platform also helps manage third-party vendor relationships for legal, title and appraisal services, as well as REO property management.
By using the ShortSales360, a real estate broker can perform a HAFA analysis to see if a borrower qualifies for the program. If the borrower is eligible, the platform automatically generates a bank-ready HAFA package that includes e-signature capability to make the process faster to submit the HAFA documents to the servicer or bank.
The software has the ability to calculate probable lender losses if a foreclosure is executed and also the net investor benefit in a short sale transaction to determine if a short sale makes financial sense for the lender and investor.