Quandis Releases New Short Sell Application
Quandis has developed a new Web-based application that automates short sell workflows and streamlines communication between servicers, lenders, borrowers and real estate agents.
With this application, the processing of short sale transactions can now be more effective and efficient for all participants, Quandis said. Scott Stoddard, CEO of Quandis, Foothill Ranch, Calif., said the average short sale could take more than 10 months to complete. He added that many times, key information is misplaced or not completed in time, causing deals to fall apart leading to a foreclosure.
Stoddard said servicers could carry out a short sale in about 60 days with Quandis' new application.
The solution is designed for servicers to automate their back-office workflows with a centralized Web portal where all parties involved in short sale transactions can log in to manage their tasks, upload documents and view status. Servicers, lenders, investors, borrowers and real estate agents who use the portal will all have separate logins to the platform.
Through this application, servicers can receive and complete short sale packages with greater efficiency by receiving the proper financial paperwork, property valuation data, lien verification and all other qualification documents obtained directly from the borrower or listing agent.
Meanwhile, the borrower and listing agent can speak directly to their servicer and provide any additional information or documentation that is needed to initiate and build the short sale package.
Additional features for users of the solution include a wizard that directs the borrower through the steps needed to apply for a short sale and how to store all qualification documents, monitoring the progress of the transaction throughout the short sale process, the ability to receive and access current credit reports and lien verifications and email updates and alerts that ensure tasks are completed and up to date.
The mortgage default management software developer also incorporated a loss analysis tool in its short sale application to assist servicers with the decision and approval process. Multiple offers can be received and negotiated electronically with this tool.
“Today's servicers are challenged to effectively handle an influx of short sell transactions that involve multiple parties who all must be on the same page to successfully complete deals in a timely fashion,” Stoddard said. “All too often services don't have the technology in place to manage a convoluted, laborious process that requires the strict attention to lots of time sensitive moving parts that are often absent of visibility. Completing a short sale does not have to be this long and arduous of a process.”