PennyMac Financial Services Inc. is now using a new platform developed by Quandis Inc. to enable the mortgage services firm to centralize the short sale process into one portal for multiple users.
Servicers, lenders, borrowers, real estate agents and other parties can simultaneously access and exchange data needed to complete a short sale at any time and fast.
As short sales continued to
The goal was to come up with technology that can complete the transaction “efficiently and expeditiously for all parties involved,” said director at PennyMac, Rob Schreibman.
“The completion of a short sale
The Quandis platform allows users to receive short sale packages directly from the borrower or their listing agent, including complete financials, property valuation data, lien verification and all borrower qualification documentation.
Borrowers can directly access the website to apply for a short sale and submit all required documentation. They can choose from multiple electronic offers and negotiate with lenders and servicers online.
The software is complete with alerts, event triggers and email updates designed to ensure tasks are completed on time and borrowers and listing agents receive regular up-to-date status reports.
Quandis’ short sale portal brings transparency to the process and establishes much needed collaboration between the parties that must communicate and complete tasks.
Quandis has been providing default management software solutions to lenders, servicers, credit unions, foreclosure attorneys, outsourced service providers, and real estate brokers and agents since 2003. Among others, the Foothill Ranch, Calif., company specializes in foreclosure process automation and short sale portals.
CEO Scott Stoddard recalls PennyMac took measures early on to manage the proliferation of impending short sale transactions, working with Quandis to automate the process “that inherently has many moving parts and tasks to complete,” preparing for the influx of short sales.
