New Joint Venture Focuses On Short Sales

Posted by Orb Staff on March 01, 2010 No Comments
Categories : Mortgage Servicing

Retreat Capital Management Group, a provider of loss mitigation services, has formed a joint venture with California-based First Team National Default Solutions to manage the short-sale segment of the loss management process.

One of the biggest challenges lenders face in completing short sales is the lack of borrower follow-through, says Cameron Merage, CEO of First Team National Default Solutions.

‘This joint venture addresses that issue by facilitating a 'warm transfer' of the borrower/seller to a qualified real estate agent, all within seconds of getting the short-sale option from their lenders,’ Merage says, adding that such transfers reduce the risk of borrower fallout.

Under the new partnership, Retreat Capital is responsible for processing, underwriting and negotiating short-sale cases, while First Team National Default Solutions provides the marketing and listing of the properties. First Team National Default Solutions says it achieves short-sale closing ratios of 84% by using methodologies that have resulted in a 96% approval rate for lenders and servicers.

SOURCE: Retreat Capital

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