Short-Sale Firm Updates Technology

Posted by Orb Staff on April 28, 2010 No Comments
Categories : Mortgage Servicing

Foreclosure Response Team, a short-sale solutions provider that combines a nationwide Realtor network with proprietary technology, has released Online Management System (OMS) Version 7.0. The Web application, developed to streamline short-sale transactions, can help lenders meet Home Affordable Foreclosure Alternatives (HAFA) timelines, the company says.

The field-tested and scalable OMS 7.0 automates short sales from pre-listing to post-closing, providing users with access to required forms and maintaining communication among all the key parties in the transaction, according to Foreclosure Response Team.

According to Home Affordable Modification Program guidelines, the short-sale agreement (SSA) sent to the homeowner has certain stipulations for all parties involved. The SSA requires the homeowner to list the property within two weeks of receiving the SSA. The Realtor then must locate a buyer and complete the transaction within 120 calendar days from the date the SSA is executed by the homeowner. The lender has the option of extending this deadline another 245 calendar days, for a total term of 12 months.

Foreclosure Response Team says OMS enables real estate agents to focus on the transaction itself rather than various servicer requirements.

"By developing a centralized processing application and avoiding the need for Realtors to utilize multiple technology structures, agents are able to work on multiple transactions with mortgages held by multiple lenders and only need to access the Foreclosure Response Team OMS 7.0 Web application to ensure a successful outcome," states the company's president, Scott Coloney.

"Unlike the standard tech company model that offers to contract with the servicer to provide a management platform, the Foreclosure Response Team OMS 7.0 is compatible with every servicer nationwide without the need to be contracted by the servicer," he adds.

SOURCE: Foreclosure Response Team

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