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How Banks Rate in closing Short Sales - CDPE

Servicers Get Ranked on Short Sales

June 26th, 2010 in CDPE by cdpe

Is there progress among servicers in the short sale world? REO Insider recently reported on how Deutsche Bank ranked top mortgage servicers based on short sale timelines. Here’s how the rankings shook out based on mortgage type and average time to complete short sales. We know there’s progress in the industry (agent education, new processes, HAFA, etc.), and we’d love to know what you think about this:

Prime:
1. GMAC – 6 months
2. Citigroup’s servicing arm CitiMortgage – about 7.5 months
3. Wells Fargo – roughly 8 months

(Countrywide – now owned by Bank of America – had the slowest short sale timeline at an average of more than 13 months)

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Are You Living Under the Cloud of an Unmanageable Mortgage
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Mark Scuderi
RE/MAX Supreme
533 Memorial Pkwy Phillipsburg
500 Washington Ave Kenilworth
Phillipsburg & Kenilworth, NJ 08865
(908) 213-2828
www.scudsells.com