National Closing Center

Posts Tagged ‘short sale processing tips’

Collecting all the documents from a seller and uploading them into our web-based platform is agent’s responsibility. Most likely, you, the agent, live in roughly the same area as the seller. You have to meet the seller at least once in order to have the Listing Agreement, Sales Contract, and several other important documents signed by him or her. Thus we believe it only makes sense that you would pick up the rest of the documents (like hardship letter, financial statements, mortgage info), and upload them into our web based platform.

Essentially, today’s tip for you is to PAY ATTENTION to the docs before you upload them.

Make sure:
– you check whether all required signatures are there;
–you check whether seller’s and buyer’s names are spelled correctly;
–you avoid unnecessary abbreviations; use names or titles (Seller, Buyer) instead;
–all pages are there and nothing is missing;
–you avoid lengthy generic .pdf documents.

Instead of combining all financials into one multi-page file, naming it Finacials.pdf and uploading in into Other Documents section, separate the file into multiple documents. This way, you will have Hardship_Letter.pdf, PayStubs.pdf, 1stMortgage.pdf and so on. Obviously, you don’t have to name the files in exactly same manner as in this example, as long as you name them ACCURATELY and upload them as separate documents into appropriate sections. If you can’t find a good fit for your document, upload it into Other Documents section.
WHY all of that is important? SAVING TIME and CLOSING faster.

If you need to re-uplaod the docs and contact the seller over and over again, you are wasting your time and delaying the short sale process.

Our recommended time to upload all the documents into the platform from the moment you have a processor assigned is 5 business days. If you can do it faster, excellent; if you take more time, it’s fine, but please bear in mind that a short sale package will be submitted to the bank later and actual processing time is going to be longer.

We are very SERIOUS about sending a complete package to a lender from the get-go. Our processors are instructed not to send the package if something is missing or incorrect. Thus, you will be requested to upload all the docs or the process is going to be stalled.

Check out the screenshot below and see how different financials are separated in files and uploaded into different sections of the platform.

Communication is critical while processing a short sale. The sole purpose of having all these statuses for your files (e.g. Collecting Short Sale Documents, Submitted to Lender, Approved…) is to determine their place in a timeline that starts when a lead becomes a short sale and ends when the short sale is closed.

As soon as a processor is assigned, the clock starts ticking. Nobody likes to waste their time, so let’s make sure all parties are communicating and responding.

If a processor notices that some documents are missing, he or she will post a note in the status update and most likely send you a message through the platform. It is critical that you check your email for notifications coming from NCC and then log into the platform and read the status updates and your messages. Pleas use the internal messaging system if you have any questions and respond to your processor’s requests promptly.

As you can see from the screenshot below, there are three ways that users of the platform can communicate.

1. Check Notes section for status updates.
2. Respond in a new message from the Messages section.
3. Send an email from Send Email section.

We encourage you to use these methods of communication rather than simply sending an email from your regular email client. The reason for this is simple: nobody sees sent emails from your regular email client except of you. However, whatever happens in the platform, stays in the platform. This way our quality control managers can track the chain of communication and fix any “broken links.”

Just a reminder that Send Email section in the platform works exactly the way your regular email client does—sends emails to other people’s emails; even if your recipient does not use our software and is not a member of NCC. The crucial difference is that whatever is emailed or received from the platform, conveniently stays here for everyone involved in the transaction to come back and review.

Once again, we want you to take a full advantage of our short sale processing platform; at the same time we want to be able to process your short sale as quickly as possible… So, please, let’s use the platform as our tool, but don’t forget that its purpose is to help us communicate with each other.