New program assists troubled borrowers by expediting the home sale process
HOUSTON (September 21, 2009) – Stewart Lender Services (SLS), a wholly owned subsidiary of Stewart Title Company, has announced the launch of a dedicated Short Sale Management Center. The Short Sale Management Center is a combination of dedicated professionals and industry-leading technology specifically designed to improve the speed and efficiency of short sale transactions.
The Center moves the time-consuming and labor-intensive short sale process from the lender’s over-burdened operations into the hands of an experienced real estate transaction management company. In the Center, the natural synergy of many well established operations within the Stewart organization are combined into several innovative solutions that have been tailored specifically for the short sale process.
This includes a fully Federal Debt Collection Practices Act (FDCPA)-compliant borrower contact center staffed by a high-touch, experienced real estate transaction management team. The company ties together all the disparate components of the short sale transaction with SureClose®, Stewart’s transaction management platform. SureClose, which has gained wide acceptance throughout the industry, is specifically designed for simple and complex real estate transactions. Through its robust feature set, SureClose provides all parties involved in the short sale transaction a single electronic location to collaborate and manage required tasks and documents while providing for electronic signing of applicable documents.
The combination of the Center’s experienced staff and innovative technology provides a fully compliant, effective and proven answer to managing the constant communication among borrower, real estate agent, lender and other third parties.
“Today, short sales are presenting many homeowners with a viable and graceful exit to their delinquent mortgage,” said Jason Nadeau, president of Stewart Lender Services. “But problems arise when the process drags on and potential buyers lose interest. Stewart has over one hundred years of experience in managing and facilitating the most complex real estate transactions and by combining that experience with our innovative technology, we are able to offer a full and effective solution.”
In addition, Stewart’s Asset Recovery™ service (STAR) specializes in the marketing, managing and closing of troubled real estate assets. STAR works closely with the lender, investor and mortgage insurer to determine the optimal valuation and marketing strategy for each property. Additionally, the title and settlement teams work to identify any potential title issues and necessary third-party payoffs to ensure that all hurdles in the transaction are cleared before the receipt of an offer to purchase the property.
Should the short sale transaction fail to be successful, Stewart also offers a comprehensive solution for deed in lieu transactions, avoiding the costly foreclosure process.
About Stewart Lender Services
Stewart Lenders Services (SLS), a wholly owned subsidiary of Stewart Title Company, is a nationwide provider of centralized origination, loss mitigation and REO asset solutions for mortgage lenders and servicers. With more than a century of experience matched with the industry’s leading technologies, SLS helps lenders and servicers meet the rapidly changing demands of today’s market. SLS has the financial strength, industry knowledge and proven flexibility to perform throughout the lifecycle of a loan. More information can be found at www.stewartlenderservices.com.
Stewart Title Company, a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), provides a single point of contact for U.S. and multinational customers that require special expertise in closing and underwriting for single and multi-site commercial transactions. Stewart is a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries throughout the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com.