short sale activity map bank workout production process notes: flowchart shows major steps all times...

$: Short Sale Activity Map Bank Workout Production Process Notes: Flowchart shows major steps All times are averages in days or fractions of days. Objective:$
Short Sale Activity MapBank Workout Production Process

Notes:Flowchart shows major steps

All times are averages in days or fractions of days.

Objective:Determine cycle-time (10

hr.day)Estimated Total Cycle time is +/- 210 calendar days from

Intake to Closing

ScheduleClient Interview

ProvidePrelim

Info Pkg

Short Sale ClientLead Received

Personalize Bank WorkoutQuestionnaire

Start PropertyDue Diligence

& Research

Prepare Property

Profile ReportPage

2

.10

.10

1.0 .10

1.0

Copyright Troy Schrenk 2010

Continued: Short Sale Workout Process

PrepareCMA Report

InterviewClient

Cont. ClientCounsel

Client Intake Initiate

SS Intake

Document Collection

REDocumentReview &Execute

Listing Intake& MLS Setup

MarketingPlan

AuditAll DocumentsWorkout Pkg

ActivateListing & Mkt

Plan

Market & Negotiate

Sale

Collect/Scan All DOCS

E-file all DocsIn Portal

And w/BOR

PrepareTransaction

Report

Submit3rd Party

Auth

Page3

Page1

.30

.20 3.0

.20 .10

3.0

2.0

1.0

.50

.20

.50

45.0-90.0

2.0

.50

.20

.10


Page 2

PrepareFinal W.O.

Pkg.

Scan HardCopies 1 FINAL

PDF (COND)

E-Submit W.O.Pkg/s

F/U andWait for

Authorization

ReviewWorkout w/

Lender –Intake Confirmation

Wait for Doc Imaging

File Assigned toNegotiatorReview file

w/Negotiator

Lender Orders BPO

BPOComplete

Wait for InvestorDecision

F/U withL& Iwkly

SubmitUpdated Client

FinancialsEvery 30 days

Obtain Lender/Investor

Decision

1.0

.10

.10

5.0

.10

3.0

30.0

7.0

7.0

30.0

30.0

1.0

.10

.05

Negotiatew/ Lender & Investor(TERMS)

Submit PSA To Title/EscrowObtain PHUD

Continued: Short Sale Workout Process

Page 4

.50


Page 3

PrepareUpdated

HUD

Collect E.M. Deposit

FinalPI’s

BUYER

Buyer Appraisal

Buyer LoanDocs Approved

Delivered to title

BuyerSign Docs

Seller SignDocs

Buyer’s LenderReviews Docs

Final Approval

Recording

Issue KeysBuyer

Update MLS Submit Closing

Docs and Comm.

PrepareFinal FileClose out

.50

1.0

3.0

7.0

35.0

1.0

1.0

2.0

2.0

.5

.5

1.0

.05

.10

Funding

SubmitDecision to All Parties

Continued: Short Sale Workout Process.10
