Home / Daily Dose / New App Looks to Hasten Short Sale Process
Print This Post Print This Post

New App Looks to Hasten Short Sale Process

ShortSave, Inc., announced Tuesday a new application aimed at shortening the time for a one-lien short sale or loan modification transaction. The Colorado-based company expects the ShortSave application to be available later this year.

The average short sale takes 165 days, a time period ShortSave anticipates being able to cut to a paltry 36 days. The application is projected to save a non-performing note investor $1,200-1,800 in lost interest on an average loan.

"This industry needs innovation, not iteration," said Karl Falk, ShortSave's co-founder, chairman, and CEO. "To make a pivotal change in this industry a fundamental shift has to happen: The default process has to be digitized."

The company has already received national attention. Inman Real Estate Connect NY 2014 featured ShortSave, Inc. as a New Kid On the Block, recognizing the firm as one of "8 Startups that are Changing the Real Estate Game."

The application will use data and decisions criteria—rather than people and paperwork—to approve or disapprove a loss mitigation or loan reallocation decision.

About Author: Colin Robins

Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News' sister site.

Check Also

Enhancements Announced for Ginnie Mae’s Digital Collateral Program and eGuide

Program augmentations will bring efficiency to the mortgage process, and improve access for borrowers who are not well served by the traditional lending approach.

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.