""ServiceLink"":http://www.servicelinkfnf.com, a Pittsburgh-headquartered, national lender platform for ""Fidelity National Financial"":http://www.fnf.com, reports dramatically reduced short sale approval and closing timelines, thanks to the company's short sale business model.[IMAGE]
The provider of origination and default-related products and services cites completed package and contract acceptance in less than 30 days, a far cry from the industry's 90-day delays just a year ago. In addition, ServiceLink reports a total short sale completion time of fewer than 75 days, a process that once took more than five months.[COLUMN_BREAK]
Jane Johnson, SVP of loss mitigation at ServiceLink, attributes the company's success to employing dedicated closing teams that support the servicer from initiation through liquidation with an emphasis on the closing process for a streamlined asset management approach.
""It's a process newer entrants to the marketplace will struggle to develop,"" she said. ""Our sites across the country are staffed with experienced short sale specialists, and that's allowed us to scale quickly and efficiently to offset our clients' capacity struggles.""
In anticipation of an increased number of short sale transactions, ServiceLink, which currently serves 15 of the top 20 national lenders and servicers, began expanding its loss mitigation operations early this year.
ServiceLink also customizes technology to a lender's individual workflow, and all work is performed in-house, so the firm can take a file at any stage.
According to a recent statement from the company, ServiceLink Loss Mitigation Services, a division of Fidelity National Financial Servicing Inc., has seen its short sale inventory increase more than 35 percent just in the last quarter and continues to win short sale opportunities with large servicers and investors.