""PennyMac Financial Servicers Inc."":http://www.pmac.com/ is implementing a web-based solution from ""Quandis Inc."":http://www.quandis.com to make the short sale process more efficient.[IMAGE]
Quandis' solution works by automating PennyMac's back-office workflow for short sales and by providing a centralized Web portal so parties involved in a short sale can complete transactions in a more efficient manner.[COLUMN_BREAK]
Through the short sale solution, organizations can receive short sale packages directly from the borrower or the listing agent. The California-based technology solutions provider explained borrowers can visit the portal to submit short sale documents, and multiple offers can easily be received and negotiated electronically. The short sale portal not only acts as a connecting point between parties, but also brings greater transparency to the process. The solution also includes alerts, event triggers, and email updates to ensure timely completion of tasks.
""The completion of a short sale shouldn't be materially longer than a traditional real estate transaction, barring a requirement for subordinate lien approval. However, it can take up to a year for ill-prepared organizations to finalize short sales in today's market,"" said Rob Schreibman, director at PennyMac. ""When we or one of our customers opts to move forward with a short sale, using Quandis' technology, we are able to complete the transaction efficiently and expeditiously for all parties involved.""