Tag Archives: OfferSubmission

A few weeks ago, a Midwestern bank was alerted that a Realtor under contract to sell its foreclosed assets was double-dipping and costing the bank potentially $60,000 on one sale alone. The bank learned of the scheme through OfferSubmission.com, an online software system that tracks offers made on foreclosed properties. Thanks to the system's early red flag, the bank thwarted the agent's elaborate fraud scam which would have put more dollars in the agent's pockets but cost the bank a significant sum.

Woodward Asset Capital recently announced improvements to its OfferSubmission and VerifiedShortSale products, which were developed to speed transaction times, prevent fraud, and ensure loss recovery for asset owners. Updates include rules-based offer routing and decisioning, enabling the loan servicer, senior management, outside third-party investors, and mortgage insurers to weigh-in on sale negotiations between the asset manager and buyer's agent in real time, shaving days off the sales cycle.

Woodward Asset Capital has announced plans to launch a new short sale technology application in April that the company says will prevent short sale fraud while reducing transaction times and netting lenders the highest possible sale price. Woodward explained that its new software, VerifiedShortSale, puts the mortgage servicer in control be being first to review every offer while ensuring a transparent process. It's modeled after the company's REO application, OfferSubmission.

Woodward Asset Capital recently released a statement detailing the capabilities of OfferSubmission, a hosted application designed to ease confusion and stem losses and discrepancies due to missed offers and poor organization. The company says transactions negotiated through OfferSubmission net 100 percent or more of the list price 50 percent of the time.