Scottsdale, Ariz.-based Loan Resolution Corp. says it is implementing a pre-approved short-sale program to help servicers tackle the much-publicized shadow inventory.
To accommodate the expected increased demand for short-sale services, the company says it also has increased staff and become SAS 70 Type II-certified. By pre-approving short sales, lenders can return decisions to borrowers in 48 hours, Loan Resolution says.
"This gigantic shadow inventory is only the tip of the iceberg," comments Travis Hamel Olsen, chief operating officer of Loan Resolution. "Every month, an additional 250,000 homeowners become delinquent, and home values continue to drop across the country."
SOURCE: Loan Resolution Corp.