ServiceLink has reported that its short sale business model is resulting in dramatically reduced short sale approval and closing timelines. The timeline from contract approval to closing has been reduced to less than 45 days, providing for a total short sale completion time of less than 75 days, the Pittsburgh-based Fidelity National Financial platform says.Â Previously, the entire short sale process could take over five months.
ServiceLink began expanding its loss mitigation operations early this year in anticipation of an increased number of short sale transactions. According to Jane Johnson, senior vice president of loss mitigation at ServiceLink, the compressed timelines are the result of the company's employing dedicated closing teams that support servicers from initiation through liquidation, with an emphasis on the closing process.
‘It's a process newer entrants to the marketplace will struggle to develop,’ Johnson says.
ServiceLink says its model also includes technology customized to a lender's individual workflow. The company's short sale inventory has increased by over 35% in the last quarter.