EPIC Teams with National Quick Sale for Short Sale Speed

Bank Technology News | March, 2010

Short sales have become a big part of the new mortgage market, and REO asset management specialist Epic Real Estate Solutions is hoping to bring some speed and automation to the process by partnering with National Quick Sale.

National Quick Sale’s Web-enabled short sale platform will bring access to automated workflows, notifications and rules-driven task management to reduce the time it takes to complete short sales from weeks to days. EPIC will provide access to valuations, title work, closing and other services directly from the National Quick Sale platform.

“We’ll have an ability to send details to the lien holder and the seller, and do so in an automated process,” says Jim Satterwhite, evp and COO of Infusion Technologies, the parent company of National Quick Sale. Satterwhite says other interactions that are part of short sales, such as negotiations, can also take place under an automated rules-based process.

Short sales are executed when a borrower can’t pay the mortgage on a property, but the lender decides that selling the property at a loss is a better option than pursuing a solution with the borrower. Much like loan modifications, short sales didn’t get a lot of tech attention traditionally, but are increasing in volume—putting pressure on lenders to execute more sales faster.