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We have received many questions in regards to the new HAMP/HAFA guidelines and how they affect the use of a third-party processor.
It’s important to note that any official HAMP/HAFA communication from the Treasury Department is being directed to banks/servicers and not the real estate community. As a result, all guidelines regarding the use of 3rd Party Negotiators are directed to banks/servicers.
From this perspective, the initial guidelines from the Treasury Department to the bank/servicer indicated that if they outsourced short sale negotiations/processing to a third-party, the Realtor would be responsible for paying for the service.
On March 12, however, the Treasury Department amended this portion of the guidelines, putting the financial responsibility on the banks/servicers, if the bank/servicer determined to hire a third-party to manage the transaction on their end.
These guidelines do no affect our working relationship with you or business model in any way, including our commitment to not charge a Broker-Owner, Broker or Realtor, on either side of the transaction for the services we offer.
We are in the process of creating a video series on HAMP/HAFA that we will be sending in the near future. However, should you have any questions between now and then, please do not hesitate to contact us.
We are forging a relationship with Think Big Work Small. Back in mid-March, Brian and Frank put the process in motion by throwing a shout out our way. Look for more information and helps to come soon from this partnership!
Click on the screen image to check out the episode for more information. We’re placed right in the middle of the update.
Should you have any questions about our organization, please click on the “Contact Us” tab on our site and fill out the form…or give us a shout!