Bayview Loan Servicing

Short Sale Telephone: 877-251-0990   |   Short Sale Fax: 888-840-0458

Required for Initiation

To initiate the process, fax:

  1. PSA
  2. HUD
  3. Buyer Pre-Approval/Buyer Proof of Funds
  4. Borrower financial information (see Doc Pac)
  5. Listing Agreement
  6. 4506T Form
  7. 7 page RMA Form
  8. Hardship Letter

The Process

Bayview negotiates through one Asset Manager. The Asset Manager collects documents and communicates on behalf of the Investor.

Asset Manager: Collect additional documents, request document corrections, order appraisal, complete the file, communicate investor response

Investor: Respond to the offer, respond to investor fee caps, determine relocation incentive eligibility, request investor-specific requirements, determine cash contribution requirements.

Timeline for Approval

  1. Manually fax package, wait for the documents to be uploaded (3-7 days)
  2. An asset manager is assigned for review
    1. Call within four days from initiation to receive Asset Manager contact information
  3. Asset Manager processes documents for completeness (5-15 days)
  4. Asset Manager responds to the offer when the BPO value is returned from the investor
    1. Note: Bayview usually can release the exact minimum net required. Request the minimum net from the Asset Manager.
  5. File submitted to Investor for final review (7-10 days)
  6. Approval letter issued (5-7 days)

Four Lender Specific Tips

  1. Any Asset Manager can assist: If your Asset Manager is unavailable, call Customer Service (877-251-0990). Verify the borrower’s information and request to speak to any asset manager. Request the asset manager read the most recent file notes.
  2. Complete Documents: Check every box, date every line, write “n/a” in every in every non-applicable section.Cut down on document collection time by submitting complete documents.
  3. EFAX Documents to Asset Manager: Send all documents directly to your Asset Manager’s Efax number. Request the number as soon as they are assigned.
  4. Wet Signatures: Bayview does not require wet signatures on every document; however, some investors do.Cut down on correction requests by submitting wet-signed documents at initiation.

Value Dispute Procedure:

Lender counters the offer higher than the parties believe the property is worth.

  1. Respond to lender's counter with the buyer's highest and best
  2. Provide an independent appraisal or full agent MLS sheets for three comparable sales (providing all characteristics), and if available, three active comparable property MLS sheets
  3. Provide a CMA report
  4. Comparable requirements:
    1. Closed sales no more than six months old
    2. Similar in size, age, condition and characteristics
    3. Within one mile proximity of the subject property; OR
  5. If there are Repair/Hazard Issues:
    1. Provide a line item repair estimate from a licensed contractor or engineer on business letterhead with the costs to cure the damage
    2. Provide photos of the damage
      1. Note: Excessive photos will be rejected
      2. Place photos in a zip file if sending more than three
  6. Time given to provide documents for value dispute: 24-48 hours
  7. Potential wait time for value dispute results: 2-4 weeks
    1. Note: This time can be expedited if you provide a complete dispute package and follow-up every 2-3 days.

Closing Process

Once the Short Sale is approved, the file will stay with the Asset Manager. A closer will be assigned at least 48 hours prior to closing to approve the final HUD. You must receive final HUD approval at least 48 hours prior to closing in order to close the Short Sale.