CCO Mortgage

Short Sale Telephone: 877-745-7366   |   Short Sale Fax: 888-777-1631

Required for Initiation

  1. Authorization
  2. Estimated HUD
  3. PSA
  4. Buyer Pre-Approval
  5. Hardship Letter
  6. Borrower Financials (see DocPac)
  7. Last 2 years of Tax Returns
  8. Listing Agreement
  9. 4506T
  10. Third Party Authorization

The Process

CCO Mortgage negotiates short sales via fax and phone. CCO Mortgage has three phases: Processing, Negotiating, and Closing.

Processors: Collect additional documents, request document corrections, order appraisal, complete the file

Negotiator/Decisioner: Respond to the offer, respond to investor fee caps, determine relocation incentive eligibility, request investor-specific requirements, determine cash contribution requirements, issue final HUD approval at the close of the transaction

Timeline for Approval

  1. Manually fax the short sale package, wait for the documents to be uploaded (5-7 days)
    1. Note: Call 48 hours after the documents are faxed to confirm receipt
  2. Processor is assigned and reviews for corrections/additional document requests, orders BPO (7-14 days)
  3. Processor forwards complete file to Negotiator
  4. Negotiator reviews and responds to offer (5-14 days)
  5. After agreement on terms, Negotiator submits for final approval to Investor (5-10 days)
  6. Investor issues approval letter, Negotiator sends to borrower (3-5 days)

Four Lender Specific Tips

  1. Expedite the Process: CCO Mortgage aims to have a decision rendered within 45 days of file submission. Receive an approval in under 45-days by providing them what they need within 48 hours, same-day if possible.
  2. Notate the day you faxed documents: When updating, the CCO Mortgage representatives look through all notes from all parties. Cut down on phone time by providing representatives with the date you submitted documents for their reference.
  3. 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.
  4. Communicate with your Negotiator: Once the lender assigns a Negotiator, they are the primary point of contact. Representatives from the Short Sale Department will only be able to read the Negotiators notes.Make sure you have accurate contact information to communicate directly with your Negotiator.

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.

Lender Escalation Procedure

If more than five days have passed without movement on your file:

  1. Call Customer Service in the short sale department
  2. Request they email the Processor or Negotiator for a response

Wait 48 hours, if no response:

  1. Call Customer Service in the short sale department
  2. Request to speak with a Supervisor.
  3. Request they email your assigned party and your assigned party’s supervisor stating you have not received a response for 7 days (the first 5 + 2 days after the first phone call)

Closing Process

  1. Send final HUD for approval to Negotiator: CCO Mortgage reviews the HUD-1 Settlement Statement for final approval 48 hours prior to closing.
  2. Sign and Return Approval Letter: Send documents to assigned Negotiator
  3. Processing Tips:
    1. Include last name and loan number in the subject line of all email correspondence
    2. Include a forwarding address for the seller
    3. Call Negotiator to confirm receipt

Approval Extensions

To request an extension of an approval:

  1. Reach out to your Negotiator via telephone or e-mail
  2. State your request including the intended closing date
  3. Call or e-mail Negotiator to follow-up