Real Time Resolutions (RTR)

Short Sale Telephone: 877-840-7794   |   Short Sale Fax: 214-599-6357

Required for Initiation

  1. Loan number
  2. Name of Seller
  3. Last 4 digits of SSN
  4. PSA
  5. HUD
  6. Buyer Pre-Approval/Buyer Proof of Funds
  7. Borrower financial information (see Doc Pac)
  8. Listing Agreement
  9. 4506T Form
  10. Hardship letter
  11. Third-party authorization

The Process

RTR does not negotiate with the standard three-tiered process (Processors, Negotiators, Closers). They have two departments:

Processing Department: The lender assigns the file to the Processing department; no specific Processor is assigned. The processing department works together to verify all documents and complete the package. Once complete, they assign to an Analyst.

Analyst: Respond to the file, respond to investor fee caps, determine relocation incentive eligibility, request investor-specific requirements, determine cash contribution requirements, close the file

Timeline for Approval

  1. Manually fax the short sale package, wait for the documents to be uploaded (2-4 days)
    1. Note: Call 48 hours after the documents are faxed to confirm receipt
  2. File is assigned to Processing Team for file completion (5-7 days)
    1. Note: This time frame is highly dependent on how quickly the buyer/seller can return requested documents to the lender
  3. Processing team orders BPO (5-7 days)
  4. File is assigned to an Analyst for review (up to 14 days)
  5. Analyst submits to investor for final approval (7-14 days)
  6. Approval letter issued (3-5 days)

Four Lender Specific Tips

  1. Expedite the Process: Return documents within 48 hours of request. RTR works files in the order received; return documents quickly to keep file at the top of the review list.
  2. Wet Signatures: RTR does not require wet-signatures on every document; however, some investors may request. Cut down on document collection time by submitting wet- signed documents the first time.
  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. Request contact information for your analyst: Communicate directly with the assigned party. Request your analyst’s email address when assigned.

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

Per RTR’s policy, they have no escalation procedure; files are worked in the order received. However, to move a file quickly, follow-up every 48 hours. If a file has not been touched in 7 days, request to speak to a supervisor.

Closing Process

  1. Send final HUD for approval: RTR reviews for final approval of the HUD-1 Settlement Statement 48 hours prior to closing.
    1. Fax the HUD-1 to general line (or to specific email of Analyst)
  2. Sign and Return Final Closing Materials: RTR issues closing instructions and requests signatures on the short sale approval letter, as well as other documents:
    1. E.g. Short Sale Arms Length Affidavit, HAFA Affidavit, Unearned Insurance, etc.