.......Lender Business Processing Service. Not quite sure how long they have been offering their servies to lenders but I have just had my first experience with them this week. In fact, I am on hold with them as I write this article. I've been on hold for over 2 hours!!!
I wrote a post a few weeks back about receiving Short Sale approval from Chase in 5 days. My approval was good until August 23rd. I had a really great Chase negotiator by the name of Gregory Williams. Mr. Williams is awesome at what he does and always responded to me very quickly. I emailed him last Friday asking for an extension of a couple days so we could get the transaction closed. He called me immediately to let me know the file had been sent over to LBPS and Chase had nothing else to do with it. YIKES!!! This is NOT what you want to hear 2 days prior to closing!!
Anyway, like the good little Broker I am, I did not let it derail me and instead just picked up the phone and called LBPS. That's when the fun and games began. I have now spent a total of 6 hours on hold this week and still have not sorted anything out. In fact, that 6 hours has been spent doing nothing more than holding to confirm that my LBPS 3rd Party Authorization has been received and approved!
I fear this is going to be a very painful experience. While I was writing this article (still on hold) I received an email from one of my other Sellers to let me know his loan was also just sold to LBPS. Oh well....no one ever said our jobs were supposed to be easy. I guess I best figure out the LBPS system!
Here's some info put out by IBM LBPS.
Folks, if you have a loan being serviced by IBM Lender Buisness Processing Service (LBPS) and are facing foreclosure, PLEASE contact me so I can help.
Are you facing foreclosure in Florida?
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved
Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.
Chase Short Sale,Sun Trust Short Sale, GMAC Short Sale, Wells Fargo Short Sale,Bank of America Short Sale,USA Bank Short Sale,PNC Bank Short Sale,Citi Short Sale,HomeEq Short Sale,Fifth Third Bank Short Sale,ING Direct Short Sale,GreenTree Short Sale,Capital One Short Sale,ASC Short Sale,First Horizon Short Sale,E-Trade Short Sale,Transland Financial Short Sale,US Bank Short Sale,IBM LBPS Short Sale,
Nationstar Short Sale,BAC Florida Short Sale,Real Time Solutions Short Sale,Fannie Mae Short Sale
FHA Short Sale,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale
******************************************************************
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
And the plot thickens!! Grr... I am about to embark on a short sale tomorrow, new listing that is, hopefully everything goes as planned so we can close in 2014! :) What do you do on hold while waiting for a short sale negotiator? Hmm, that would be a fun blog post.
It would appear that IBM marketed the service to lenders and now that they have clients are going to try to figure out what to do with them.
Sad.
"Suggested"
Bryant, Just as I got a contract signed off on an Short Sale with Aurora, the owner was notified that the servicing was sold to IBM. It took about 3 weeks and a new authorization for IBM, but now we have word that our paperwork is in order and the BPO will be done in the next 2 weeks. Considering the handoff delay, I'm pleased. But I'm holding my breath for the BPO, and of course, the approval. Nice meetin' you at RainCamp!
Well, it looks like we'll be learning how LBPS works together. I've got one with them and am just about ready to start getting them into the ball game. See what happens huh....
Bryant - This is one of the craziest short sale stories I've heard! (I think it's cool we've started an IBM group on the Short Sale Superstars site!)
Bryant, I imagine you Florida agents really get your patience tested. If we ever get a lot of short sales in these parts, I'm not sure what I'll do. Maybe go to school to learn to be a beautician.
Bryant, why would a bank transfer a loan when they are days from a closing?
I thank my lucky stars I haven't been doing any short sales. You have the patience of a saint. Saint Bertha!
I agree with Damon - why would they transfer a loan days from a closing? Wait a minute! This is a short sale.... I don't believe any dealings with any banks have been overly predictable!
Bryant, You're providing a whole new meaning to the phrase, "hurry-up-and-wait".
All The Best,
Steve
Bryant, Wendy,
Thanks for the heads up. I just got a short sale referral last night with the lender "LDPS" which I never heard of. Could be a typo or the same LBPS you're talking about. If it's the same I'll share my experiences here and on the Short Sale Superstars site.
LBPS. . I guess I would have to learn about them again. . .are they in India?
Seems these banks are only too happy to unload their delinquent loans to the highest bidder. I'm all for it, so long as the 'unloadees' are serious about making Short Sales happen. In Bryant's case, though, another story about the right hand not knowing what the left hand is doing. Meanwhile, buyer and seller are in limbo. I'm still waiting for the day when 'customer service' actually means something. That'll be the day!
Another big company trying to make money off the suffering of others. Let us know how it goes Bryant, good luck.
Bryant-WOW the timing of this post is incredible. I too am involved with them-same scenario Chase approved the short sale application and transfered it over to LBPS and yes, 4 hours on hold in the 2 days alone. But where there is a will there is way :)
I'm confused. Chase is the bank. They approved the shortsale. What did they need IBM for?
Apparently the banks just want to confuse everyone even further. Pretty crazy. Let us know how it goes.
I worked for IBM for almost 12 years and they are always venturing out into new areas! :-)
My hope is that they will get this process nailed down quickly so it doesn't create another unneccesary backlog... and you can get your current deal to the closing table.
Best of luck...
Bryant -- hadn't caught that yet. You've been awesome these past few years, because this is DEFINITELY not the first time you've been the first to give me the scoop on something important like this. Thanks for all the work you've been doing, both here and at Short Sale Superstars!!
Very interesting. As a former IBMer, I hope they do a very good job.
Thanks for the heads up. In Short Sales always be prepared for "just one moe thing". Margaret C
Bryant--Here we go again. What a travesty
Hope it works out, IBM recently hired 600 people in Beaverton, Oregon to do shorts sales and loan modifications.
BB, boy I didn't know this IBM affiliation at all. Thanks for the alert.
Hi Bryant, Interesting on how many companies have diversified assets and how they do business! ;>))
What do you do on hold while waiting for a short sale negotiator?
Bryant:
Everyone wants a piece of the pie. Next thing you know, Roto Rooter is gonna be handling short sales.
So...
How long have you been hold today? Two hours? Three hours? How's your ear? :)
P.S. I'm not parked, why is that?
TLW...ROAR!
Apart from not being wholly surprised all I can say is thank heavens for headsets!
@TLW - I hope he didn't forget to put the parking break on! Watch out for a runaway TLW everyone. :)
OK so I finally reached a real person today!!! Sounds like I MAY get my extension without having to go through the entire process again.
LBPS just took over a whole bunch of files from Chase. You can definitely expect more of this in the future. According to the lady I spoke with LBPS is working very hard to ramp of this part of their business. They are in the process of putting new systems into place. Hopefully we'll see some improvements in service over the next few weeks. At least today I was able to get an email address!!!
For those that asked, Chase was just the servicer of the loan. The investor is FannieMae. FannieMae is the one who makes the decision on the short sale unless the net to value is high enough that the servicer can be delegated to make the decision. This is another reason why it's so important to get as much money as you can for the property. having the servicer delegated saves a whole bunch of time in the process.
LBPS is honoring approval that have already been received. The problem arises when the approval expires.
This just shows how uncertain a short sale transaction is until it is actually closed and funded. Even then you have to make sure the lender receives the payoff in a timely fashion and all documents are received and the release of liens recorded.
If you need any help be sure to check out www.ShortSaleSuperStars.com
6 hours on hold that is crazy. I hope you have some sort of unlimited phone plan. I guess it gives you plenty of time to be on the computer blogging or commenting.
BB - I Chase transferring all of their Fannie Mae backed loans to LBPS? I just submitted an SS packet to Chase and the system was down. No one in their SS department could access the info for the account. . . This is a Fannie Mae backed loan and I'm curious who I will end up dealing with.
Nothing surprises me anymore. I hope you (we all) can figure them out fairly quick.
I too was on hold for almost an hour the other day with LBPS, and my clients loan was sent to them from Aurora. I did ask the rep when were the best hours to call since it is on west coast. He said after 5pm and they are open 7 days a week. I can call on Sunday for my 3rd Party authorization update. and it took my client 2 weeks to get the new loan number. I will keep plugging away.
Hmmm this is interesting as I just submittted one to Chase last week. I didn't know this was a possibilty. If it is then it's good to know as much as possible just in case. Thanks for passing this one Bryant. Let us know how this one goes.
Hmmm, I guess when we get back to the office we will need to look into our chase files! Good Luck Bryant, let us know how it turns out.
6 hours on hold???? No wonder people are giving up at this business. I normally will sit on hold, on speaker phone, balancing the books, talking on my cell or checking emails. Who has time to do this? I think they WANT you to hang up.
Great informative post.
BB, keep me posted buddy. I just got my first short sale from LBPS a few weeks ago, and still waiting for an offer. Thanks again for posting!
Geez Louise...who's going to enter this space next, Marriott! At least they could perhaps put people up while things are on hold. You have the patience of a saint BB.
Wow, haven't heard of that is this area. Interesting.
What an annoying change of direction. I haven't run into them yet and hope not to if this continues.
Everyone, if you want to see how this one goes, PLEASE do yourselves a favor and sign up for shortsalesuperstars.com, as BB suggested above. This site has a WEALTH of information...
That sounds like a nightmare! I cannot imagine 6 hours on hold!
So sounds like Chase is farming out there short sales under contract.
I'll check out the ShortSaleSuperstars site on the servicing company. I haven't run into it (yet)
So, BB, are you still on hold or did you finally get thru to someone who could help you--who wants a new package faxed over, etc. How did it go?
IBM is open 7 days a week - much better to contact them around 8pm MST during the week. Weekends are probably good too. Make sure all documents updated with current dates and make sure nothing has the appearance of white out. Follow up after auth in two days and request bpo's. Make sure financials are detailed and hardship letter is thorough.
We have all heard how important the paper work is - IBM is a great example of that.
It does seem like they will be ok to work with once the quirks are identified and dealt with.
Had to stop because my husband's home loan has been aquired by LBPS. LBPS took over a ton of loans on August 1st. So far the only thing I can say is that all the reps I have spoken to have been very friendly and have completed my requests easily. Good Luck with the SS!
I still don't get why Chase would sell off a loan with an approved Short Sale. Amazing.
Thanks for the heads up, so far it seems they are very challenging while they work out the kinks, hopefully they get things steamlined and understand values thoroughly!!!
And that's why not just anybody can do short sales! You have the experience and chutzpah to make it happen. This would send many into a tailspin.
IBM is branching out into "Servicing" and the software applications that come with it. the Investors that hold your mortgage arent happy with Chase and Aurora and BofA (etc) and they are pulling them and giving them to LBPS. your only banks didnt have a choice, they messed up and now getting thier accounts pulled. the reason its taking so long or you have to "restart" you short sale or loan mod is becasue the previous servicers (chase, Aurora, etc) are cranky cause they losted the accnt and refusing to send over you loss mit/short sale docs as they are supposed to. instead of fighting with the prior service LBPS is just trying to get on the ball and process everything. FYI :)
If I gave a run down of what happened to my file, you (reader) would be here for hours. IBM LBPS has no idea what is going on and obviously my case isn't special.
Unfortunate.
Bryant,
Your post is incredibly timely, I just got a call from my seller that they recieved a letter notifying them that they will be selling their loan to IBM in 15 days and they can send a letter in response and the bank will review it within 20 days. We just had the BPO completed and the value must have come in where we expected and listed the home and scared them into selling off their problem to the highest bidder.
I have an outstanding processor though, so we should be fine, it just agravating. We do everything right and then the banks add needless hours of work and frustration for all of us.
Tom
Funny thing, I'm on hold for IBM - LBPS right now, looking for info to find someone that might be able to help me. I've been doing short sales for 4 years, RE for 11. This SS has 2 loans, Aurora sold to LBPS when we were almost done negociating??? Second Citimortgage sent to recovery. That Lawyer is coopreating waiting for LBPS to approve a GOOD OFFER!!!!!! I got a negociator 2 months ago, a BPO was done by an agent 2 counties away, sent his buddy out to take photos, took top 2 sales in the area older than 3 months that were not distressed as his comps, even though there were 6 more that sold for less and more recent. We challenged it, and lost. Then went up to investors, they want to counter for more than the house is worth???
Just can't win. Buyer has waited 6 months and this is our second offer. The others waited 4 months. Funny thing is, I had an offer within a month both times. What a waiting game. Every time they make us sell the property again, they get less money?????? Logic seems to not exsist.
Still on hold. Anyone have a manager number for LBPS?