How to Report a Short Sale in Servicing Director

How to Report a Short Sale in Servicing Director

Processing a Short Sale so it reports to the Credit Bureau


To report a Short Sale:

  1. In System Administration, Table Setup, select Payoff Reason.
  2. Set up a Payoff Reason with a Reason Type of Short Sale.
  3.  Then either:
  • Perform a payoff quote calculation in Customer Service using the Payoff reason set up above, adjust loan balances as desired, perform a payoff in Payment Process, using any payoff type. 
 Or
  • In Collections from the Options menu select Foreclosure/Charge Off, select one of the foreclosure types, select payoff Reason of Short Sale, select OK
  1. If the appropriate payoff reason was not set prior to performing the payoff or foreclosure, on the Credit screen in Customer Service, select payoff reason of Short Sale.
 
The loan reports with an Account Status of 13, Paid or closed account/zero balance, and a Special Comment of AU.
 

ArticleNumber:

000047963

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