Complete the steps below to process a short sale and reporting it correctly to the credit bureau.

To Report as Paid in Full for less than the Principal Balance

1. Open the Customer Service Module.
2. Select Payoff.
3. Select Short Sale for Payoff Reason.
4. Select Calculate.
5. Select Customer Service.
6. Select Other.
7. Select Loan Adjustment.
8. Adjust the amount desired to waive so the principal balance is the desired amount.
9. Calculate payoff again.

Posting the Payoff

1. Select the Payment Processing Module.
2. Select the Loan ID.
3. Select Payoffs.
4. Zero out the Interest field.
5. Post the Batch.
    

Credit Reporting

1. Select the Customer Service Module.
2. Select the Loan ID.
3. Select Payment.
4. Select Credit.
5. In the Special Comments Field, select the reason.
6. Select OK.

Note: It is not necessary to populate the Final Status Field at this time.

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000045561