Processing a Short Sale and Reporting Correctly to the Credit Bureau
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
- Open the Customer Service Module.
- Select Payoff.
- Select Short Sale for Payoff Reason.
- Select Calculate.
- Select Customer Service.
- Select Other.
- Select Loan Adjustment.
- Adjust the amount desired to waive so the principal balance is the desired amount.
- Calculate payoff again.
Posting the Payoff
- Select the Payment Processing Module.
- Select the Loan ID.
- Select Payoffs.
- Zero out the Interest field.
- Post the Batch.
Credit Reporting
- Select the Customer Service Module.
- Select the Loan ID.
- Select Payment.
- Select Credit.
- In the Special Comments Field, select the reason.
- Select OK.
Note: It is not necessary to populate the Final Status Field at this time.
ArticleNumber:
000045561
Related Articles
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: In System Administration, Table Setup, select Payoff Reason. Set up a Payoff Reason with a Reason Type of Short Sale. Then either: Perform a payoff quote calculation ...
Servicing Director Credit Bureau Reporting for Service Released Loans
In Servicing Director, after a loan is service released, the loan reports a Status of 5 on the Credit Bureau Export. A Status of 5 reports for two (2) months, the month when the loan becomes inactive, as well as the month following. After this, that ...
Finding Information About the Servicing Director Credit Bureau Reporting Export Field Descriptions, Formats and Layouts
For information about the Servicing Director Credit Bureau reporting export fields, formats and layouts, search the Servicing Director Help topics. From any Servicing Director application, click on the Help menu > Help Topics. On the Servicing ...
Explanation Of Monthly Delinquent Indicator And How It Is Used In Servicing Director Credit Bureau Reporting
This serves as an explanation of the Monthly Delinquent Indicator field, and about how it is used in the Servicing Director credit bureau reporting process. The Monthly Delinquent Indicator field is found in the Customer Service application, Payment, ...
How Servicing Director Handles Credit Bureau Reporting of Borrowers and Co-Borrowers
In Servicing Director, when you set up the Credit Bureau Table setup, you can also choose to include one (1) or four (4) J2 segments (200 characters each) to handle the reporting of your co-borrowers. J2 segments include the following: Names and ...