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HELP! Singlesource Asset moved to new servicer in middle of closing. Asset is owned by Home Loan Services. HOW DO I HANDLE???

Posted by Lisa Robinson on September 22, 2010 at 7:59am in Sample Title

I have a listing in Mesquite, TX (Dallas area) set to close 10/8/2010. However, the buyer is able to close early on 9/27/10. After updating my asset manager today of the moved up close date, I was informed that if the file doesn't close TOMORROW, 9/23/10, then it won't close with Singlesource at all...even if we have an executed contract!

This is the first I've heard of this. Now what was going to happen if I hadn't updated my Asset manager on the file status???

Anyway, my Singlesource Asset Manager told me HLS moved all their assets from Singlesource to a new servicer and I have to close with them. However, I have not been contacted by a new servicer and don't have direct access to the seller (HLS).

Additionally, the title company, LSI-Farris Austin, has never heard of this either, so now we're scrambling to find out what to do.

Can anyone help me???

Lisa

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Replies

Roddie Antonijevic September 22, 2010 at 3:52pm

I had a few assets that were HLS managed by Single Source that were moved to USRES recently, I was able to keep all of these. I lost a different property on Monday that was through USRES to a company called Select Portfolio Services. Anyone ever hear of them?
- Lisa Robinson > Roddie Antonijevic September 23, 2010 at 2:37am
  
  Thanks Roddie. No, haven't heard of SPS, but I will be on the hunt...
George Bellino September 22, 2010 at 3:35pm

I'm surprised the buyers attorney has nothing to say about this. There is a valid contract and since it's so close to closing I wouldn't think it can just be cancelled now..
Crystal M. Bush September 22, 2010 at 1:39pm

I think HLS is a major client of theirs. That's a huge loss for SS. I've had properties under contract that transferred from asset management. It was a pain but the deal went thru eventhough I wasn't on the new AM's approved vendor list.
- Lisa Robinson > Crystal M. Bush September 22, 2010 at 3:20pm
  
  Thanks for the info Crystal. You're right. HLS is a major client of theirs. Also, SS is at a loss as to how to handle it as well. I just sucks for everyone except the new AM of course.
  On another note, when this happend to you did this cause a delay in your closing? Were you able to get on the new AM's approved vendor list later?
  - Crystal M. Bush > Lisa Robinson September 22, 2010 at 4:06pm
    
    My settlements were delayed. It was due to the new company not being prepared for the volume of assets they received. I didn't become an approved vendor from either after the sale. :( I did have 1 bad experience with an asset that got transferred to another AM. I had an offer ready to go. It got transferred from SS to LPS. I'm not an approved vendor with LPS and they refused to add me eventhough I told them I had an offer in hand. The asset was assigned to one of their preferred vendors who quickly got the property under contract with the buyer that submitted the offer when I had the listing. It sold with that buyer. That was really painful as they I so close to getting the property sold.
    - Lisa Robinson > Crystal M. Bush September 23, 2010 at 2:37am
      
      Thanks Crystal.