What I Heard at Five Star and NADP: Short Sales Were Everywhere!

I’ve been attending mortgage servicing, default and REO conferences for more than 30 years, and one of the best ways to understand what’s really happening is to listen to the conversations taking place outside the meeting rooms.

That’s often where you learn more than you do from the presentations themselves.

Over the past several weeks, I’ve attended several events – including the Five Star Conference in Dallas and the NADP Conference in Tampa, formerly known as REOMAC.

Something really stood out at both events.

Short sales were everywhere!

They came up during panel discussions, conversations with asset managers, meetings with mortgage servicers, and informal discussions with brokers and other industry professionals.

It wasn’t just about handling an occasional short sale.

People were talking about how their organizations are preparing for more distressed homeowners, what alternatives are going to be available, and how they can avoid taking properties all the way through foreclosure.

The industry is beginning to recognize that this is not going to be handled the same way it was during the last foreclosure crisis.

And there’s another big issue.

Much of the short-sale expertise that existed 15 years ago has disappeared from the industry. Experienced processors have moved on, agents have changed specialties, and many servicing departments haven’t handled significant short-sale volumes in years.

That creates a problem for the industry.

But it also creates an opportunity for those of you who have been getting the training and preparing.

At the upcoming Housing Intelligence Exchange in November, short sales and alternative resolutions are again receiving significant attention. Including one panel that I myself will be speaking on will be on:

“The Long Game of Short Sales & Alternative Resolution”              

Short Sales, DIL, Friction Points, and Early Intervention

Three major industry conferences, one consistent message: the industry is preparing for changes in how distressed properties are handled and the major talking point is of course “Short Sales”.