You probably already know which banks have the most streamlined short sales. See if your experience matches up with the list recently published by Deutsche Bank, which ranked major mortgage servicers based on their timelines for completing short sales. Here are the results based on loan type:
Prime
- Quickest: GMAC, about 6 months per transaction
- 2nd fastest: CitiMortgage, about 7.5 months per transaction
- 3rd place: Wells Fargo, roughly 8 months per transaction
- Slowest: Countrywide (Bank of America), more than 13 months per transaction
Subprime
- Quickest: Wells Fargo, more than 15 months
- 2nd fastest: HomEq Servicing, 16 months
- 3rd place: Morgan Stanley’s servicing arm Saxon Mortgage Services, a little more than 17 months
- Slowest: Equicredit and Ocwen, more than 29 months
Option-ARM
- Quickest: JPMorgan Chase’s EMC Mortgage, just over 8 months
- 2nd fastest: Aurora Loan Servicers, 10 months
- 3rd place: GMAC, more than 10 months
- Slowest: Countrywide, almost 14 months
Alt-A
- Quickest: First Horizon, just over nine months
- 2nd fastest: Wells Fargo and Aurora, roughly 11 months
- Slowest: Countrywide, more than 13 months
