Stewart Offers Short Sale and Deed-in-Lieu Services to Mortgage Servicers

February 23, 2010

Stewart Lender Services (SLS), a wholly owned subsidiary of Stewart Title Company, announced a solution to help mortgage servicers meet the requirements of the Home Affordable Foreclosure Alternatives (HAFA) program. HAFA provides additional options and incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu to avoid costly foreclosures.

"SLS is an industry leader – offering mortgage servicers an effective alternative to costly in-house processing," said Jason Nadeau, SLS president and chief executive officer. "Our Home Retention Services group has now developed a solution for mortgage servicers seeking an efficient means for complying with HAFA requirements. Using an experienced and proven FDCPA-compliant Borrower Contact Center and fully integrated workflows, we can handle properties throughout the distressed asset continuum – loan modification, short sale, deed-in-lieu, foreclosure, asset management and disposition – improving communication among all parties and accelerating transaction completion."

Borrowers can be transitioned from the failed loan modification to a short sale option, and further on to a deed-in-lieu of foreclosure in the event the short sale is unsuccessful.

To compress the time for completing a short sale, or implementing a deed-in-lieu, SLS title and settlement teams work to identify any potential title issues and necessary third-party payoffs to immediately begin curative title work. This assists in investor and mortgage insurance negotiations and ensures that hurdles in the transaction are cleared prior to the receipt of an offer to purchase the property or transfer of deed.

Deed-in-lieu transactions are often complex and ultimately require the experience of a title underwriter to complete. SLS has the experience and vested interest to ensure each transaction is conducted properly. Stewart combines a proven loss-mitigation organization with more than 100 years experience in complex title curative services to provide a seamless solution.

Stewart said its combined short sale/deed-in-lieu process and proactive title review offers a single-source foreclosure alternative solution that allows for a smooth transfer from short sale to deed-in-lieu eliminating any delays in the marketing of the property after transfer to the lender.


Contact ALTA at 202-296-3671 or communications@alta.org.

North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents. SoftPro is the nation's leading provider of closing and title software, consistently pushing the technological envelope to pioneer the most powerful and comprehensive closing and title automation software on the market. SoftPro's Award-Winning Software combines cutting-edge technology with outstanding support to make your business more productive, efficient and boost your revenue.