Objective and Methodology Objective: To gauge members’ recent experiences and satisfaction level with lenders in order to address the ongoing challenges with short sales, foreclosures, REO’s and traditional sales with financing and approving real estate transactions. Methodology: An online survey was delivered via email and 1405 REALTORS® responded to the survey. There were 612 survey respondents where the most recent transaction with the lender was a short sale. The survey was active in June.
Lender Performance Index SOURCE: California Association of REALTORS®
Majority of REALTORS® in California Dealt with Bank of America in Most Recent Short Sale Transaction Please indicate which lender/servicer you dealt with in your most recent transaction.
Difficulty in Closing Improving Extremely Easy Extremely Difficult Please rate the level of ease or difficulty you had in closing this transaction. 5 is extremely difficult, 1 is extremely easy. N=495
Levels of Satisfaction Slightly Higher than 2011 Very Dissatisfied Very Satisfied With respect to your most recent transaction, please rate your satisfaction level with the lender/servicer in the following categories.
Overall Satisfaction With Lender During Short Sale Better Than a Year Ago With respect to your most recent transaction, please rate your satisfaction level with the lender/servicer - Your overall satisfaction with this lender
Communications with Lenders Improving… On average, what was the actual time it required for the lender's representative to return any form of communication to you? n=510
…But Communication Problems with Lender Remain Obstacles to the Transaction What were the obstacles you faced with this transaction? (Check all that apply)
The Majority of REALTORS® Have Worked with Their Lender/Servicer in the Past 5 Years Have you worked with this lender/servicer in the past 5 years? N=611
Not Much Improvement From Previous Transactions With Same Lender Since your last transaction with this lender/servicer, has your experience during your most recent transaction improved, unchanged, or worsened since your previous transaction with the same lender/servicer? N=517
More REALTORS® Likely to Refer Lender to Future Buyers than in 2011 How likely are you to refer buyers to this lender for financing on a future home purchase? n=557
Overall, how did working with this lender make you feel? N=492
Dual Tracking an Issue:15% Went Ahead with Foreclosure Process After Receiving Short Sale Application Did this short sale end up in foreclosure after a complete application was submitted to the lender/s...? N=601
Dual Tracking An Issue:4 in 10 were Actually Foreclosed Upon After Short Sale was Approved Was this transaction foreclosed upon after the lender/servicer had actually approved the short sale......? N=86
Lender Provided a Pre-Approved List Price for 1-in-5 Short Sales Did the servicers provide a preapproved list price before marketing the property? N=575
Nearly ½ of all Short Sales had a Subordinate Lien on the Property Was there a subordinate lien on this property? N=580
Subordinate Lien Position for Short Sales N=182
Some Marked Improvement in Closing the Short Sale Transaction Did this transaction close? 2012 N=530
Lender’s Response Time: Application to Approval – Still Needs Improvement Q: From the time you submitted a short sale package to the lender/servicer, how long did it take for this lender/servicer to return a written response of the approval or disapproval of the short sale agreement?