Deutsche Bank has issued a report ranking U.S. mortgage servicers on the speed of completing short sales transactions.
For prime lenders, the winner is GMAC, with an average transaction time of six months. CitiMortgage was in second place at 7.5 months.
Countrywide, now owned by BofA, sucks wind in the prime category, coming in last with an average transaction time of 13 months.
The report ranked mortgage servicers in four categories: Prime, Subprime, Option-ARM and Alt-A. Of all the servicers in every category, Equicredit had the lowest possible score, taking an average of 29 months to complete a short sale.
Read the article at REOInsider.