For prime mortgage servicers, GMAC conducted short sales the fastest, averaging roughly six months per transaction. Also, 53% of their dispositions were short sales. It had a recovery score of 59.3.
The next fastest servicer was Citigroup’s servicing arm CitiMortgage, which did a short sale in about seven and a half months, and 56% of dispositions were short sales for a recovery score of 54.4.
Third, was Wells Fargo, conducting short sales in roughly eight months for 34% of its total dispositions. It had a higher recovery score than Citi, however, at 55.6.
Countrywide, acquired by Bank of America, had the slowest short sale timeline. It took more than 13 months on average to conduct a short sale there. BofA took more than 11 months, but 59% of its dispositions were short sales. BofA had the lowest recovery score at 45.5
