Wells Fargo Now Incentiving Employees on Short Sales
One of my biggest complaints about short sales has been that the bank employees really don’t care about whether you succeed or fail in the process. Well, maybe that’s just changed according to Jon Pryor (@JonPryor) on HousingWire.
Wells Fargo has now incentived its employees for successfully working out packages with their home owners. An unnamed source in the article mentioned $3,500 as a number, which is a very nice bonus for these negotiators. Which, from my experience are not making too much above minimum wage.
“Wells Fargo does have an incentive program. But you don’t play the incentive game without doing it the right way,” Randy Bockenstedt, senior vice president of default operations for Wells Fargo, said at the Mortgage Bankers Association servicing conference Wednesday. “Quality is king.”
Ask a REALTOR about their “favorite” companies to do a short sale with an Wells Fargo is usually in the top 5 and that doesn’t happen by accident. And by providing a quality and well-run incentive program for its employees to successfully close short sales when it makes sense for the company is a great idea.
Of course, when incentives are involved you always have to stop and ask if it is being abused and we’ll have too many short sales approved by those looking to make the incentive. But that’s where the quality part comes in, and I’m assuming Wells has its pieces in place to keep that in place.