BOA Alleged Equator Fraud

I was recently advised that BOA recently restricted all agents of a large brokerage because one short sale file allegedly contained fraudulent document(s). Furthermore, when any of these agents jumped ship to another brokerage because of their inability to utilize Equator their accounts remained restricted based on their prior involvement with the original brokerage. If any document(s) were fraudulent they would have been provided by the Seller, not the listing agent. However, BOA appears to be holding the brokerage and all of their associates responsible. This has presented further problems in that this restriction applies to all other lenders utilizing Equator.

The question for this discussion is has this occurred to anyone that you have heard about? NAR is currently working to resolve this issue and we would like to know if this is wide spread or just an isolated situation.

Tags: boa, equator, fraud, sale, short

0 members like this

▶ Reply to This

Replies to This Discussion

Permalink Reply by Jeff Payne on January 9, 2012 at 3:45pm

Dena, I talked to a VP at Bank of America short sale dept and spoke with a good contact at Equator and both tell me that this is akin to an urban legend and that it did not happen. I have searched the internet and haven't found anything on it either and I would think that with the large number of members on this site, it would have affected someone here or someone would have posted something about it

There should be a BofA rep at our short sale mastermind next month, I will ask that person too