BofA Equator - Internal Quality Review!!!

Lot of my files are getting declined with the message, "After an internal quality review, the bank has made a decision not to move forward with the short sale". Does anyone have the same experience with BofA? The files were declined without the consent of the negotiator or the manager. When i spoke to them, they said they have no information regarding why the files got declined. Can some one please help.

I tried calling the CEO's office, the representative i spoke to said since July 8th of this month, they don't accept escalation requests regarding short sales.

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Permalink Reply by Bryant Tutas on July 17, 2011 at 12:35am
This is going out in the newsletter today
Permalink Reply by Sameer Punjani on July 17, 2011 at 2:02am
They probably have a system in place to make sure borrower meets the minimum guidelines for a short sale. If they dont, it automatically gets cleared out of their system. They are trying to be more automated. So this is what you will probably start seeing now.
Permalink Reply by John Treadwell on July 17, 2011 at 2:23am
Put it in the system again ,and then start calling everyone ,before they kick it.
Permalink Reply by Jim Hale on July 17, 2011 at 4:13am
Could this be part of their response to the requirement being placed on FANNY and FREDDIE by their federal regulators to only use one processing track on any particular home beginning in fourth quarter (FY) - i.e. foreclosure OR short sale, but not both?
Permalink Reply by Jason Yacoub on July 17, 2011 at 4:16am
Something is wrong with paper work.recheck it and make sure your account name matchs paper work submited
Permalink Reply by Wendy Perez on July 17, 2011 at 4:24am
At what stage of the negotiation is this happening?  I assume you're using Equator.  Is this happening right after you submit the HUD figures?
Permalink Reply by Premier Loss Mitigation Services on July 17, 2011 at 9:00am
I'm not sure who said they are not accepting escalations, but we ask to have our files escalated fairly early in the equator process. If the files are being declined, make sure your docs are correct with Authorizations, loan numbers, homeowner names correct, MLS number correct, etc. We have had docs rejected but not whole files. All pieces of the short sale package can be uploaded into the Library for all to see. Check and double-check the docs.
Permalink Reply by Fred Price on July 17, 2011 at 11:45am
Does your client have legal regimentation or provide a documentation analysis and review? That seems to be helping us with BOA...The Heathrow Group
Permalink Reply by Maribella Hernandez on July 17, 2011 at 2:29pm

This happened to 6 of my files in April, after 3 weeks in limbo and one house that went to sell b/c of their mess, I finally reinitutated all the files and escalated quickly. Now the 5 remaining have been postponed for sale twicw and hope fully are in the last stage of the approval. Good luck and do not give up :)

 

Permalink Reply by Joshwin Thampan on July 17, 2011 at 7:19pm

I'm facing issues with some files on equator for the last 6 months. On each troublesome file, I messaged the negotiator through Equator, got no response, then escalated the file through Equator and messaged the Vice president, AVP’s, Managers, Team leads, BACI regarding this issue. They never gave me a response. I spoke with the negotiators, asked them the reason for declination, they didn't have an answer for that, but all that they could see on the file was that some internal department declined it and the reason was not specified. They confirmed that the files were not declined because of insufficient offer, as in such cases, the bank sends a counter offer or at least a message will be sent that the offer is insufficient. Negotiators could do nothing once the file gets declined and advised us to call the short sale customer service. I called the bank, spoke to the customer service representatives, they escalated this issue, but again I got no response. Then I spoke with the supervisors, where they advised me that it was a technical error in their system. Advised me to re-initiate the files and once it is active, they will fast track those files. 
 
So, I re-initiated the files, but after numerous requests, they couldn’t fast track the files, then later after it got to a certain stage of negotiations, these files got declined again. I called bank and this time I was advised by the supervisors that Bank of America doesn't encourage Investor offers and the contract needs to be under an individual name (no LLCs or Corporations), they also wanted clean legible contracts. Also, some advised us that it might be due to an issue with the property. I spoke to a few asset managers who tried escalating these files to upper management level. I could see the messages they sent through Equator to the upper management several times but no one ever responded. 

 

This is the 4th time i re-initiated the files and it is getting declined at some point in the process. Each file gets declined at a different stage of the short sale process.

Permalink Reply by Sameer Punjani on July 17, 2011 at 7:22pm
Josh, pretty much means those crooks want to foreclose, then collect from fannie mae for the full balance.
Permalink Reply by ElizabethWeintraub00697006LyonRE on July 18, 2011 at 3:07am
Oh, my goodness, I have not yet had that happen to any of my files. The worst thing I've had happen is after the seller declines HAFA, Equator closes the file out and we've had to reinitiate.

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