Is it true? Bank of America moving ALL short sales to 3rd parties?
Just had a HAFA and traditional sale assigned to LRC (Loan Resolution Corporation). In the past, only Co-op and HAFA short sales would get assigned to third parties. Companies such as LRC, UTLS, etc would take up to 3x as long as Bank of America. Hold times are unacceptable with just about ALL of them.
I asked an Equator representative why my traditional short sale file was assigned to them and he claimed that ALL short sales will be assigned to 3rd parties. Anyone know if this is true? If so, that's definately a step backwards -- at least for agents and homeowners.
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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I have not heard this. Let's hope it's not true.
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Permalink Reply by Sunnie SanLorenzo on
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We have a non Hafa with BofA, in Equator it was just assigned to DTS, which they say stands for Dignifed Trust Solutions.
We can not get into Equator now on this- It says "file is already assigned". I called DTS to find out what was up with it: The owner must speak to DTS, and choose from options? ( that is what I was told by DTS) Can the owner tell DTS, they don't want to wotrk through them, just us working through Equator instead? Owner has not been able to reach any one that can give him a response to this.
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Permalink Reply by Edwin Baloloy on
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Ok...so I'm not the only one who had a Traditional Short Sale assigned to a 3rd party. Yep -- the "borrower outreach" task is a pain with the 3rd parties. I'm starting to prep homeowners to expect long hold times before finally speaking to someone.
My most recent experience with DTS was on the buyer's side. One loan and it took under 2 months for approval.
Good luck!
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Permalink Reply by Short Sale Superstars LLC on
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DTS stands for dignified transition solutions and they typically only process CO-OP short sales on behalf of BOA. Are you trying to initiate the file into equator when it says " file is already assigned" ? Is the file already in your equator account ? Sounds like the homeowner was possibly solicited for a CO-OP and their loan is with DTS. If the homeowner opts out the loan will most likely be shot back to BOA.
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Permalink Reply by TOP END Properties on
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They are beta testing this, and it will probably turn into a standard soon. Here's a quote from an SSAA.org email received today:
"Bank of America has two main vendors that they have been beta testing new short sale programs, including the most popular "The Cooperative Short Sale Program" The main two vendors running this program is DTS and NDS. These two companies have been running these programs for the past year. What these programs have shown is that by having a mediator (Short Sale Processing Center) between the bank and real estate agents has major advantages for all parties involved."
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Another representative confirmed this yesterday. LRC (Loan Resolution Company) has just contracted to take on MORE short sales, including Traditional Short Sales.
Another thread on LRC will be started. =)
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Permalink Reply by Joyce Hathaway on
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Travis Hamel Olsen
Co-President
480 455 3500
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Permalink Reply by Minna Reid on
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Good lord...say it ain't so.
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I have a BOA HELOC that is being servied by Loan Resolution Corp. The process was relatively painless in comparison. Their approval letter didn't specify the Buyer's name. The Buyer walked and we are currently finalizing the change of contract with the 1st. Loan Resolution has been calling, not irritatingly, just to check the status.
Personally, I like the DTS BOA files. DTS will transfer the file to your Equator at some point after they have completed their end of the processing. The cooperative short sale offers a deficiency waiver and, typically, an incentive or two. We are in Florida, so there is an additional incentive. The Coop Incentive has been $2500, the other one has ranged from $2500 to almost $10K (that I have seen, might be higher but I haven't experienced it yet). I don't know how they compute the differences in the Florida incentive. The great thing is that these incentives can be used to pay costs that BOA/DTS won't cover, namely condo/HOA dues.
I haven't heard of a BOA loan servicing transfer in the works, but haven't specically ask as I am processing plenty of BOA short sales and only this one file that the 2nd/HELOC is working with a servicer.
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Not transferring servicing -- just including traditional short sales as part of 3rd party processing. Before, you'd only get the 3rd parties if the strategy is HAFA or Co-op.
I agree that DTS has been better. My last deal with them was 7 weeks if I remember correctly. I spoke to a DTS rep last week and she mentioned that they're releasing a pilot program to have the eligible home truly pre-considered for HAFA before an offer is placed on the property -- not the 2-3 month garbage that's currently in place for the other pre-marketing strategy.
In regards to LRC, as mentioned before, it can benefit the homeowner who simply wants to extend their rent-free time. The other benefit is they aren't placing documents under the same scrutiny that the BofA Delaware office is.
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