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NEW BOFA Letter of Authorization... only licensed agents or attorneys can be authorized on accounts now? That rules out an assistant being authorized to follow up on even mundane "Did you get the fax?" calls... escalating with BOFA
This is going to COMPLETLY bottleneck the process AGAIN as here in GA our Law states that Mortgage Loan Orginators can work the Short Sales so what about THOSE Negotiators???????????????
OH BOY BoA .... JUST when you FINALLY get your Equator System streamlined you throw another monkey wrench in ...
WHAT does it REALLY matter WHO facilitates the Short Sale as long as the agents and buyer and Seller are taken care of and the Attorneys make a nice pay day form the hard work of thise 3rd parties???
THIS is a TERRIBLE IDEA ;0
Trina - I keep re-reading it to make sure I read it right. On PAGE 2 - you have to list your license number... I will let you know what Twitter Escalation team finds out. If this is really the case, I agree, it's not good.
Wendy definitely post back. I dont' see this as any different than making sure an agent is licensed in Equator, although now they are REALLY getting paranoid.
Will do... right now I do have my assistants authorized... they can call now and check on admin things, and do...
Wendy, there is no way that those UNLICENSED won't be working on BOA files. I've worked with a ton of lawyer negotiator boutique firms and do you think the lawyer is doing the follow up work with BOA??? NO WAY!
On the new authorization on the first page we listed the broker and license number and then everyone that was authorized to do negotiations within the employment of the brokerage, then on the second page, we put the broker's name on every line with an * next to it and then wrote in after a - dash each of the people on the first page. The asterick wen to a hand written section that stated each of these individuals are allowed to negotiate under the brokerage license.
That's it. My state does NOT require individuals to be licensed to negotiate short sales.
The bigger issue I have is the section that says "in good standing" within the state the property is located meaning we need to be licensed in every state we work in. AGAIN, we negotiate in several states that DON'T require licenses. This line prohibits that.
It's getting very annoying to say the least.
Smitty - I hope you are right on that. Have you sent any of the new LOA's in already? Good idea!!!
A picky note - we tried to fill in the PDF and save it, so we can just send it out pre-filled to our sellers. Their PDF format won't allow it, even after saving it in PDFill as a new document!
We just added the new LOA to our paperwork yesterday. Every file going forward at this point will have that LOA filled out.
I'm doing a reverse SS now with BOA and it's the funniest thing because it says ANYONE can be authorized to talk to BOA and we can authorize as many people as we want. This is getting so ridiculous.
We were able edit it and do the prefilled sections so every LOA goes out with all our names already filled in. Send me what you want on every line (PM) and I'll do it on my end for you and send back.
Thanks! I'll send it to you later! I am having a remote desktop issue right now....
Smitty - I finally got it to work. I am going to try, as you said, simply stating on Page 2, that all individuals listed on Page 1 are associated with me. I have yet to hear back from BOA Twitter Team.... Will report when I do.
Thanks Kevin! I did get it to work finally, with PDFILL!
If you also notice, the language very subtly shifts duty from the seller to the lender. This is illegal. Wells tried this a few years ago and the attorneys like Jeff Watson and Ron Ballard forced them to withdraw it. I have alerted them with this and they are on it.
In the meantime, I'm simply putting my license # no matter what state I am negotiating in, and adding my number after everyone who works for me.