Hello Superstars,

Are you finding that Wells Fargo (now on Equator) is still generally faster than B or A for approvals? I have a first and a HELOC, both with Wells and haven't done a Wells SS in a while.

Also, is there a document that compares the various banks' short sale time frames? I have one that's a couple of years old.

Thanks!

Sue

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Last one I did with Wells they assigned a rep to it and I got an email religiously on EVERY Tuesday insisting on my marketing updates. They periodically reduced the price until we got a Buyer and then were diligent about making sure the Buyer performed and it closed on time.

My volume is MUCH higher on B of A, (NOT by choice). Wells has been extremely more efficient that B of A in my book. But then I've heard Chase to be good too, which I would absolutely dispute.

ALWAYS ALWAYS ALWAYS ALWAYS depends on who the Investor is, has virtually nothing to do with the "Serivcer" (BOf A and Wells Fargo in your example).

There are 3 investor types:

GOvernement backed - Fannie, Freddie (for whome B of A is the largest Servier)
and
Private Investor
and
Protfolio loans (where the Servicer and Ivnestor are the same)

It is the portfolio loans that go the most quickly for obvious reasons (it is THEIR CASH that is being tied up and their loan loss reservres that are effected).

It is why SOME B of A short sales are done in 30 days, and, others that have been securituized adn sold off in teh private markets repeatedly will take 6 months.

Bottom line - NEVER EVER EVER give up, keeping fighting for your client (and your commission), and, KEEP WATCHING THESE BOARDS FO GREAT ADVICE!!!!

ALl my best to everyone,
Ben Benita, ATG Title

Than you have your FHA and VA Loans too and your HELOC's.

Yes, HELL YES!

BofA is a bear to work with.

Had a lender that came in late on getting a loan funded in mid December, late by a day. I am still trying to get a new approval out of them.

The bad news is, the buyer has been waiting for 11 months and now the appraisal is about to expire.

BofA needs some legislative intervention!!!

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