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Permalink Reply by Ute Ferdig on August 7, 2010 at 2:04am

Yes, I have seen very quick responses on the front end, meaning the servicers are getting on the short sales quicker. Had BPO & appraisal done within less than 10 days of submitting the offer and negotiator was assigned within just days. Then late July we were told that borrower was HAFA approved and need to return the ARASS letter with some other documents. The asset manager said he could send everything in for final approval as soon as we return the ARASS letter. I have everything ready, but my client never received the ARASS letter. I tried to upload what I had in the tasks section, but could not upload it there because you can't upload unless you have all the required documents (i.e., the ARASS letter). So, I went ahead and uploaded all the other documents to the Properties section and the asset manager reviewed them right away to make sure that it's all good. He said we just needed to make a few minor changes to the HUD-1 (mark a box for FHA financing and eliminate the $99 for the NHD from the seller's side because he said B of A does not allow that as a transactional expense). The offer says what it needs to say, but we can't proceed because we have not received the ARASS yet. It was supposedly sent out some 2 weeks ago. Starting to believe there is a HAFA black hole somewhere at B of A. The negotiator and asset manager have both been very responsive, but now we can't move forward to get the final approval because we need to wait for the ARASS letter to come in the mail. They mailed it to my client. I asked whether they could not just upload to Equator or e-mail it to me and the asset manager said he did not have that capability in the system but he said he would try to e-mail it to me. So yes, they seem to have gotten faster, but not sure it means a whole lot if they can't keep up on the back end. I am still hopeful.