Replies to This Discussion

Permalink Reply by Chad Gelsinger on March 21, 2013 at 11:27am

Hi Kevin, I am proud to say we have one of those loans. Sellers called BOA on January 28 for their initial set up. Complete Short Sale package was faxed on February 11 and BOA started the Loan Mod review immediately. March 11, BOA requested updated bank statements/pay stubs and on March 12, Sellers called BOA to verify they wanted to do a Short Sale and could not entertain any Loan Mod due to their pending divorce. It took about 5 weeks for that part of the process. On March 19, BOA contacted us asking if we wanted to give Equator a trial run with this particular file and we accepted. The phone call was about 30 minutes in length going over the new process and set up. We were told to expect the use of Equator to expedite the process and shorten processing times by about 45 days. Will keep you updated as to how it goes from here.

Way to go Bank of America!    Chad Gelsinger, MYclosing, LLC.

Permalink Reply by Chad Gelsinger on March 21, 2013 at 11:40am

Patricia, we were told that only a few loans were being initialized through Equator as part of the trial process. Once they have the system testing completed for FHA, they will open it up for all FHA/USDA loans. Chad Gelsinger, MYclosing, LLC

Permalink Reply by Lacy Summitt on March 25, 2013 at 9:39am

I had a listing agent call me this morning telling me that the CRM set the file up in Equator.  Of course I begain my reply saying "What?!?  They are NOT in Equator unless they have made changes since last week.!"  Whadaya know.... our new short sale listing is one of the chosen ones.  I am now working our first FHA Short Sale in Equator.  I hope this change is for the better! :)

Permalink Reply by joe beauchamp on March 25, 2013 at 11:58am

HA! Well, chosen one, let us know what you have been chosen for... Actually, I expect it to be a little harsher than w/o Equator. Those 3 calendar reply demands should be outlawed and now you have FHA relying on that boneheaded system to automatically deny the file. FHA, in many pockets, got much better since Sept 2012 - not all, I'm very sorry to say - still have some real "piece of work" BofA employees. Beware the new Equator - replies can be tricky - check after you sent something to see if you ended up sending it to yourself - Equator will move the checkmark on you. And, of course, let us know how it goes...

Permalink Reply by Lacy Summitt on March 26, 2013 at 1:44am

Ah yes...I expect this to be a real mess...but lets be honest here...arent they all? I will keep you updated once we get moving on this one. 

Permalink Reply by TOP END Properties on April 2, 2013 at 2:51pm

I think it will help significantly.  Tracking and accountability seems to be a major problem for most banks and this should solve most of that.

Permalink Reply by Lacy Summitt on April 3, 2013 at 1:55am

We just got our first assigned task. Here is a look at the required info.  BOA was so kind to send a "Helpful Hints" sheet to us to navigate the task.  Thought I would pass this info along. 

Attachments:

• BOA FHA HELPFUL HINTS EQ.pdf, 106 KB

Permalink Reply by Kevin - Greenville, SC on April 3, 2013 at 4:00am

Lacy,  Thanks for posting!