Bank of America Webinar
Hi All! What were your thoughts to the new processes announced in the Bank of America webinar today?
Replies to This Discussion
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Lots of "words" not many changes to the current process - I think it's more what they DID NOT say that worries me. My gut says this is a precursor to something else that is looming.
As for needing to be Licensed - no big deal
As for "simultaneous tasking" - that will be good if they hold up their end
As for the Privacy Issue - I only communicate through Equator anyway so no impact on me
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Permalink Reply by Kevin - Greenville, SC on
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Ahh. Laughable?
Bob Hora to RE Agents - plan and prioritize your day...
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Permalink Reply by Wendy Rulnick on
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You better make copies of all communications for your files. Copy and paste from Equator messages or screen print. Good luck finding this info in a year or two if you need to.....
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I agree - I typically pull screen shots of all my files at several points in the process. I'll bet they move to be more like Wells where once you've uploaded docs you can no longer see them.......
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I had that happen with Regions Bank, who often use a secure server. I had to check on a file for a seller lawsuit a year or so later. It could not be accessed. You'd probably have to use legal means to access your communications on their server.
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Permalink Reply by Debra Enos on
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Some changes are better than no changes. At least they are seeing the need and make them. At least B of A can order the BPO earlier now...thank goodness. Licensed RE only....it's about time. I see too many TC's and assistance doing agents or negotiators work.
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Agree - In some places in SoCal, unlicensed title professionals have been acting as 3rd Party Negotiators for a fee which is against DRE rules so it's good that lenders are finally being the gatekeeper as well.
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Permalink Reply by Wendy Smith on
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The best thing I heard was that after April 13th tasks can be assigned/completed simultaneously.
The new Letter of Authorization will be very problematic for many Realtors including myself. Maybe I'll pay my assistant to go get a real estate license so that she can call for an update on a file. Good grief.
I hoped to hear where to turn to when escalation attempts fail - I have one HAFA filed that was closed due to a missing 4506. As it turns out everyone (at BoA) can see the 4506 was actually uploaded on the very same day of the request but NOBODY seems to be able to get the file back over to HAFA - and its been over 30 days. Oh yes, the seller received the Intent to Foreclose notice today.
Maybe BoA will put the seller in the Mortgage Release Program, another program that Realtors don't get paid (like DIL). No, we're in FL, no mortgage release here but the Short Sale Customer Service did let me know that my seller qualifies for a DIL. They've had a very good offer for 2 months. Geez.
I think I set my expectations too high. So you think Bob or Stephanie would take a call from me?
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I think you should make the call and send the email.
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p.s. My assistant does not NEGOTIATE the short sale, she does the paper pushing. When it comes to actual negotiations, I personally handle that. Most title companies I've seen don't actually negotiate, they paper-push (upload docs) - no need for a license.
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Exactly!
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On the Webinar, they mentioned the Short Sale Purchase Contract Adddendum as being one of the 5 items they need at Initiation - I cannot find it on the BofA Agent Resource page - Anyone know where to find it ?
Thanks,
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