Comment

Comment by Katerina Gasset on October 7, 2009 at 8:58am

We have about 7 other CW/BofA files I wish would move along! How about getting an approval and now no one can find the negotiator! All our contacts up high even to Ken Lewis all got fired. Every one of them that we knew from BofA! What a bummer. We had a secretary in one of the offices right next to Ken Lewis get our files through in weeks instead of months, she is gone, lost, no where to be found!

Comment by Katerina Gasset on October 7, 2009 at 8:56am

First one going in today with their new system. Why are they calling it REO, are they anticipating something they are not telling us?

Comment by Jeff Payne on October 7, 2009 at 8:49am

Thanks Katerina, do you have any in process?

Comment by Katerina Gasset on October 7, 2009 at 8:47am

REO TRANS is up and running.

Comment by Jeff Payne on October 7, 2009 at 8:41am

OK, just called the 1-866-880-1232 short sale number, talked to a phone rep about REO Trans.... she confirmed it but it was obvious that it was new to her also....
Here is what she told me to do AND it actually makes sense.
Fax in to 1-888-491-4947.....
Authorization letter, HUD-1, Purchase contract and listing agreement. Make sure that you give the ALL of your contact info and email address. Once they recieve, they will email the link to REO Trans so that we can sign up. At that point, they will start collecting financials so that they don't end up with outdated financials which is what they are always asking for............
As soon as the title company sends me the HUD-1 I will be giving this a shot, wish me luck!

Comment by Dawn Barrier eXp Realty Vegas on October 7, 2009 at 6:51am

ok Jeff, let us know, the rep I spoke w/yesterday still told me to fax the offer & package in.

Comment by Jeff Payne on October 7, 2009 at 6:48am

My contact at BofA told me that they started the REO Trans system last month and that we need to call BofA for new files and they will set us and the seller up on REO trans and issue a worklist for both the agent and the seller. I have a new offer for BofA and will see if that is the case when I submit tomorrow

Comment by Dawn Barrier eXp Realty Vegas on October 7, 2009 at 6:46am

BOA "new" system,,,I think he is referring to the reotrans connection w/boa, we will upload files directly to reotrans. I was told it is "not" in place yet, but soon

Comment by Ryan Diedrich on October 7, 2009 at 5:48am

"So BOA CS just tells us that Fannie and Freddie approvals are taking 6-12 months now. Anyone else heard this same story?" Quote i have been seeing a lot. Seems the Fannie, Freddie loans are being handled by them personally and not BOA. Since these are gov. programs, they take care of them. If the BOA note is still with them and not sold off, it will be a quicker process.

Comment by Wendy Rulnick on October 7, 2009 at 5:43am

Thanks, Jeff - RYAN- What is up with government "stepping in"?

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