Comment

Comment by Terry Parrish on April 14, 2011 at 4:58am

I have been trying to research, and cannot seem to get a clear answer.  Does FNMA still go by the 31% income rule on HAFA short sales?  Please direct me to the answer.  Thanks much!

Comment by Kevin - Greenville, SC on April 11, 2011 at 1:10pm

April Technology Enhancements Drive Changes  to the Short Sale Process

Bank of America continues to improve the short sale process so agents can help homeowners avoid foreclosure.  In March, fields were added to the initiation page in Equator so Bank of America can identify which short sale the homeowner qualifies for and best fits their situation.  Starting in April, a series of technology enhancements are being implemented to improve the short sale process. 

• Integrated Technology for Deals With an Offer and Without an Offer:  
  Agents can now initiate a short sale in Equator prior to marketing the property.  The benefits of this type of "pre-offer program" include understanding the terms of the short sale and gaining investor agreement for a list price upfront in the process.  In addition, the homeowner may qualify for a cash incentive and have their deficiency waived. 
• Short Sale Specialist Assigned Earlier in the Process: 
  If a short sale is initatied with an offer, a short sale specialist will be assigned in Equator earlier in the process.  If a short sale is initiated without an offer, agents should be aware that many initial steps in the process require homeowner contact to determine program eligibility.  Once the appropriate short sale program has been identified, a short sale specialist will be assigned and Equator will launch the agent tasks.

Action Required:  

• For status updates and immediate questions, agents should continue to contact Short Sale Customer Care at 1.866.880.1232.
• Agents should use Equator messaging as the primary way to communicate with their short sale specialist.
• Homeowner Documentation:  
  Short sale specialists are able to identify earlier in the process which homeowner documents, if any, are required.  Depending on the homeowner's situation, the amount of documentation required may be significantly reduced.  However, the short sale process will not move forward until all required homeowner documentation is provided.

Action Required:  

• Agents can message their short sale specialist to clarify which documents are required. 
• Agents should obtain these documents and upload them to the Equator Library under Property Files as soon as possible. 

• Initial Offer Evaluation:  
  If an offer is submitted that is significantly lower than current values, the offer may be rejected and the agent will be notified in Equator.  The Submit Short Sale Offer task will reopen and a new offer must be submitted. 

Action Required:  

• Agents should renegotiate with the buyer to agree on the highest and best offer and execute the new signed contract. 
• In order to complete the task, all supporting documents must be updated to reflect the current offer details. 

Stay tuned for future communications and educational materials related to this series of technology enhancements. 

Comment by Alex Miller on April 8, 2011 at 3:17pm

According one of my negotiators it is partially a glitch and that it should be sorted by Monday. I did definitely have a couple change due to "loan reassignment".

On another note, once all these changes are finished on Equator we will have the ability to upload new offers, if we have a buyer fall out, without having the file declined and then reinitiating it. I don't think this will make a huge difference in buyer substitution speed, but it's a start.

Comment by Julia Huntsman, 562-896-2609 on April 8, 2011 at 3:04pm

So are all the named negotiator changes today really a glitch?

Comment by Thom Colby CA Brkr 888-391-5245 on April 8, 2011 at 2:54pm

There are "Generic" negotiators which are system generated until your file is assigned to an actual person.  It is just a step in the process....

 

Thom Colby

Broker

Newport Beach CA

 

Comment by Julia Huntsman, 562-896-2609 on April 8, 2011 at 2:04pm

My negotiator changed also, but still in Texas.  Have not heard of "ghost negotiators", meaning the real negotiator is not the name you see?

Comment by Isaac Ramirez on April 8, 2011 at 8:09am

Was any one aware that EQUATOR does assign "ghost negotiators"

 

Comment by Wendy Rulnick on April 8, 2011 at 7:43am

Pamela - That is just a system glitch.  I just spoke with a BOFA negotiator.  They said their Equator software was changed.  Try your original negotiator.

Comment by Thom Colby CA Brkr 888-391-5245 on April 8, 2011 at 7:42am

Mine have not changed (WooHoo!)  Labor is cheaper in FL than it is in TX, plus they probbaly need to help with economy in FL morseo than TX.

Comment by Pamela Walsh on April 8, 2011 at 7:32am

Our negotiators were all different this morning on all BOA files.  We were aware that Equator tech side for BOA was going to make some improvements last night.  Changing my negotiators was not an improvement.  I have emailed two of mine that it is imperative they continue with the file and they are working on getting the file back assigned to them!

Good luck

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