A New Guideline?
It took 4 months to get the 2nd B of A approval which the 1 st also B of A but serviced by SPS said they had to have prior to them putting in for an approval. We got the approval 6/7 and expiring 7/31 from the 2nd which I immediately sent over to SPS. I called SPS constantly and finally got an approval on 8/2. Before 7/31 I was contacting the 2nd via equator and customer service trying to get an extension. I was told it should not be a problem and I had also attached the 1st approval in equator. The buyers lender is also B of A and they would not start anything until all approvals were in place. So the loan didn't even get started until 8/2. Finally, after numerous unanswered emails through equator I got and extension yesterday which was good until 8/10. Since I had asked for 9/10 I assumed it was a typo as it read, "If you do not close this by 8/10 the file will be closed and you will start over." I was able to reach via phone the person that put that in and she was very nice but said she could only give an extension to 8/17/12 per the new guidelines and was not able to do anymore. The first told me they would not give an extension and we had to close 9/10. I can try to get the 2nd approval before then but it seems unlikely since they took 4 months the first time. This is the first time I have ever had this happen as I never done HAFA before and I was hoping someone would have suggestions for me? Other than closing out the file and startng over I am not sure what else I can do. Thanks!
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Permalink Reply by joe beauchamp on
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You've said some things which confuse me - I've dealt with SPS - they seem to be decent, but you say it is a BofA loan - so, is BofA the servicer, SPS the servicer with BofA as the investor, or is this SPS a sub-company doing HAFA for BofA that I have not run into?
In any case, most likely your best shot is to tweet @BofA_Help (I think that is what it is) or call the office of the president. You need someone who is capable of understand that issuing an approval after months of waiting and making it for 15 minutes is absurd. (And if they say something stupid like the change is to speed things up, point out the absurdity of doing nothing for months then insisting that everyone scramble to do a closing in a day. If that doesn't give the person on the phone a moment of pause, you are talking to a clone and need to talk to someone with an IQ above 90.)
It would also be helpful to know who the investor is - FNMA HAFA is not HAFA, nor is FHLMC HAFA. They are all different and the guidelines are set by the investor. BofA often imposes their own will, when they feel like it - and have no right to do so. I'm guessing this is one of those cases. Therefore, knowing who sets the real guidelines so that you can point out that BofA is making something up, can be helpful.
You might find a useful group in "escalations" in the sub-company doing the HAFA for BofA (if that is where the first is? I found AMS escalation people to be quite helpful (unfortunately, with AMS sluggishness and BofA pulling all the strings, they have to be to get anything done). You might call them and ask for escalations.
With an issue like this, you do not depend upon Equator and email, etc. You need to be making calls and staying on their case. The slugs of the industry rely on people who just let things slide assuming that "it" is being handled. That's natural. So stay on top of it. (My usual contact is every other day unless I believe there is a reason to wait longer.)
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