Replies to This Discussion

Permalink Reply by Jim Hale on February 24, 2010 at 4:40am

You can see evidence about this in presentation from BofA execs in various venues since December. They way I have seen it (on-line) presented by these reps makes it sound like it is going to be generally available. But it is also couched in language that suggests it is only really available in cases where BofA has made the first contact with the borrower - not the other way round - as in the outfall from the home retention process - where BofA is in a position to affect the borrower's choice of a listing agent.
It really sounds like, BofA is willing to do this front loaded process if (1) they get their foot in the seller's door and can affect the selection of LA and probably affect the amount of the listing commission and (2) they get to send the listings to agents who have paid them the $499 to fully avail themselves of the Equator training and service - and have additionally paid for the privilege of being considered in a particular zip code.
For any short sale being initiated by an agent who already has the listing, you appear to be stuck with the Equator reactive process so many of the postings here are inquiring about.

Permalink Reply by Melissa Polce on February 24, 2010 at 4:47am

GMAC is also using Eqautor...do you think it will start to become more common...all bigger banks using Short Sale agnets(like REO agents) and also paying for the opportunity on each deal or 1 time fee...if we get preferred Short service on completion times...I would be all for it...

Permalink Reply by Jim Hale on February 24, 2010 at 7:10am

As of yesterday, when I had an on-line chat with an Equator staffer, I was told only BofA was using Equator for short sales. That rep said 17 lenders are using Equator for REO's.

BTW: It took ten minutes to get the first response on that chat, but I finally did get an answer...by just adding a line to my first inquiry every couple of minutes.

Permalink Reply by Juan Reyes on February 24, 2010 at 8:46am

Melissa,

My team lists REO properties for BOA through Equator and yes we do get scored quarterly on our performance. We have actually been contacted by asset managers from other companies, such as Owen REO, Assetlink, etc who use the Equator system asking us to list their REOs because of our high scores. So it would not surprise me if they started doing the same with short sales. It would have to be something where the seller agrees to using the agent the bank recommends.

I have a few short sales being processed in Equator and so far I am somewhat happy with the system. I've gotten 2 of them approved this month. The 1st file was submitted in Mid-October, and the 2nd approved was for a file submitted in early December, so it looks like they are starting to get their act together.

Permalink Reply by Juan Flores on March 2, 2010 at 8:31pm

Hi, Melissa

Your Friend might BE Right.
I spoke to one Of Equators support agents. He said that Equator is working on something like that. To assigned Agents to initiate a short sale tru equator. Just like they been doing this on REO Assignments.

Permalink Reply by Cheri Smith on March 5, 2010 at 4:34pm

Does this have anything to do with the Due/Completed Date of the tasks? I'm doing my first short sale through Equator and I thought I would get an email notification when I was assigned a new task but that's not the case. I've noticed that when I complete a task on the same day it's assigned, I see either (-4) or (-7) next to the completed date. On one task, I completed it the day after it was assigned and I got a (-3). On the task I was a few days late on, I got a (4) and the 4 was red. Are they grading us on our timeliness?