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Equator

Here's a group for us to share info about muddling through Equator.

Website: http://www.equator.com
Members: 773
Latest Activity: Aug 27, 2016

 

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****IMPORTANT NEWS RELEASE 7-11-2012

Dear Equator Agents,

 

In March 2012, Equator launched a new version of our agent workstation, EQagent (formerly known as  REvolution).   This FREE version went live as an optional upgrade our platform. We’ve seen growth in the adoption numbers and find those agents who have taken advantage of the upgrade prefer EQagent. 

 
It’s now time to move all users into EQagent and support one version. 
 
Beginning July 13th, we will be moving groups of agents over the course of 10 business days. The migration will be clustered based on your defined state.   Less populated states will be moved first and the larger states will be threaded through the remaining schedule.  This will allow for structured increases to our new system while providing a seamless move for both servicers and agents alike. If you wish to prolong your use in our old version you can do so by clicking the hyperlink within the workstation which will give you access until August 16th, 2012. 
 
Once migration is complete, we will retire the old version of Equator with a target date of August 16th
 
For a list of the new features, visit the EQagent product overview on our website.
 
We are confident you will be pleased with the upgrade. If you have any questions, please submit an email with our Retention team or chat with them online.


Equator "Help" number 310-469-9167

Equator (310) 469-9168 tech support

BOA Equator Guide.pdf

GMAC Equator instructions.pdf

Equator FAQ.pdf

You should initiate the short sale at www.Equator.com

You must obtain the following (and more) for each buyer to enter into the Equator system:

First five digits of social security number
Date of birth
Telephone number
Address

You will need the following for the buyer's agent:

Email Address
Company Mailing Address

You will need the following for the loan:

Interest rate
Lender contact info

In addition, your seller must call 1-866-880-1232 to get a password emailed to them so them may log in to https://shortsale.bankofamerica.com

They will answer several questions and upload their financials documents on the site.

This document will provide information on what our Customer Service Department/Technical Support can provide and the matters that can be handled only by the Lender or Servicer.

Q. How are Short Sales initiated?
A. Currently, Short Sales may be initiated in one of two ways: via the Equator Marketplace or by calling the Lender or Servicer directly. Some Lenders or Servicers allow Agents the ability to request a Short Sale through the Agent Workstation at www.equator.com. Simply log into Equator, click “Initiate Short Sale” located in the header under the “My Properties and Offers” section, choose the Lender or Servicer, input the loan number provided by the Lender or Servicer and request a Short Sale (note: Equator does not have the loan numbers; these must be obtained from the Lender or Borrower/Home Owner). For further details on the Agent-Initiated Short Sale, please visit www.equator.com. Equator cannot initiate a Short Sale nor does Equator have any information on the status of any Short Sale.

Q. How can I check the status of my Short Sales?
A. You can check the status of Short Sales at any time by visiting www.equator.com, logging in and clicking on “My Properties and Offers” at the top of the screen. From there you can view a list of all properties on which you are currently working and check each individual status. If you wish to speak with someone about the status of your Short Sale after reviewing it online, please contact the Lender or Servicer directly. Equator does not have any information on the status of the Short Sale.


Q. How can the Borrower/Home Owner check the status of their Short Sale?
A. Equator does not provide access to any Borrower websites. Certain Lenders have Borrower/Home Owner Websites that enables Borrowers to view status and participate in the Short Sale process by completing tasks such as uploading financial documentation. For those Lenders that do not have a Borrower Website, Borrowers should contact their Agent or Lender for Short Sale status.

Q. What is a task?
A. Tasks are steps that the Lender requires the Agent to complete in order to move the property through the Short Sale process. Tasks can include entering information into the system, providing signed documents, completing certain forms and/or providing offers and related documentation. If you have task-specific questions, please contact the Lender or Servicer.

Q. When working an existing Short Sale property, do I need to re-do tasks I have completed outside of the Equator platform?
A. It is necessary to complete all assigned tasks within the Equator Workstation. Any tasks that were completed outside of the Equator Workstation will have to be redone. This is an audit requirement from the Lender or Servicer and includes uploading all of the Borrower/Home Owner financial information and all offers.

Q. Why have I not been assigned a Negotiator?
A. Many lenders do not assign a Negotiator until late in the process when all necessary Borrower/Home Owner financial information and valuations have been received. Until that time, the “name” of the negotiator remains “generic” in the system. Messages sent to this generic negotiator will not be received by a live person. Instead, contact the Lender directly for assistance. Only the Lender or Servicer can make decisions on Short Sales.

Q. Why am I not receiving a response from a Negotiator?
A. For best results, send a message to the “NEGOTIATOR” Role for your property through the Equator Messaging system. This will tell the Negotiator which property you are inquiring about, and will keep all communication about such property in one location. To do this, log into www.equator.com, navigate to your property and click on the “Messages” section to email the Negotiator directly. Equator does not have any information on the status of the Short Sale, nor is Equator authorized to contact the Lender or Servicer on your behalf.

Q. How are Short Sale Agents selected?
A. Borrowers can select any Agent they wish. If the Borrower requests assistance, the Lender or Servicer can search Equator for registered Agents to suggest to the Borrower. Results of the Agent search are determined by the zip code areas the Agents selected through Equator.

Q. How are Short Sales managed and approved?
A. The entire Short Sale process is managed through the Equator software application; however, all decisions related to the Short Sale, such as Accepting Short Sale requests, Reviewing Offers, etc., are made by the Lender or Servicer. Any and all questions about the business aspects of the Short Sale process should be directed to your Lender or Servicer. Equator makes no decisions nor has any information on the status of the Short Sale process (including acceptance of an offer).

Q. Whom do I call to get information?
A. If you have a question on the Short Sale process or status, call the Lender. If you have a question on how to use the software, call Equator. Equator is a software provider and does not have access to any business aspect of the Short Sale.

Q. Whom should I call for Short Sale questions?
A. For any questions pertaining to the Short Sale process, procedures, status or progress, please call the Lender or Servicer. Equator does not have any information about Short Sales.

Q. Whom should I call for technology questions?
A. For any questions regarding account issues, password issues or other technology-related questions about our site, please call Equator at (310) 469-9167. For questions specifically related to a particular Short Sale, please call your Lender or Servicer. Equator does not have any information regarding Short Sales.

Q. How can I be sure I’ve reached Equator?
A. To ensure you are speaking with an Equator representative, please call (310) 469-9167. Please remember that Equator’s representatives can assist you with Equator website issues only. Equator representatives have no information regarding the Short Sales or any properties on the Equator system.

Q. Which Lenders are currently using Agent Initiated Short Sale?
A. Please go to www.equator.com, log-in or create an account, and then click the “Initiate Short Sale” link for a list of Lenders and Servicers. Check back regularly to see if new Lenders or Servicers are allowing Agents to initiate Short Sales via the Equator Marketplace. Equator does not have any additional information about any other Lenders or Servicers leveraging this initiation process. Please contact the Lender or Servicer to inquire when this feature will be added.

 

Hope this helps!!

 

The Equator Team

Discussion Forum

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BOA has been extremely strict recently with their "reserve the right to pursue deficiency" clauses. Can anyone figure out if BOA will adopt the HAFA rules of no deficiency?Voluntary? Mandatory? Per…Continue

CHASE AND USDA

Started by SHERI LIPSEY Feb 1, 2014. 0 Replies

I am doing a short sale with Chase and USDA backed mortgage, does anyone know how long it takes to get approval?  My offer was submitted Jan. 3RD. Monday of this week I received an email telling me…Continue

Worksheet Error Question ....

Started by John Parr. Last reply by John Parr Aug 6, 2013. 2 Replies

Got in a hurry and made an error in the worksheet for a Chase short sale offer.  After submitting the "in error" worksheet, I immediately received the first volley of "tasks" for that incorrect…Continue

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PDF Uploading

Started by Jo Soss. Last reply by TOP END Properties May 15, 2013. 4 Replies

I am sorry if this has been asked before.  I am ready to pull out my hair so I have lost my patience to search.  Question is.  I have been uploading my PDF's  - I then safe to submit later.  I needed…Continue

Tags: upload, pdf

Equator Password

Started by Jernel Sanders. Last reply by TOP END Properties May 15, 2013. 1 Reply

I am in the process of doing another BOA short sale and this new form is asking for my equator username and password. Username is normal nut never have they asked for my password? Has anyone had this…Continue

Address discrepancy in Equator?

Started by Sheila Vardakis. Last reply by Ron Margolis, RA Mar 19, 2013. 1 Reply

Has anyone else had this happen?The file is created in Equator, by bank because seller contacted them and told them I would be handling their short sale.  The address is wrong in Equator because it…Continue

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Equator Not Accepting My Input Today

Started by Mega-Pros. Last reply by Mega-Pros Mar 4, 2013. 2 Replies

Just curious if anyone else is having issues with Equator today?   I have been trying to input the HUD info on one of my transactions and it won't save the information or allow me to input more than…Continue

Reason for Default

Started by Jo Soss. Last reply by Jo Soss Jan 4, 2013. 8 Replies

Hi, I am using the Equator System for the first time.  I am just starting the initiate short sale process.  There is the drop down box for "Reason for Default" - there is no "other"?  Reason for…Continue

Files in EQUATOR status "Unavailable" - anyone know what this means

Started by Darryll Clark. Last reply by Rv.Realty Dec 22, 2012. 23 Replies

Around the 25th of March, we came in to find many of our "ready to close" files in EQUATOR suddently changed to status "Unavailable".  We contacted Equator & BOA and after days of inquiry were…Continue

Equator--does it apply only to BOA.?

Started by Larry Davis. Last reply by Patricia Bravo Nov 17, 2012. 5 Replies

Anyone else uses it?

Comment Wall

Comment

You need to be a member of Equator to add comments!

Comment by Jessica Jablonski on June 28, 2012 at 9:08am

Thanks Pattilynn - So you are saying she will be able to pull the file up from her equator account and I can pull it up in my account?

Comment by Pattilynn Guilford on June 28, 2012 at 8:51am

Yes, they have to be on the TPA and their name has to be in first position.

Comment by Jessica Jablonski on June 28, 2012 at 8:24am

Does anyone know if you are partnering with another agent on a short sale if you can add them to the file so they can pull it up in their Equator account versus having to log into mine to check the status?

Comment by Thom Colby CA Brkr 888-391-5245 on December 13, 2011 at 10:24pm

Cynthia,  It looks like you are in CA - so I would expect the property to be in CA as well.  If so, SB458 prevents the lender from requiring additional funds as a condition of short sale approval.  Google SB458 and check out page 4 - in part it reads:

 

(b) A holder of a note shall not require the trustor, mortgagor,

or maker of the note to pay any additional compensation, aside

from the proceeds of the sale, in exchange for the written consent

to the sale.

 

If they want $6K and the first is only allowing $3K, the only choice they have is to decline the short sale.

Comment by Cynthia Deacon Daniels on December 13, 2011 at 10:11pm

As a BofA 2nd can they get more than 3k or is this the max. They want 6k and the listing agent said the 1st will pay 3k and the buyer has to pay the other 3k. The 1st is SPS. I appreciate your help!

Comment by Brent Innocenzi on November 17, 2011 at 11:18am

Thank you very much for listening and changing it back.

Comment by Kathleen Couch on November 17, 2011 at 10:33am

Fabulous!  Equator is proactive.  BOA tweet team is the best in the business.  Now, how can we get Wells Fargo on board with using Equator in a more productive way?  And Wells Fargo's twitter group, personally responding instead of just giving another phone#?

Comment by Jeff Payne on November 17, 2011 at 10:06am

Thanks for listening!

Comment by Public Relations on November 17, 2011 at 9:37am

We are listening! Thank you for your patience.

Comment by Wendy Rulnick on November 17, 2011 at 9:34am

Thank you, Equator Team, for listening!

 

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