BofA no FHA?

With all the upheaval at BofA recently since new management took over, files getting lost, negotiators getting lost, and everyone in "meetings" all day....Now I find out they will not allow offers uploaded to Equator that use FHA financing if BofA is servicing the loan.  Everything must be submitted manually. Anyone else encountering this?  Oh yeah I love how I found out....reply from generic negotiator:  offer declined- reason: OTHER.  Maybe this post can save folks some of the phone time I had to go through to get to the bottom of it....

Views: 196

▶ Reply to This

Replies to This Discussion

Permalink Reply by Wendy Rulnick on June 3, 2011 at 8:45am
YES - You must fax in HUD/FHA and VA contracts, as well as Ginnie Mae...  I think they are working on getting those added to Equator eventually.
Permalink Reply by Eric Mieles on June 3, 2011 at 2:37pm
Yes sir. You will get a secured email from your negotiator asking for specific docs in a VERY specific order.
Permalink Reply by Jim Schneider on June 5, 2011 at 1:54am
You'll also be misdirected by many different personnel if you try to get the short sale pre-approved. Just mtell them hud requires it and you need to speak to their manager before you file your complaint.
Permalink Reply by Kimberley Kelly on June 5, 2011 at 3:25am
Gads..just one more financing problem.  I LOVE cash Buyers except that they are so often Investors and that can be a problem too..help us help our housing market out you Lenders, don't' make it harder for us!
Permalink Reply by Beatrice M. Stambulski on June 5, 2011 at 8:28am

Now I understand why my Short Shale serviced by BofA was decline, reason: OTHER.

FHA loan, I had 6 offers on the property, over asking and over current market value. BofA would not give an extenrion of 25 days to close . Called FNMA they had no idea what was going on, either did not get the whole info or correct info from BofA negotiatior who was extremely slow at responding.

My conclusion, if the loan is not a BofA loan, they'll let it go to foreclosure. I closed other Short Sales with BofA, their own loan. In my market area a large numbert of  FNMA REOs which were on the market as Short Sales mostly with BofA

Permalink Reply by Mike Ashcraft on June 5, 2011 at 9:15am
It doesn't matter what loan type the buyer is using.  If the Seller has an FHA loan and its serviced by BofA then they don't use Equator for them.  Its not something new, its been this way.

Thom Colby Newport Beach CA said:

hmmm - I'm confused,,,, I have a transaction in Equator for the past few months BofA - one loan only, Buyer is using FHA and it's progressing along nicely.  BPO's have been done (although they told me the lastest BPO came in lower than the last couple) and it is currently with MI company for approval.

 

Did I miss something??

 

Thom Colby

Broker / Negotiator

Newport Beach CA

Permalink Reply by Wendy Rulnick on June 6, 2011 at 12:36am
Thom - I had a Ginnie Mae in Equator - it was progressing nicely, too, UNTIL BOFA determined it should not have been in Equator at all- caused a minimum 30 day delay moving it to the "right" department....
Permalink Reply by Thom Colby CA Brkr 888-391-5245 on June 6, 2011 at 9:09am
Seller is also FHA....

Mike Ashcraft said:
It doesn't matter what loan type the buyer is using.  If the Seller has an FHA loan and its serviced by BofA then they don't use Equator for them.  Its not something new, its been this way.

Thom Colby Newport Beach CA said:

hmmm - I'm confused,,,, I have a transaction in Equator for the past few months BofA - one loan only, Buyer is using FHA and it's progressing along nicely.  BPO's have been done (although they told me the lastest BPO came in lower than the last couple) and it is currently with MI company for approval.

 

Did I miss something??

 

Thom Colby

Broker / Negotiator

Newport Beach CA

Permalink Reply by Mike Ashcraft on June 6, 2011 at 9:32am

Strange.  I have never had an FHA short sale where we had to get approval from MI co.  and don't FHA short sales require an appraisal not a BPO?

Apparently you didn't miss something Thom, BofA did.  We'll all just cross our fingers and hope for your sake that they don't notice that they are working an FHA SS through Equator before it closes, because if they do, they are most likely going to kick it out and make you resubmit the whole SS package like poor Wendy Rulnick.  Good luck!!

 



Thom Colby Newport Beach CA said:

Seller is also FHA....

Mike Ashcraft said:
It doesn't matter what loan type the buyer is using.  If the Seller has an FHA loan and its serviced by BofA then they don't use Equator for them.  Its not something new, its been this way.

Thom Colby Newport Beach CA said:

hmmm - I'm confused,,,, I have a transaction in Equator for the past few months BofA - one loan only, Buyer is using FHA and it's progressing along nicely.  BPO's have been done (although they told me the lastest BPO came in lower than the last couple) and it is currently with MI company for approval.

 

Did I miss something??

 

Thom Colby

Broker / Negotiator

Newport Beach CA

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************