BOA Alleged Equator Fraud
I was recently advised that BOA recently restricted all agents of a large brokerage because one short sale file allegedly contained fraudulent document(s). Furthermore, when any of these agents jumped ship to another brokerage because of their inability to utilize Equator their accounts remained restricted based on their prior involvement with the original brokerage. If any document(s) were fraudulent they would have been provided by the Seller, not the listing agent. However, BOA appears to be holding the brokerage and all of their associates responsible. This has presented further problems in that this restriction applies to all other lenders utilizing Equator.
The question for this discussion is has this occurred to anyone that you have heard about? NAR is currently working to resolve this issue and we would like to know if this is wide spread or just an isolated situation.
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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I guess, if you see it that way. I dont think we would have a profession of the public had that great of a lack of respect for us. If the public felt that way they would not hire a Realtor to sell their home or to purchase a home and our profession would simply die. Did 7 years of education earn you respect because I know alot of people who think attorneys are the lowest of the low (not my opinion of them though)
Your argument about lack of respect is merely your opinion and nothing else. I am just curious why you would leave such a prestigious profession to be become someone that no one respects?
This is my last post on this topic as I am going back to my profession of selling real estate :)
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Permalink Reply by Charles "Charlie" Brown on
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Some people have success and respect. Others search for it forever and look to become the expert anyway they can. KEEP BANKS AND ATTORNEYS OUT OF REAL ESTATE-UNLESS THEY ARE WORKING TITLE/ESCROW.
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Permalink Reply by Tni LeBlanc (805) 878-9879 on
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Hi Jeff,
Your last post and you leave with a question for me? :-)
I guess we just disagree. I don't think about that much but we do clearly disagree. I respect your passion. However, I refuse to attack you personally as you have done to me. That's not my style and bad way to argue, in my opinion.
People do begin from a position of respect with attorneys, now you can always lose it. But, in my experience and observation, real estate agents have to earn it on a case by case basis because the education is not required. It makes their job harder, and I do not think that is fair to those who conduct their business professionally. I personally haven't had a lot of the same difficulties because I do have a law degree. I do think I am shielded from a lot of that, fairly or unfairly.
I didn't write that no one ever respects a real estate agent. Are you committed to mistating my opinions? And, if you must know, I decided to sell real estate so I did not have to continue to record my life in 6 minute increments, also known as billable hours. Unfortunately, with that new found freedom from the clock, I sometimes over indulge in wasting my time.
Cheers,
Tni
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Permalink Reply by Natalie Arndt on
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Jeff and Tni you are both basically saying the same thing.
You are both right.
I agree with Tni that extra education in fields that are compatible with real estate make you better at what you do.
For example I have a graduate degree in counseling and undergraduate in Speech Communication and Marketing.
Does that come handy every day. Yes!
As far as I am concerned you are both superior professionals and I am glad you are here to help us in this journey we are all in together.
Natalie Arndt
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thanks Natalie. I have great respect for Tni, she is a great member of this site and I appreciate her and her contributions. After thinking about it, I too believe we were basically saying the same thing but my big mouth (or in this case my big typing fingers) gets makes me look like a jerk :)
I would love to hear more about the original post of BofA removing agents from equator.
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Permalink Reply by Jerry A Cook on
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As you can see, the lending industry IS using our way of doing business against us. For Realtors who think that banks are NOT in the real estate sales business. . . Think again. If we do not watch and do a top notch job, theywill use stuff like the story above to get regulators to let them in and when that happens, goodbye Realtors!
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Permalink Reply by Scott Korbin on
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My sentiments exactly. We must self-police, or I see our industry going the way of current Banking regulations and being subject to the same terms of the SAFE ACT as Lending Professionals.
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Permalink Reply by Donna McClelland on
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Hi Stephen,
I hadn't heard of this happening, but it's scary because how are we supposed to know if a seller has committed fraud? I just recently discovered from a lender that my seller omitted listing a $20K savings account (at their bank no less) on her financial statement that I submitted on her behalf. They were not happy about her omission and demanded $5K in a cash contribution at COE from her, but yikes, what if they thought I knew about it? I tell my clients to include everything that is asked for by the lender, but unfortunately, we cannot control, nor know, if they are being dishonest. I practice the highest of ethics, I work hard for my sellers and love helping the ones who are cooperative and appreciative, but I refuse to give up my hard earned livelihood for a dishonest seller.
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Hi Donna. You have an interesting question. IF you feel that you are the 'honesty police' for the sellers lender (which I do not believe you are) then you truly have a delima. But if you are a Realtor whose job is to find sellers and buyers and either 'list their home or sell them a home. Then to disclosure to the appropriate parties 'what you know via visual inspection and seller/buyer statements made' and what is disclosed to you via involved parties (seller/buyer/3rd party vendors). Then the loan servicing industries job is to 'collect and underwrite' data to satisfy their guidelines.
If not, you would need to be licensed as a loan originator in California and hold one of those funky Loan Originator licenses.
We are middle men, collecting requested data, and forwarding it to the loan servicer who has the responsibility to use it and other data they get 'outside' our transaction to decide if they will allow the short sale to be approved or not and upon what terms they find acceptable.'
Now when banks can 'punish' Real Estate Brokers for 'forwarding faulty documentation' and hold them responsible for 'sellers' fraudulant acts, then the banks have found the soft underbelly of our industry and clearly have decided to work against us instead of with us. (Unless the agent - who is the responsibility of the broker- forged documents or committed the fraud in question) If the REal Estate office did the act and the broker didn't find it during his duties of overseeing all transactions of his agents, they should be blacklisted 'after being found guilty under due process' and not because some person felt their was fraud.
Realtors and brokers have the same protection under the constitution to due process. They could probably get a good settlement under the RICO act, if the implication of fraud was unwarranted! ouch!
And that is how it should be. As we should be working for our seller and our buyer and let the banks deal with their crap on their own! But that is just my opinion. Thoughts?
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Excellent response. I agree completely!
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Permalink Reply by Bryant Tutas on
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Well this thread has certainly veered off topic! I love heated discussions. Please continue to keep it civil. Thanks
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