Replies to This Discussion

Permalink Reply by Katerina Gasset on April 6, 2010 at 2:48pm

How sneaky!

Permalink Reply by Lori Young on April 6, 2010 at 2:59pm

Good point. Also watch out on the "Worksheet". BOA is trying to reduce commissions. Everytime I mess with the worksheet it pops back to 5%. I had to argue with a rep that Fannie Mae is 6% no exceptions. This guy told me I was wrong. I ended up emailing the Team Lead and that was the end of this conversation. Bottom line, pay attention. Seems like new tricks every day.

Permalink Reply by Michael Davis on April 6, 2010 at 3:05pm

I would not recommend having a client access Equator. That is asking for trouble. The listing agent should be entering all info

Permalink Reply by Tracy Gibson on April 6, 2010 at 3:19pm

Lori,

Everytime they reduced my commission in the worksheet, I raised it back up. They removed the reatly transfer fee, the recording fee, the wire fee, I put them back. The next time they left them in.

Keep pushing, this is part of the negotiation.

Lori Young said:

Good point. Also watch out on the "Worksheet". BOA is trying to reduce commissions. Everytime I mess with the worksheet it pops back to 5%. I had to argue with a rep that Fannie Mae is 6% no exceptions. This guy told me I was wrong. I ended up emailing the Team Lead and that was the end of this conversation. Bottom line, pay attention. Seems like new tricks every day.

Permalink Reply by Tracy Gibson on April 6, 2010 at 3:20pm

Good point Michael, I will do it in the future, this is a deal brought to be by another agent, we are up against a sheiff's sale and it was faster to let him enter the financials than get them from him.

Michael Davis said:

I would not recommend having a client access Equator. That is asking for trouble. The listing agent should be entering all info

Permalink Reply by Claudine Ellis on April 6, 2010 at 3:38pm

If you are not careful, it always reverts back to 5%. You are responsible for changing it or it will be 5% and once you submit you are accepting the 5%. They think they are slick. Gotta love em.

Permalink Reply by Gayle White on April 6, 2010 at 4:21pm

I googled FNMA commissions and sure enough March 1, 2009 guidelines say any fnma mortgaged backed loans cannot reduce commissions less than negotiated with the owner. Great amo. Thank you!

Lori Young said:

Good point. Also watch out on the "Worksheet". BOA is trying to reduce commissions. Everytime I mess with the worksheet it pops back to 5%. I had to argue with a rep that Fannie Mae is 6% no exceptions. This guy told me I was wrong. I ended up emailing the Team Lead and that was the end of this conversation. Bottom line, pay attention. Seems like new tricks every day.

Permalink Reply by Michael Davis on April 6, 2010 at 4:52pm

But beware. If there is a second they can force or attempt to force the commission to be reduced not matter what the first is.

Gayle White said:

I googled FNMA commissions and sure enough March 1, 2009 guidelines say any fnma mortgaged backed loans cannot reduce commissions less than negotiated with the owner. Great amo. Thank you!

Lori Young said:

Good point. Also watch out on the "Worksheet". BOA is trying to reduce commissions. Everytime I mess with the worksheet it pops back to 5%. I had to argue with a rep that Fannie Mae is 6% no exceptions. This guy told me I was wrong. I ended up emailing the Team Lead and that was the end of this conversation. Bottom line, pay attention. Seems like new tricks every day.

Permalink Reply by Gayle White on August 4, 2010 at 2:08pm

MORE WORKSHEET TRIP UPS - The last two short sales with BOA were countered asking for promisorry notes, one at $17,000 another for $30,000. Both times we countered back with zero in the column and both times BOA backed off and accepted the counter. Some agents when first filling out the offer columns mistakenly believe that the amount to be paid off goes in the 1st Lien or 2nd Lien Contribution section. That is incorrect. Although the existing lien will be released in order to clear title so the property may be sold, the worksheet is asking for funds that will come from the buyer or seller, not about how much the lender will contribute. That number is at the bottom of the page automatically calculated, and most accurately, should be the numbers presented on the preliminary or draft HUD-1 uploaded to the lender/negotiator.