Unusual Request from REDC
We are representing a buyer on a short sale. The listing agent is negotiating the short sale. REDC is the lender/lender's representative. According to the listing agent, REDC is requiring (through Equator) that the buyer provide:
* the first 5 digits of the buyer's social security number
* the buyer's date of birth
* the buyer's home address
* the buyer's telephone number; and,
* the interest rate that the buyer has been quoted.
I have never heard of such a request. The listing agent claims that these are fields within Equator that she needs to fill in. What is your advice - should we be required to provide this information?
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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yes, equator has been requiring this for quite some time. Nothing unusual here. Many just put fake numbers in
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Permalink Reply by Trong Dang on
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I noticed that BoA was the only one requiring this, other banks has not.
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Permalink Reply by Smitty on
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I added lines on the buyer acknowledgement form from BOA that ask for that info in addition to the buyer signing. I never need to ask buyer for it now. It comes right on the signed form.
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Permalink Reply by Ashley Monasmith on
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This is a normal request. Several other banks also ask for it including BofA. I have started working Chase loans in Equator and their process seems to be just like BofA. So once you're able to initiate through them I'm sure they will too.
Pretty sure there are a few reasons for it. 1. They want to make sure buyer has not recently foreclosed with the same investor/ servicing company 2. They want to make sure the buyer has not been committed of mortgage fraud. 3. They can also use it to make sure it is not an Arm's Length transaction.
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