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Equator

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Website: http://www.equator.com
Members: 773
Latest Activity: Jan 24, 2018

 

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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

BOA and HAFA?

Started by Dave Halpern. Last reply by Brian Avery Jan 28, 2015. 7 Replies

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

Tags: worksheet, Equator, Chase

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

Tags: u

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

BOA file disappears right after we are told that approval will be received next week

Started by Kathy Marlowe. Last reply by Brett Goldsmith Sep 23, 2012. 3 Replies

The message stated "declined" "failed internal quality review"Does anyone have a clue what this means?I have successfully had approval for this property before but the buyer walked.Continue

Tags: equator, BofA

Comment Wall

Comment

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

Comment by Bryant Tutas on May 31, 2010 at 12:32am
Keli. My experience is that BofA will give one 30 day extension. The LA should have been asking for this already if they knew the deal wouldn't lose on time. They need to send an email to the closing negotiator and get this sorted out.
Comment by Keli Amparan on May 30, 2010 at 10:52am
Is there any way to get an extension if your BPO is expiring and you have not missed your COE date? I've asked for an extension but my BPO is expiring around 6/3. Our approval letter expires after 6/1. The closing agent is working on my file, but did not get the information until Friday afternoon. The LA had been emailing/phoning the negotiator instead of the closing agent and the negotiator never forwarded anything. I'm ready to close other than my tax transcripts and I'd like to close before 6/30. Any ideas?
Comment by Jean Beymer on May 26, 2010 at 6:29pm
My approval letter expired on Monday. I started on Friday requesting an extension for one week. I emailed, through equator, the negotiator, VP, Team Lead, Manager....no response. I emailed the request on Monday and Tuesday. Today I found the phone number for the negotiator. He told me that since we didn't hit our close date that our offer went away. He is trying to get it back into the system. He said that I couldn't simply ask for an extension since my BPO had expired and that they have to request another BPO. It could be two weeks before they issue another approval letter. He also said I need to make sure the BPO doesn't come in higher than the last one...if it does then the buyer would have to pay the difference. They will not accept the current fee appraisal completed for the buyers lender on the purchase. Could this be possible? We are ready to close.
Comment by Sara Mehrpouyan Los Angeles CDPE on May 24, 2010 at 12:13pm
I think I initiated my short sale a little early on equator. How can we get the due date extended? I am waiting for sigs before I submit the offer. Anyone? Thanks.
Comment by alisa hagner on May 19, 2010 at 8:52am
Now Equator wants up to spend our money to become"certified" prices range from $499 to $199.

Anyone surprised?
Comment by Jaime Woods on May 17, 2010 at 1:33pm
Laura Marshall - I just attended a BofA seminar hosted by the head of the Short Sale Division at B of A - some of his negotiators were there and they informed my agent that if she is at a dead end like it sounds you are at, you can contact any Bank of America Branch Manager (the local bank offices) and request they escalate personally for you. Sounds like yours is not a trivial issue so I assume you should get some help on this one!
Comment by Claudia Carignan on May 17, 2010 at 1:08pm
Does anyone know what they mean when it says upload MLS sheet? - as I have uploaded the MLS sheet twice now along with the other doucments and even was told by a rep from BofA using equator - that I had entered correct documents. Now I am once again getting an error message - incorrect document. Thanks for your help,
Comment by max e dumont on May 16, 2010 at 4:32am
EQUATOR HELP..I JUST GOT MY SHORT SALE COUNTER OFFER BACK YESTERDAY FROM BOA AND THE ONLY WENT UP 2K ON THE PURCHASE PRICE. HERE IS THE PROBLEM: WHERE I NEED TO INPUT MY COMMISSION AND FEES FOR THE TITLE WORK IT DOES NOT ALLOW ME TO INPUT MY FIGURES.. HELP............................................
Comment by Neil L. on May 13, 2010 at 10:09am
What is the longest way around the earth? Equator.com
Comment by Laura Marshall on May 11, 2010 at 8:56am
HELP! Long story short - 1st (IndyMac) approved short sale w/6% commission. Agents took a hit in order to pay additional to B of A & Taxes - 4%. Final numbers come out to be just uner 5%. I have been trying to get an updated approval at 5%, but cust serv has not escallated file, as they said they would and buyers docs in escrow. emails to negotiator, vp, etc...have gone unanswered. I need the revised approval today....any ideas? Thank you so much. I LOVE this group.
 

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