Letter that I just got from REOTrans
BofA Implements Equator (REOTrans) Platform, as Short Sales Gain Ground
10/22/2009 By: Carrie Bay, reporter for DS News
California-based Equator (formerly known as REOTrans) says it has launched the industry's first-ever short sale module for a large national lender.
Although Equator declined to name the lender, the San Francisco Chronicle has reported that Bank of America is the company in question. A representative from BofA recently told the paper that they were using the Equator platform to manage the short sale process. "This is the first time that short sales have been handled through an electronic platform," said Equator CEO Chris Saitta. "With our new system, everyone works together in real time, dramatically improving communication and approval timelines for our client, its borrowers, vendors, and real estate agents."
Short sales, in which a lender and borrower reach an agreement to dispose of a property threatened by foreclosure at a price that is "short" of the amount owed on the mortgage, have become more popular among lenders lately as a viable method for dealing with distressed properties. According to Equator, the number of successful short sales has increased spectacularly across the country in the wake of the foreclosure crisis.
Kevin Kieffer, a Realtor with Keller Williams Realty in Danville, California, told the Chronicle, "A year ago I wouldn't touch a short sale. It would be random prices banks wouldn't agree to, you would be tied up six months hoping to get a property sold. But now we're seeing banks up front negotiating prices and giving us criteria. They're getting creative to make things move."
Equator says the keys to a successful short sale are accessibility, responsiveness, communication, and fulfillment. By adopting its short sale platform, the company says large lenders, such as the unnamed Bank of America, can ensure troubled borrowers have 24/7 access to a portal through which they can provide the necessary information to process a short sale and receive real-time status updates electronically.
"Short sales can be a daunting, complicated, frustrating task for everyone involved," Saitta said. "This fresh approach using our sophisticated platform makes it fast and efficient for all parties involved."
Equator's short sale module also automates decisioning for the lender, handles approvals for faster turnaround, provides quick fulfillment, and assures full compliance with government programs, Saitta said.
http://www.mortgageorb.com/e107_plugins/content/content.php?content...
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/10/20/BUOG1A5...
http://www.bayareainvestmentrealestate.com/2009/10/reotrans-now-han...
10/22/2009 By: Carrie Bay, reporter for DS News
California-based Equator (formerly known as REOTrans) says it has launched the industry's first-ever short sale module for a large national lender.
Although Equator declined to name the lender, the San Francisco Chronicle has reported that Bank of America is the company in question. A representative from BofA recently told the paper that they were using the Equator platform to manage the short sale process. "This is the first time that short sales have been handled through an electronic platform," said Equator CEO Chris Saitta. "With our new system, everyone works together in real time, dramatically improving communication and approval timelines for our client, its borrowers, vendors, and real estate agents."
Short sales, in which a lender and borrower reach an agreement to dispose of a property threatened by foreclosure at a price that is "short" of the amount owed on the mortgage, have become more popular among lenders lately as a viable method for dealing with distressed properties. According to Equator, the number of successful short sales has increased spectacularly across the country in the wake of the foreclosure crisis.
Kevin Kieffer, a Realtor with Keller Williams Realty in Danville, California, told the Chronicle, "A year ago I wouldn't touch a short sale. It would be random prices banks wouldn't agree to, you would be tied up six months hoping to get a property sold. But now we're seeing banks up front negotiating prices and giving us criteria. They're getting creative to make things move."
Equator says the keys to a successful short sale are accessibility, responsiveness, communication, and fulfillment. By adopting its short sale platform, the company says large lenders, such as the unnamed Bank of America, can ensure troubled borrowers have 24/7 access to a portal through which they can provide the necessary information to process a short sale and receive real-time status updates electronically.
"Short sales can be a daunting, complicated, frustrating task for everyone involved," Saitta said. "This fresh approach using our sophisticated platform makes it fast and efficient for all parties involved."
Equator's short sale module also automates decisioning for the lender, handles approvals for faster turnaround, provides quick fulfillment, and assures full compliance with government programs, Saitta said.
http://www.mortgageorb.com/e107_plugins/content/content.php?content...
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/10/20/BUOG1A5...
http://www.bayareainvestmentrealestate.com/2009/10/reotrans-now-han...
Replies to This Discussion
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Permalink Reply by Tessa Wilborne on
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I have short sales loaded into the REOTRANS system and after 3 weeks was not getting any type of response form the negotiator assisgned to the account. I contaced a VP of the REO department who sent my request on to the person in charge of handling short sales in the REOTRANS system and within 2 days was reassigned another negotiator. The new negotiator is out of town until today so I will update in a couple of days or so to see if this one responds. As far as being a smoother transaction and more responsive......I have yet to see that. If anyone else has had a better experience please share it.
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Permalink Reply by Elaine Edwards on
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BofA update referred out means, my file is on its way to REOTrans to open the account, I now have to wait 7 days for it to get into the REOTrans system, that is why REO Trans can find nothing. So I will wait..for REO Trans to upload my document
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1st proccess = 1888-491-4947 - Fax all documentation to BoA 1st step.
2nd step docs go to Home Retention - where data it is accessed and forwarded to REOTrans or Kept inhouse for BoA to processing 10-15 for this stem, Call BoA to see where your docs have been assigned - a must call
REOTrans was assigned one of my accounts referred out today - so now I wait 7 days for REOTrans to enter docs into there system, so I will be checking REOTrans daily to see if its uploladed.
My other short sale was kept in house and not sent to REOTrans, it has been assigned a negogitator and now I wait the 15 days.
Once the first negogitator is assigned they need 15 days call call on the 10th day to check status or email your negogitator, if accepted it with then go to phase 2 - negogitator. How many days that takes I don't know till I get there
I would not recommend having your sellers call to start the process, sellers only get frustrated just fax your docs and authorization to the above number to start the process. -
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Permalink Reply by Flor Melgar on
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thank you. this is very helpful.
Elaine Edwards said:1st proccess = 1888-491-4947 - Fax all documentation to BoA 1st step.
2nd step docs go to Home Retention - where data it is accessed and forwarded to REOTrans or Kept inhouse for BoA to processing 10-15 for this stem, Call BoA to see where your docs have been assigned - a must call
REOTrans was assigned one of my accounts referred out today - so now I wait 7 days for REOTrans to enter docs into there system, so I will be checking REOTrans daily to see if its uploladed.
My other short sale was kept in house and not sent to REOTrans, it has been assigned a negogitator and now I wait the 15 days.
Once the first negogitator is assigned they need 15 days call call on the 10th day to check status or email your negogitator, if accepted it with then go to phase 2 - negogitator. How many days that takes I don't know till I get there
I would not recommend having your sellers call to start the process, sellers only get frustrated just fax your docs and authorization to the above number to start the process. -
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Permalink Reply by Laurel Starks on
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Our first file assigned to REO Trans was "denied" because we failed to submit the purchase agreement within 7 days. In fact, our file has been with BofA for 3 months, and of course they have the purchase agreement. The files, however, do not get boarded over to REO Trans apparently. We did send in the purchase agreement after it went to REO Trans, but (surprise, surprise) it didn't find it's way to wherever it was supposed to go. File closed.
My bulldog assistant got them to take it out of REO Trans, but it is getting assigned to a new negotiator - after it was pulled from the one who had it prior to going to REO Trans. Back to Phase I.
I hope none of us are gullible enough to be fooled into thinking that BofA actually has their sh!t together with this new announcement! -
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Permalink Reply by Anna Mackey SDHS on
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Lauren,
Amen Sister! I am with you on this one. Even if there are positive change that will come out of this, it will be AWHILE before they materialize... Don't hold your breath LOL -
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Permalink Reply by Wendy Rulnick on
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BOFA told us NOT to use REOTRANS on the one we faxed in last week.
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Permalink Reply by Jeff Payne on
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I just talked to my contact at BofA and she asked for the sellers email and their elementary school (security purposes) to get REO Trans started.
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Very interesting I just went to REOTrans and decided to add my short sale as a listing to their site, low and behold the property showed up as a Lender property listed for sale, no way for me to access this guess who will be on the phone tomorrow with REOTrans and BofA.
If your short sale has been referred to REO try to add your property and see what happens!!
Elaine:) -
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I just got an REO Trans log in for a short sale. Had to upload the authorization after I accepted the "assignment" Stay tuned..
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