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Bank Of America

Posted by Melissa Polce on November 9, 2009 at 5:51am in Short Sale Discussions
Anyone know a good system for them? They say to my seller...your just 1 in a stack of hundreds...but with the sheer number of Short Sale offers that they must have, they could probably get alot off the books if they just set a system up for themselves...kinda makes you appreciate all the other servicing center and banks that at least cooperate in under 4 months.

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  • Jeff Payne November 9, 2009 at 8:22am
    I would love to see them go with a paperless closer, a local title company uses paperless closer and the lender, buyer, seller, agents, can log in to upload docs and check on the progress. I have been saying this for 2 years and have a simple system that would work.... here goes, sorry to hijack your post...
    Offer comes in, new file is opened by the agent, not BofA thru a website. To get the file opened.... Authorization letter, offer, proof of funds or financing and HUD-1 as well as all contact information, both agents, seller, buyer, and title agent. The system will not upload if everything is not there. As soon as this happens, all contacts get a link to log in to follow the file. File gets assigned and negotiator is now visible in the system. Negotiator asks seller directly for any financials needs, FORGET THE HARDSHIP LETTER, FORGET THE LISTING AGREEMENT, FORGET EVERYTHING THAT IS NOT NEEDED! The appraisal or BPO is ordered and uploaded to the same sight so everyone can see it. If the offer fits the criteria, the approval is issued, if it does not meet criteria, a counteroffer is made. All of this is done online, via a paperless closer system. No need for faxes, no need for phone calls. Even the investor group gets to see the file so that they know what is happening.
    I know this sounds too easy! Sorry to hijack your thread.
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