Nationstar Mortgage
HELP !!! I need a contact to Nationstar the investor is Bank Of New York via EQUATOR
I have a short sale that I am working on. They will not co operate with HAFA They are refusing to pay the sellers portion of the title insurance. They are refusing to pay the Natural Hazard disclosure report and they want to cut our commision to 5 %.
I have completed many short sales and the bank has always paid for the title insurance for sure. I have written to negotiator twice via equator and no reponse. I will resend to her superiors via equator now and I want to know if someone has a phone number for me please.
Thanks
Replies to This Discussion
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Permalink Reply by Rosalinda Hernandez on
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awesome info thank you very much
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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I think these issues are becoming more and more interesting everyday.
If we think about it, the servicer / investor is responsible to approve or decline the short sale based upon the loss, right? So when the servicer starts negotiating (dictating) the terms of the purchase contract (e.g. who pays title insurance, who pays NHD, or which closing company / escrow is to be used), I ask for the negotiator's State Real Estate License #. It typically stops them in their tracks and gets them thinking.
The issue is, they are the lender, and unless that person is Licensed by the Real Estate Commission in the State where the property is located, they are practicing Real Estate without a License - thoughts ?
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this is another great idea thank you so much
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thanks Thom I will that a try too so much good info coming my way thanks
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what a great idea and i will try that too
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thanks great idea
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Permalink Reply by Cindi Infiesto on
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I don't think so Thom. Anybody with an NMLS# or an attorney or works for a bank under their license can negotiate a short sale. That's my understanding. In fact, in some states, there is talk that they are going to take that roll completely away from the Real Estate agent; and, only attorneys or loan originators will be able to negotiate short sales. How crazy is that?
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True - BUT, I expect the lender's negotiator is NEITHER DRE, NMLS, or an Attorney and they are negotiating TERMS of the contract.
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They need no credentials operating under the bank's umbrella. You bring up a good point though. We all need licenses and they hire minimum wage employees who read a scrpt and are able to negotiate a federally regulated transaction. Such lopsided regulations.How does this make sense?
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Sorry, but I don't necessarily agree.
If the bank's employee is simply negotiating the terms of the Loss - you are correct. They likely do not need to be licensed. BUT, if they are negotiating TERMS such as Title Company, Escrow Company, NHD, whether Buyer or Seller pays for certain items or Specific Terms between the Buyer and Seller on the Purchase Agreement, they DO need to be licensed and in fact an Agency Disclosure likely needs to be signed by all parties with the bank's representative (Licensee).
If, as you say, the bank's employees do not need to be licensed, then there is absolutely no need for a Real Estate Agent on any Short Sale or REO, correct?
Anyone else have any thoughts about this?
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if you work for a bank you don't need an LO license. In fact, you don't need a license for anything. They are regulated by the Feds and we are regulated by the state. That's like saying a person can't sell their own home and negotiate the terms of the contract because they need aren't a real estate agent.
The bank acts as the seller on these transactions. There are so many real issues involved in short sales, but the one you're stuck on is inconsequential to everything and just nit-picking. Boy, if you could channel that argument to something that is meaningful that would be beneficial.
But, keep on with that argument and good luck there. LOL!
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Permalink Reply by Donisia Marquis-Knight on
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Hi Rosalinda,
I had a very similar problem with Nationstar. They did not cooperate with HAFA, however you need to email the CEO, CFO and VP. The same letter but address them individually, outlining the problems, the lack of communications with your negotiator and the severity of the outcome if assistance is not rendered. Let them know that the urgency and the importance of team work. It is unfair that we are all working hard to get the homeowner to do a short sale instead of having them walk away from the property and be treated with disregard. At the end of the day we need to work together. Make sure you cover your tracks and email your negotiator in Equator with concerns, dissatisfaction and thank you. Upper management will review all the emails in equator and call the negotiator immediately. Within minutes you will be called and email by corporate.
Remember to always be nice even when you are getting your point over. I got a denial and now it is approved with due diligence. Fight for your clients and never take a no for an answer if you have a strong short sale. Remember their is always a boss over a boss. Find out who is the manager of your negotiator and send them emails through Equator and follow up with a personal email at the same time.
Let them know you can lose the short sale without immediate assistance. Call 469-549-2000 that is the main number to contact all the corporate executives at Nationstar. If you have any question, please call me 925-519-4404 and I can walk you through the process.
Happy Sunday to everyone and keep up the good work.
Donisia Marquis-Knight
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