Hello Superstars,
Are you finding that Wells Fargo (now on Equator) is still generally faster than B or A for approvals? I have a first and a HELOC, both with Wells and haven't done a Wells SS in a while.
Also, is there a document that compares the various banks' short sale time frames? I have one that's a couple of years old.
Thanks!
Sue
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Yes, HELL YES!
BofA is a bear to work with.
Had a lender that came in late on getting a loan funded in mid December, late by a day. I am still trying to get a new approval out of them.
The bad news is, the buyer has been waiting for 11 months and now the appraisal is about to expire.
BofA needs some legislative intervention!!!
There are 3 investor types:
GOvernement backed - Fannie, Freddie (for whome B of A is the largest Servier)
and
Private Investor
and
Protfolio loans (where the Servicer and Ivnestor are the same)
It is the portfolio loans that go the most quickly for obvious reasons (it is THEIR CASH that is being tied up and their loan loss reservres that are effected).
It is why SOME B of A short sales are done in 30 days, and, others that have been securituized adn sold off in teh private markets repeatedly will take 6 months.
Bottom line - NEVER EVER EVER give up, keeping fighting for your client (and your commission), and, KEEP WATCHING THESE BOARDS FO GREAT ADVICE!!!!
ALl my best to everyone,
Ben Benita, ATG Title
Than you have your FHA and VA Loans too and your HELOC's.
I have one Well's short sale that is going on 1 year and the second buyer, 5th negotiator :-(. I call twice a week and so does the home owner. I have escalated the file, basically I have done everything I know to do short of driving to the short sale department and sitting on somebody's desk. I submitted the last offer on Dec 12, 2011 and am very afraid I am about to lose this buyer too. From my experience with Well's, they have a terrible manual system (for some reason they would not let me do this one on Equator).
On the other hand I have closed 2 BAC short sales in the last month and have 3 more working, all on Equator, all going fabulously well.
So reading all the emails on this thread, it really must be a case by case basis, or maybe regional?
Last one I did with Wells they assigned a rep to it and I got an email religiously on EVERY Tuesday insisting on my marketing updates. They periodically reduced the price until we got a Buyer and then were diligent about making sure the Buyer performed and it closed on time.
My volume is MUCH higher on B of A, (NOT by choice). Wells has been extremely more efficient that B of A in my book. But then I've heard Chase to be good too, which I would absolutely dispute.
Most recent experience is BofA about the same as they have been for the past year or so - fairly good as long as it's an Equator transaction.
WF - now that they've gone to Equator they are horrific. And, WF HELOC (cannot be done through equator) is worse.
I was excited when I started working on two new WF files late last year thinking it would be like it was two years ago and finish in 37 days.. Now, not so excited - in fact they are two of the worst experiences I've ever had.
just my .02
Actually Wells Fargo HELOC's have been much easier and faster than the first's in my opinion. Isn't it amazing how some people have vastly different experiences....opinions... ?
Wells Fargo is much faster than BofA. Although lately I seem to be fighting inflated BPO's from Wells. I had an approval from them in December for $92,000 and then in January with substitute buyer they won't go lower than $112,000 and it was the same vendor who conducted the BPO both times. What is up with that? Properties don't increase like that in 30 days (BPO was done in November but counter was given in December). But still was able to get approval in 40 days vs 4 months with BofA. BofA files just seem to be ignored and task expire without being addressed.
In my experiences, and I know all of us on here have different experiences.... B of A wins hands down for fast approvals and definitely for knowing how to work Equator. I won't even DARE to submit a short sale in equator with Wells...much faster the old fashioned way with them. I WILL say that ALL other banks are faster than B of A when u need to substitute another buyer after first buyer has walked. As much as B of A has tried to make that process go faster, it is still not fast enough.
They do what's called a soft decline, which is starting over, without really starting over.... REALLY? lol
It still takes a couple of wks to get back to where you were with your prior buyer prior to them walking....duh....
I wish they'd fix this, for they are just getting in their own way and allowing another delinquent owner to stay in the property longer and not pay and cause more impatient buyers to walk AGAIN..forcing the process all over again.
OMG. I have a totally opposite opinion. Since WF went on Equator, I think they've been a nightmare. I've had the same file in "APPROVAL" for over 3.5 weeks and the negotiator just keeps saying the same thing that it's off with the investor. I started this file in OCTOBER. I have a BOA loan I submitted in the second week of January and by the second week of February had an approval on. I like BOA all around SOOOO much more than WF. WF just sits on paperwork, doesn't respond, then needs updated paperwork because THEY haven't moved the file along.
JMO
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