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Bank of America Comes Through

Posted by Brian Garff on April 29, 2010 at 3:00am
In February we had a 10 month-old deal denied by Fannie Mae with NO counter, NO explanation, and NO discussion. Sound familiar? I took the advice of some on the site and e-mailed Brian.T.Moynihan@BankofAmerica.com. Within two weeks they assigned a resolution specialist, Amy Geimer. Amy went over the deal in detail with me and discovered that the previous negotiator had essentially ignored the most recent BPO. The offer that had been denied was about 5k above the "reserve" amount. I called the buyer, but they had moved on. Fortunately, the home was marketable, and we found a new buyer quickly. Amy answered the phone, responded to e-mails, and got my final HUD approved in 37 minutes the day of close.

Last week we closed an 18 month-old deal with Tammy Orcutt (in Amy's same office) 6 weeks after she took over.

I know equator has its issues, but, in general, my opinion of this institution has been raised considerably. I think sometimes I would tend to jump to conclusions about conspiracy, or profit-mongering, when the real reason my file was languishing was over-burdened, under-trained, (and yes, sometimes lazy) negotiators.

Brian
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Comments

  • Brigitte Powell May 16, 2010 at 2:59am
    ok, I appreciate your info and will give it a shot on Monday. Thank you
  • Bryant Tutas April 29, 2010 at 6:33am
    Brian. Equator has made a HUGE difference this far. It's starting to feel like BofA is getting their act together. Glad to hear yours worked out in the end. We just have to keep pushing forward.
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