NEW BOFA Letter of Authorization... only licensed agents or attorneys can be authorized on accounts now? That rules out an assistant being authorized to follow up on even mundane "Did you get the fax?" calls... escalating with BOFA

See link: http://realestateagent.bankofamerica.com/content/documents/tpa.pdf

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question on this new form. Does Bank of America already have a "form" that agents fill out when they initiate a short sale?  And this form replaces it? 

I have always created my own form allowing me to speak to the bank on my clients behalf and so far Bank of America has never had an issue with my forms...maybe April 15th we have to use their form?

Craig

Craig - That is correct. After April 14, they will require the new form.  There will also be a BOFA webinar on April 2 at 4:00 Eastern to present major changes in their processing...  

Joseph , I agree with you 100% on Agents negotiating short sales. Couldn't of said it better myself.

Agents hold a professional real estate license to sell and list property, not negotiate short sales and manage sellers financial documents and debt situation. This is the job of a licensed 3rd party debt management company or licensed mortgage loan officer. Here in Oregon law is you have to have a debt management license or loan officer license to negotiate short sales.

 

Well, I tend to disagree. I am a licensed agent and my take is that anyone with knowledge can do this. We are negotiating a debt settlement in relation to a real estate transaction. You'll need to be knowledgeable in both aspects and licensing doesn't mean a thing. In fact, the only difference I see between a real estate investor and a real estate agent is a piece of paper.

Well, my partner and I have been negotiating short sales in Oregon and Washington for the last 6 years.  But, we spent a couple of years in classes and learning this business from mentors, etc.  Short sales are 75% of our business and we have closed over 125 of them, (which would have been 126, except for the dreaded MI.)  And guess what we are not in it for the $$ (what a joke), we are in for two reasons, because we really care about helping people and because many brokers in Portland who didn't adjust have either left the biz or took a second job.

 

I think anyone who wants to negotiate short sales, 3rd party, loan officer, attorney, Realtor should do so if they learn the ropes and give it 100%.  Honestly, we have run into so many agents who don't know anything and their "negotiations" ruin the short sale for their sellers (and our buyers).

 

I can't count the number of times a Realtor has asked me to "explain the short sale process" in 15 minutes so they can do it themselves and not refer to an experienced agent.  Now we teach short sale classes.  We hope to help those who want to know how to do it...and the others, if they run scared, they usually refer to us.

 

So, in Oregon you have to have a debt management license or loan officer license if you are  a 3rd party negotiator, but Realtors can negotiate short sales with no special license.

Our team at Wingspan, a major 3rd party short sale negotiator, is meeting with BOA this week to seek clarification on the LOA issue. Will keep you posted as we learn more. 

Please do. Thanks.

Wendy did you ever get additional information from BofA? This is crazy... I am licensed, however I am with you on never being able to take a day off.. will it never end.. first our commission and now this?!  

Thank you,
Teresa

Teresa, I am waiting for a response from Bank of America. I'll post it here.

This is an absolute nightmare. In the state of New Hampshire the only people allowed to negotiate short sales are licensed loan originators. BOA is asking agents and attorneys to break the law! I hope this gets cleared up.

Hello All,

I spoke with Diane from the social media team.
She said that they had received a veritable flood of inquiries regarding the new authorization form. She investigated and reported that the licensed agent could sign and then list other delegates who may not be.

I would bet we see some revision sometime soon.

Good luck all.

Chris Black
Attorney
8695 College Parkway, Suite 2350
Fort Myers, Florida  33919
P:  (239) 985-4142
F:  (239) 425-3518
W:  www.wingedfoottitle.com
Blog:  www.homeclosingprocess.com
Twitter:  www.twitter.com/wingedfoottitle

Chris - This is interesting. I spoke with a Bank of America executive yesterday, who told me this is not the case.   Can you get her to put it in writing?

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