New Pains to Bank of America’s Short Sale Process

Author: Art Lee

Author: Art Lee

Bank of America recently has introduced their online application, Equator (previously named REOtrans), for managing their short sale transactions. Their intent is to help their short sale team with the processing of the huge volume of short sale applications being received by the bank. This system applies to both Bank of America loans and loans previously held by Countrywide. Bank of America is requiring that all new applications be submitted through the Equator application, and we have found that to be the case for all senior loans. Junior loans or HELOCs are still being processed via the traditional fax method. Some of our existing applications have been pulled out of the processing workflow, with a call from a rep asking us to re-enter the entire application in order for the application to be valid. The amount of time required to process short sale applications submitted to Bank of America is amongst the highest in the industry. While three months used to be a reasonable target, many files have now reached four, five, and six months of processing time. I would highly encourage any agent taking a file from Bank of America or Countrywide to make sure that the buyer realizes that they may have to wait 4-6 months before an approval letter is received. We currently have one file that was originally submitted in August, which was processed through the regular fax submission channel. A month after our submission and our file was marked as complete, we received a telephone call that we needed to resubmit our file before any more work would be done. We complied and uploaded all the files into Equator. Six weeks after our upload, there still was no new status on the file. We had learned that it was an error that no one had picked up the processing of this file.Upon escalation, we reached a manager who had agreed to have the file directly assigned to a member of her team. November arrives, and we find that all of the files we uploaded are now lost by Bank of America, and we were asked to re-upload all the files. December comes, and we are told that our application is rejected because our buyers pre-approval letter has expired. Since there is no field to upload one file, we again have to upload the entire file, along with the new pre-approval letter. This case has been escalated to the team lead, and their manager. We have also obtained the assistance of an attorney who is representing the seller. Article Resource: http://whbsolutions.com/blog/About the Author:

To learn more about how to qualify the best candidate for your short sale transaction visit whbsolutions.com.The number one factor in becoming successful in Short Sale Education, Short Sale Success and Short Sales is to learn how to pre-qualify your deal which includes finding the right buyer.

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