New Short Sale System
Today I was (I hope) pleasantly surprised that Bank of American has actually implemented a new system for working their short sales. Apparently there are now only 2 types of loans that cannot go through this more automated system. The new system works off a website called Equator (www.equator.com) and they have begun using this new process exclusively.
I will upload the requested documents directly to the website. I will know my negotiators name and apparently be assigned to the negotiator immediately. I will still be able to call and the call center will be able to view the entire file and if I feel that the negotiator is lagging too long in between tasks and not proceesing my returned documents in a timely manner, I can call and they will move the file along for me. This is all very much NOT the norm in working a short sale.
Downside to all of this, the tasks are sparated between the seller/homeowner and the listing agent. In other words, the seller must set up a login and password so they can access the website and upload documents such as pay stubs, hardship letter or information etc. This could lead to huge delays in people following through with supplying the documents. I suggest for other agents as I will do myself to get the login information from the seller/homeowner as soon as it is setup and upload the documents yourself. There still needs to be one expert in charge of the process. When a request for documentation is posted, there is a deadline to supply the requested information. This timeline is usually 48 hours and when that timeline is missed, files get closed.
While I have high hopes that this will be a much more streamlined process, it does raise some new concerns as well as I just mentioned. Bank of America now feels however, that getting approval within 45 days is much more likely. We'll see...I'll let you know how my own personal first experience with Equator is.