Bank Of America/Equator... The New Short Process

By
Real Estate Agent with Team Sandy Blanton Realty, Inc.

So we just listed a couple new short sales in which the lender is Bank of America. We have closed several BOA loans and have several more in process now. We thought ourselves very familiar with their processes BUT the game has changed. Bank of America now has a new system for their short sales called Equator. A basic outline of the new Equator system is outlined below (copied from the instructions they provided us):

  

Bank Of America Equator

BANK OF AMERICA/EQUATOR

GUIDE

Agent

  

Log into system at Equator.com using email and password (case sensitive)

Click initiate short sale and put in loan number and address.  System will automatically assign a task such as request do you accept or reject handling this property and requesting 3rd party authorization which will require uploading.  The agent uploads the contract sales price and list date when the task "initiate offer" which can be accepted or rejected.  If rejected three times in 7 days, the process starts over.  Tasks are sent via email but it's recommended visiting the Equator and shortsale.bankofamerica.com site daily.  There is the ability to reply to provide information to someone handling the Borrower's loan within BofA.  BACI is the one to click in the drop down box when a contract has been rejected.  Once assigned to a negotiator, that would be the appropriate choice in communications.

 

Borrower/Seller

  

Borrower must call BofA 866-677-2516* to register.  They provide their email and are sent a temporary password.  Borrower then goes to shortsale.bankofamerica.com (no http, no www) all lowercase and log in.  The system will ask security questions and then it enters the site.   Equator will assign the Borrower tasks which will most likely be the hardship letter, financial statement and Borrower contact information.  These documents will need to be uploaded so it's necessary to already on that information on Borrower's computer in PDF form.  Agent can perform these tasks if they have Borrower's login information.

 

Negotiator/Lender

  

They are assigned tasks as well.

 

 

Equator has no control over decisions made on loans on behalf of Bank of America.  They are just the software provider.  They do provide technical support on how to use the site at 310-469-9167.

 

 

*Subject to change

 

Our hope is that this system will streamline the process with the notoriously slow BOA. Either way, we're not just learning the new system but working hard to master it to get these short sales approved quickly. Are there any agents out there that would like to offer advice/ experiences with the new system that we could use to benefit our clients? I've heard this change was coming but this is our first real experience with it.We appreciate any information and are always working to improve our service to our clients.

If you're looking for an agent in the Gulf Coast area that knows how to price short sale properties, process them efficiently, and most importantly... close them...give me a call. I sell more short sale properties than any other agent in the entire gulf coast area. I'm not bragging, I'm applying for a job. I want your business and/or referrals!

Brandon Watson of Team Sandy Blanton Realty, Inc. BWatson@TSBRealEstate.com or 850-525-3692. http://www.10dayshortsales.com

 

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Topic:
ActiveRain Community
Location:
Florida Escambia County Pensacola
Groups:
Short Sales
Short Sales Specialists
Tags:
gulf coast short sales
pensacola short sales
team sandy blanton realty
brandon watson
pensacola short sale

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Rainmaker
327,019
Stephen Howell
Sarasota FL Homes For Sale 941-870-4141
Coldwell Banker Residential Real Estate

Brandon,

Any update on BOA Equator?  Once a negotiator is assigned, your notes above say that they are the best contact.  Is the Equator front-end of any value or use after assignment to a first or second level negotiator?

September 01, 2010 09:19 AM
Anonymous #14
Anonymous
Arlene K Mose CPA

I just found out about "EQUATOR".  Is BofA nuts - yes. This is why I left them as a bank.  I have had two clients and my sister try to buy a home.  The selling realtor wants their social security number and date of birth.  There is no way this info is going to be given to the realtor or some BoA program.  The buyers have their lender already.  I read on some other sites that you can just make up this information becuase it really doesn't matter. 

DOES ANYONE KNOW IF THIS IS TRUE ?

 

September 05, 2010 10:09 AM
Anonymous #15
Anonymous
richard phillips

The seller's lawyer in my pending short-sale told my Realtor that Bank of America needs the first five digits of my Social # and my d.o.b. as a way of rooting out 'family fraud,' that is: a buyer who is related to the seller and who purchases short-sale property as a way of enabling the seller to get out from under an onerous mortgage, but thereafter stay in the home by paying rent to the new (related) buyer.  The bank, which stands to lose a significant amount of amount via write-offs, evidently can detect from the first 5 digits of my Social # and my d.o.b. whether I am in fact related to the seller and thus be complicit in 'family fraud.'  This make sense to anyone?  

October 22, 2010 07:04 PM
Rainmaker
327,019
Stephen Howell
Sarasota FL Homes For Sale 941-870-4141
Coldwell Banker Residential Real Estate

That approach sounds bogus to me!!!  Please take a minute and read the wiki entry on Social Security Numbers as I think you'll find that it explains a lot about how social security numbers work (especially see the section "Structure").

While it may be important for any bank to ascertain fraud in short-sale transactions, using parts of social security numbers and parts of birth dates is not likely to help rout out fraud.  It's more likely that at the time you go to settlement, the bank will ask you to sign a document under penalty of perjury that you are not related to the seller in anyway.  The seller will be asked to do the same thing.

I think I'd be more concerned about providing the "first five" since those along with the "last four" equal the whole of your SSN.  Add to it your birthday and you're ripe for identity theft.  I think I'd exercise caution about this whole thing.  It just doesn't sound right.

October 24, 2010 12:09 PM
Anonymous #17
Anonymous
T. Cup

Why is personal information required by the Equator/Bank of America to close on a short sale. They may not be the buyer's lender, so what purpose do they need it. There is no way they can tell if you are related to the Seller or not. This personal information is only required when applying for a loan, not purchasing a house. They're already losing money on the property that is just sitting and waiting to be sold. Why not just put it up for auction and sell it to the highest bidder? I think Bank of America purposely drags the short sale on for months to get higher offers. After waiting for 3-6 months to close on a short sale property, they can just tell you, "I'm sorry but there was another offer made and we have decided to accept the new offer". Hahaha! What a waist of time. My suggestion to all,  "DON'T DO ANY DEALS OR BANKING WITH BANK OF AMERICA!" Their greedy and they don't help the people that need it.

March 24, 2011 09:32 PM
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Rainer
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Brandon Watson

Short Sale Expert
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