Equator Reo Bank Of America - Avoid the Temptation to Argue With Lenders

Equator Reo Bank Of America

The application process for short sales may appear to lack rhyme or reason, and we may find ourselves in situations where we attempt to fight the process in the hopes of bypassing the bank's inefficiencies in order to get a faster approval for the short sale transaction. Criticizing the process, or attempting to bypass the rules, often result in the opposite result - a short sale application that loses all momentum, while files that are following the normal process pass them by.

For example, Bank of America recently incorporated an automated short sale system called Equator. The stopped accepting fax applications, and required Realtors to enroll into the Equator system to initiate any new short sale applications. Furthermore, they required the borrower to also enroll, and log in to the Equator system to input their financial details, and to upload financial documentation that supported their hardship. Also, they were asking for private information from the Buyer, such as their date of birth and social security number.

The files we initially submitted into the system were rejected without a clear explanation. Error messages appeared, and the Bank of America employees did not have the proper training to explain or resolve these error messages. There were times when we tried to submit a document multiple times, and upon an unsuccessful third attempt, we were locked out of the system. Equator Reo Bank Of America

With each of these events, we attempted to escalate our issue because the Equator system was making the process slower instead of faster. We spoke to management to request that the file be processed in the old system, at the same time that they were receiving the same request from a majority of applications being entered into equator. None of our requests were granted, and were told to just start the process over and hope for the best.

It was not until we made an honest attempt to understand what was valuable to the lender in the transition to the automated Equator system. Their goal was to provide a system for sellers and their agents to accurately and consistently deliver information to the loss mitigation department. Another goal was to have all of the documents available in a central location, instead of files being lost or misplaced. Finally, they wanted to have a repeatable process that resulted a decreased amount of time required to process each short sale application.

In one of our situations, we entered the short sale application into Equator, and received an error message each time. We recorded each screen, including the screen containing the error message that prevent us from completing the online short sale application. We then offered to provide to a Bank of America manager a copy of our files, and all of the steps that we did in order to reach this error message. The manager was able to reproduce our error, was unsuccessful in using her manual override tools to force the application through, and referred the matter to the technical support department.

Because she determined that it was impossible for our file to be processed by the Equator system, and that we provided her with information that would help them troubleshoot their software, she agreed to manually process the file. We received an approval letter within 10 days. By following the rules, and by understanding the bank's objectives, we were able to arrive at a win-win solution for each party. We got our approval letter, and the bank received the detailed feedback they needed to improve their software. Equator Reo Bank Of America

Equator Reo Bank Of America - Avoid the Temptation to Argue With Lenders

By: Real Estate Expert

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