Comment

Comment by Alicia Hernandez on September 13, 2011 at 8:02pm

Adriana, the NHD report is an approved cost. On your counter in the comment section type this " NHD is mandatory & seller fee per Cal. civ. code 1103 and Title Insurance is mandatory & regulated fee per Cal. civ. code 1057.6" Hope this helps as it has worked for me in the past.

Comment by Adriana Barriga on September 13, 2011 at 6:57pm

I just received a counter offer from bofa. They are not approving paying for title ins.  or nhd report they are reducing my clients closing cost help by $400.00 The negotiator is telling me that HAFA doesn't pay for the NHD report. Any advise with this issue.

Comment by Lisa Castanet on September 10, 2011 at 4:11pm

I have been on the Equator platform since Jan 2009. Short sales continue to be a pain via equator, I agree. I think the biggest problem is a lack of communication or knowledge from the people we have to deal with. Its difficult to get all the information you really need. It took me almost a year and now I am also an approved REO listing agent for BOA using same Equator system. That is no piece of cake either. We are definately working harder than ever and you just have to keep smiling, remain calm and professional in order to get things done!

Comment by Joe Beauchamp on June 2, 2011 at 9:33pm

BTW, BOA has been molasses since the new Equator of mid-March.  Everywhere.  HAFA has been very slow - few people know that files go back to BOA several times during the process - not even the reps know at BOA.  BOA is happy to point the finger at UTLS or AMS for being slow and not tell people that a big part of it is BOA delays that you don't hear about.  So, assume things will continue to be slow.

 

2nd, BOA doesn't seem familiar with only being in 2nd position - Equator doesn't understand it - they seem to think the same way they do when they are in 1st position.  I spend a fair amount of time mentioning that they are only in 2nd position to the reps.  That might give the file a "special" status.  However, since everything else works "the same", I am on their backs every day to every other day depending upon the stage.  If I have a reason or things seem to hose up, I'll send an email via equator asking for status, etc.  In the meantime, through my calls, the reps will escalate (now called "status request") and help keep things moving as due dates get missed.

 

So, in sum - BOA is real slow now, expect it to be.  And, call in a timely fashion, ask about status - "Gee, this seem to be dragging.  Anything you can suggest?" type discussion and the rep will see if he can send a status request for you.  The steady pressure seems to be the best and I have not seen that 2nd vs. 1st position makes a diff in that regard.  Maybe that is why mine get done - I'm as much of a pain to the negotiator for a 2nd as others are for a 1st - and for what?  $1K or something?  HA!  They probably do what they can to scribble something and be done with it.

Comment by Sara Mehrpouyan Los Angeles CDPE on June 2, 2011 at 8:54pm

Thanks - crossing my fingers and toes. :)

Comment by Joe Beauchamp on June 2, 2011 at 5:57pm

Sara, Equator only knows 1st position for BOA and really, you pretty much are in the hands of the negotiator as for what will happen when.  I have 2 where  BOA is in 2nd position only and should have the approvals shortly.  We/they do not have an approval for the 1st, yet.  It just depends upon the negotiator.  (I did tell one that the investor for the 1st is FNMA and if he doesn't work for them, ask one of his pals and he will know what he is going to get - don't bother to argue.  That was fun.  But, he still took his sweet time - checking numbers etc. all for some pennies..)

Comment by Karin Christa on June 1, 2011 at 11:34pm

Sara I just completed a 2ND LIEN WITH BofA - I submitted to the 1st and 3rd lender along with  BofA  (not on equator)- was told BofA is waiting for the approval letter from first and a HUD - once I supplied it they accepted the offer within 22 days.

Comment by Sara Mehrpouyan Los Angeles CDPE on June 1, 2011 at 11:13pm

 I have a 2nd Loan with Bank of America on a short sale (1st is with Citi). Does Bank of America still start the short sale on Equator? and do they wait until the 1st approves an amount to the 2nd before they tell us what they'll take?

Comment by Debbie Parkans, CDPE, CSSG, CRS on April 6, 2011 at 2:24pm

I do know that equator has been having some issues over the last 3 or 4 days.   I have a HAFA where we have our HAFA equator approval and had submitted an offer.  Equator cancelled the whole file last Friday.  The negotiator had to re enter it and I have had to re input the offer and all supporting documents.  Did that on Monday when I got the task and then late Monday night got the equator message that the documents were rejected because I was not shown as the listing agent.  Even though I had accepted the assignment, etc.  I had to re upload everything again yesterday and hopefully we are back on track - but no one can tell me that for sure.

Comment by Jason M Halliday on April 6, 2011 at 1:25pm

is the buyer an LLC.  you may need to upload art of incorp and operating agreement for buyer if that is the case.

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