Information

Equator

This group is to discuss the Equator Short Sale System, as well as any Short Sale and REO programs through Equator (formerly REO Trans)

Website: https://www.equator.com/
Members: 613
Latest Activity: Feb 8

Find a local Equator short sale specialist Realtor experienced with the Equator short sale system to process your Bank of America, Wells Fargo, GMAC or Chase short sale without cost


Equator Short Sale Processing System

Equator (formerly REOTrans) is now the system used to process short sales for most Bank of America Files. GMAC uses it as well, much more successfully than Bank of America. Currently GMAC short sale files are entered into the Equator short sale system by GMAC themselves.

Here are some general instructions for the system:

Bank of America Equator Short Sale Guide for Agents

You should initiate the short sale at www.Equator.com

You must obtain the following (and more) for each buyer to enter into the Equator system:

(I know, its a pain in the bottom!)

First five digits of social security number
Date of birth
Telephone number
Address

You will need the following for the buyer's agent:

Email Address
Company Mailing Address

You will need the following for the loan:

Interest rate
Lender contact info

In addition, your seller must call 1-866-677-2516 to get a password sent to them so them may log in to https://shortsale.bankofamerica.com

They will answer several security questions and upload their financials documents on the site.

Equator Help number 310-469-9167

For GMAC Short Sales with Equator Short Sale Processing System - for Short sales with GMAC, they required that all documents be send directly to them, then they enter them into the Equator system and initiate the short sale process on the system themselves. You can also visit the GMAC Short Sale Group for information on their processes.

Discussion Forum

Titanium and short sales

Started by Harold Michael Jones. Last reply by Mike Linkenauger Apr 27, 2012. 4 Replies

I left Titanium over a year ago. After going through an assignment, I was asked by the owner to list it as a short sale. I informed Titanium, asked for the BPO to be forwarded to the lender and…Continue

Has anyone upgraded to Certified Status??

Started by MeLisa Minter. Last reply by Davey Miller Apr 10, 2012. 20 Replies

Hello, I signed up with REOTrans last Summer as a basic member. At the time, they didn't have the certified status'. Now I've learned that if you become certified, your profile will be viewed first…Continue

Equator technical Problem

Started by Karin Christa. Last reply by Karin Christa Sep 14, 2011. 2 Replies

Recently (last week) I was contacted by 4 agents who had either had approvals from BofA or Counter Offers - and all submitted the necessary documents/tasks. Only to get a declined notice a couple of…Continue

Another horrible problem with Equator

Started by JILL BERNI. Last reply by Joe Beauchamp Aug 3, 2011. 5 Replies

I just had a disturbing talk with Ronnie Harris that everyone needs to know about.Equator assigned my short sale request to him on July 18th. Equator send me emailsasking for the authorization, offer…Continue

Offer status in Equator is noted at "Held" (pink).

Started by Sam Owens. Last reply by Harold Michael Jones Apr 13, 2011. 9 Replies

I have uploaded my offer and completed all tasks assigned to date.  After checking the status today the offer is noted as "Held"  Any ideas?Continue

REO GROUP

Started by Sherri Elliott. Last reply by Muhammad Mushtaq Jan 30, 2011. 15 Replies

I am looking at starting an REO Group or joining one if any of you need and agent from Dallas,TX. I have several agents in my office who do a ton of REO business, and have Fannie, and Freddie…Continue

Tags: Dallas, Elliott, Sherri, Group, REO

Bank of America HPO Short Sale Program

Started by Dan Hawkins CRS SFR CSSG CDPE. Last reply by Lillian B Smith Jan 8, 2011. 11 Replies

There is a brand new program at Bank of America called HPO fast tract Short Sale.No documents submitted, appraisal ordered right away and you get your own person with their personel efax. I do not…Continue

List agent has submitted offer incorrectly 3 times

Started by Jessica Gocke. Last reply by Joseph C. Alfe Dec 22, 2010. 1 Reply

I am a buyers agent. I have worked with equator as a sellers agent before. Now I am representing a buyer. I submitted an offer on a Bank of America loan REO that is owned by Bank of New York Mellon…Continue

Tags: of, bank, america, new, mellon

Comment Wall

Comment

You need to be a member of Equator to add comments!

Comment by Brett Goldsmith on August 8, 2013 at 9:00pm

Processing short sales through equator are my favorite! I prefer working files in equator and through outlook, only to call in for detailed escalation phone calls. One more tool to be organized when processing a large volume of short sales.

www.ishortsalenow.com

Brett@ishortsalenow.com

310-564-6389

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.
 

Members (613)

 
 
 


 _________________________

FOLLOW US!

 

Property Management Pages

Discussion Forum

Titanium and short sales

Started by Harold Michael Jones. Last reply by Mike Linkenauger Apr 27, 2012. 4 Replies

Has anyone upgraded to Certified Status??

Started by MeLisa Minter. Last reply by Davey Miller Apr 10, 2012. 20 Replies

Equator technical Problem

Started by Karin Christa. Last reply by Karin Christa Sep 14, 2011. 2 Replies

Another horrible problem with Equator

Started by JILL BERNI. Last reply by Joe Beauchamp Aug 3, 2011. 5 Replies

Offer status in Equator is noted at "Held" (pink).

Started by Sam Owens. Last reply by Harold Michael Jones Apr 13, 2011. 9 Replies

© 2014   Created by Mike Linkenauger.

Badges  |  Report an Issue  |  Terms of Service