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: 614
Latest Activity: Apr 25, 2014
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.
Started by Harold Michael Jones. Last reply by Mike Linkenauger Apr 27, 2012. 4 Replies 0 Likes
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
Started by MeLisa Minter. Last reply by Davey Miller Apr 10, 2012. 20 Replies 0 Likes
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
Started by Karin Christa. Last reply by Karin Christa Sep 14, 2011. 2 Replies 0 Likes
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
Started by JILL BERNI. Last reply by Joe Beauchamp Aug 3, 2011. 5 Replies 0 Likes
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
Started by Sam Owens. Last reply by Harold Michael Jones Apr 13, 2011. 9 Replies 0 Likes
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
Started by Sherri Elliott. Last reply by Muhammad Mushtaq Jan 30, 2011. 15 Replies 0 Likes
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
Started by Dan Hawkins CRS SFR CSSG CDPE. Last reply by Lillian B Smith Jan 8, 2011. 11 Replies 0 Likes
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
Started by Jessica Gocke. Last reply by Joseph C. Alfe Dec 22, 2010. 1 Reply 0 Likes
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
Comment
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.
Brett@ishortsalenow.com
310-564-6389
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.
Started by Harold Michael Jones. Last reply by Mike Linkenauger Apr 27, 2012. 4 Replies 0 Likes
Started by MeLisa Minter. Last reply by Davey Miller Apr 10, 2012. 20 Replies 0 Likes
Started by Karin Christa. Last reply by Karin Christa Sep 14, 2011. 2 Replies 0 Likes
Started by JILL BERNI. Last reply by Joe Beauchamp Aug 3, 2011. 5 Replies 0 Likes
Started by Sam Owens. Last reply by Harold Michael Jones Apr 13, 2011. 9 Replies 0 Likes
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