I am new to Equator and have limited experience processing short sales. I see on the Wells Fargo short sales websites that they require certain documents. Yet those have not been tasks assigned in Equator. Is there anything else I should be doing while waiting for tasks to be assigned? Thank you - Sheri
Fun.... the first short sale I put into Equator when Wells Fargo used me as one of the guinea pigs probably took me over two hours to upload and fill everything out. Certainly not as simple as Bank of America is on Equator.
Have all of the documents ready to go in a PDF format, have the sellers financial information and the HUD-1 ready to go. As soon as the financial task is assigned, do it and make sure all of the documents are dated as fresh as possible or the underwriter will kick them back....
First time around -- anything dated 30 days old (by the time the underwriter reviewed the file) would be kicked back. We'd update it -- they would go through the file again and any of the other documents that were over 30 days (due to waiting for them) would get kicked back.
This was when Wells first went to Equator.... seems to not take as long for underwriters to get to the file and review it nowadays so it's gotten better.
Still, it's not as easy as Bank of America's set up. Wells Fargo has basically turned you into the document uploader and number inputter with an underwriter that comes in to make sure you did it right so enjoy.
Personally... I prefer the days when I could just fax in my entire short sale proposal and call them up five days later....
Thank you Paul - that's what I was afraid of. Any way to short-circuit the Equator process?
You can request that everything be faxed in...
Other then that... you can't even upload documents or supporting documents the way Wells Fargo has it set up unless they assign the task.
Showing reports, BPO, Supporting documents, etc.. can't be uploaded.
Annoying for proper negotiating....
Thanks Paul - I just want to make sure I am doing everything I can to get this short sale approved.
Yes, interesting, fun-no! Wait, wait, wait. Not task assigned. Suddenly you will be given 4 days to upload all the docs and your end date will probably be on a sunday night. When the assigned task of uploading documents is opened there will be a note at the bottom of the page that only the items with the red asterick are required. So, you will gather the info and submit it. When you attempt to upload and save it won't let you upload because you have not completed all the tasks even those without the red asterick. Also, you will be asked to upload a 90 day P&L statement for your client. Why a P&l statement on someone who is not self employed?. I don't know. If you query anything through the message center you will either not get a reply, get a generic reply or get assigned a new BAC. Finally, because you did not get everything uploaded in time and you really were not aware of everything you needed because the short sale expert sites you paid good money to get trained on didn't know of all the documentation you would need either; you will have your property declined and you will receive a generic message that because you did not upload the documents in a timely manner the your client will most likely not be considered for a HAFA Short Sale even if you resubmit the property with the documentation. . Be sure that you have your client sign a Hold Harmless Agreement before starting the process. and have all and I mean all required documentation in your possession and uploaded as a pdf before you even attempt to start a short sale on Equator. BOA's Equator platform is somewhat different and seems to work better. Also, the multiple document upload on the task doesn't work. It will only allow you to upload 2 documents in each catagory. Do not expect them to give you a time extension. You have no one who will respond to your requests. They really don't care. Lotsa luck Sheri I offer my condolences.
Thank you Andy - looks like I'm in for a frustrating time with WF!
Once you get past the underwriting stage and actually have a negotiator assigned to the file, it's not bad.
As for what Andy mentions about the required files requested that you might not have when it asks for all of them at once -- just upload a 1 page form stating that it's in process and it will accept those.... or anything in a PDF format for that matter. The underwriter will just kick that particular task requirement back and you can go back in and submit those documents when you do have them.... as long as you get them within a reasonable amount of time.
Thanks Paul - there is a negotiator signed to my first file and I am emailing and calling her - no response but customer service at least tells me where she's at with it. My second file is the problem. I entered it as a short sale, but checked NO OFFER. Now I have an offer but I cannot submit it until they assign the task. Again, customer service is letting me know what the status is, just frustrating and slow.
the trick is not to get frustrated. If you get frustrated, they win and you lose and your client loses. Make sure you become fully acquainted with all the different options available for your client(DIL,COOP with BOA, MODS, etc). I just had a good conversation with a WF negotiator. Once you get a name, #, and have someone to speak with you are on your way. I am starting to get the idea that the servicers may be leaning toward having a short sale property in place and an approved price prior to submitting any offers. I think it makes sense, would save a lot of time for the servicer and for the agents.
Thanks Andy - I appreciate the advice. My situation is this, I am an inactive agent right now, semi-retired to take care of my parents. I hadn't represented sellers in short sales prior to going inactive, only buyers. Right now I am processing these short sale offers for a licensed agent, so conversing with the clients on all the options are her responsibility. However, I want to do the best job for the agent, so I am trying to figure out exactly what my responsibilities are. For instance, if they are HAFA qualified, does the loan servicer offer that option, or does the agent actually ask for that. Any advice you have for me is always appreciated.