"I do not understand. Why, if this is a situation that could "land the clients in jail" is this policy not communicated to bank employees in the most urgent manner? Both purchase contracts were by BofA employees unaware of such policy, one…"
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Is there a BofA Policy prohibiting employees to purchase distressed homes it services?
Started this discussion. Last reply by Lewis Patton Feb 6. 6 Replies 0 Likes
We had a primary contract and a back up contract on our home ready to upload the file to Bank of America for a short sale. Both contracts had a spouse that worked for BofA. Now we are told both…Continue
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Lewis Patton replied to Lewis Patton's discussion Is there a BofA Policy prohibiting employees to purchase distressed homes it services?
Dana Harris Carter replied to Lewis Patton's discussion Is there a BofA Policy prohibiting employees to purchase distressed homes it services?"I'm not aware of a specific policy addressing employees buying company foreclosed properties. However, the "Arms Length" transaction is enough to justify their stand. Regardless, of whether the employee works directly with the…"
Roberta Hutchings replied to Lewis Patton's discussion Is there a BofA Policy prohibiting employees to purchase distressed homes it services?"Yep. That's why the rules are in place, and I have no problem with those guidelines AT ALL. There is no sale worth losing my license over. If a BAC employee wants to buy a short sale, there are plenty out there NOT serviced by Bank of America!"
Denise Orrico replied to Lewis Patton's discussion Is there a BofA Policy prohibiting employees to purchase distressed homes it services?"Perhaps there was a lot of "flopping" going on among employees who had access to inside info-
In 2009, we had a BofA employee who worked in the retail mortgage side of their loan dept purchase a short sale we had…"
Roberta Hutchings replied to Lewis Patton's discussion Is there a BofA Policy prohibiting employees to purchase distressed homes it services?"
Banks are hardline about arms'length transaction. The new Freddie Mac Arms length rules went into effect on January 1.
The statement that may apply is : "The sale of the Mortgage Premises is an "arm's length"…"
"Find out who ownes the loan. That might be your way in.
Sharon"
Lewis Patton posted a discussionIs there a BofA Policy prohibiting employees to purchase distressed homes it services?
We had a primary contract and a back up contract on our home ready to upload the file to Bank of America for a short sale. Both contracts had a spouse that worked for BofA. Now we are told both offers had to be abandoned because BofA has a "no exception" policy prohibiting employees from purchasing "short sale" propertiies that are owned or serviced by the bank.No bank representative can produce a written copy of said policy. Neither of the buyers that worked for the bank was aware af any such…See More
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