Bank of America has Posted NEW Short Sale Escalation Guidelines-NOT FOR PUBLIC DISTRIBTION!!!!!!

Short Sale Escalation Guidelines


THIS INFORMATION IS NOT INTENDED OR AUTHORIZED FOR CONSUMER DISTRIBUTION !!


Bank of America, N.A., Member FDIC Equal Housing Lender © 2011
Bank of America Corporation. Some products may not be available in all
states. Credit and collateral are subject to approval. Terms and
conditions apply. This is not a commitment to lend. Bank of America and
brokers are separate entities; each is independently responsible for its
products, services and incentives. AR23G621Short Sale Escalation Guidelines
• To Consider BEFORE Escalating
• Several factors contribute to the timeframe of a short sale. 
Bank of America uses the Equator short sale processing
system. Equator is a task driven system and each task has a
specific deadline. 
• Agents must educate themselves on the process and review
the tasks and messaging in the system to assess the progress
of the transaction.
• Before submitting an escalation, agents need to ensure they
have exhausted the following resources:
– Contact the assigned Short Sale Specialist through a message in
the Short Sale Processing System (Equator) and allow at least
two business days for a reply
– Contact the team lead through the Short Sale Processing System
(Equator) and allow at least two business days for a reply
– Contact Bank of America’s Short Sale Customer Care line at:
1.866.880.1232 (Monday to Friday 8:00 am - 10:00 pm Eastern
and Saturday 9:00 am - 5:30 pm Eastern)
2Short Sale Escalation Guidelines
• To Consider BEFORE Escalating
Agents should review and understand the following guidelines
before accessing the escalation web tool and submitting an
escalation:
• Transaction specific information will only be discussed with
homeowners or their authorized third parties. Due to privacy reasons
Bank of America can only provide loan specific information to
homeowners or authorized third parties (where proper third party
authorization documentation has been reviewed and approved by Bank
of America). If you are a buyer’s agent we will acknowledge your
escalation but will reach out directly to the listing agent.
• All escalations must be submitted through the designated escalation
web tool. Once an escalation is submitted, please avoid contacting
Bank of America Mortgage Loan Officers and other associates about the
case to prevent duplicate efforts that may slow down the response and
the overall process.
• To access the escalation web tool a username and password will be
required. An email with a link to the web tool and registration
instructions will be sent to all agents who have been authorized to use
the new tool.
3Short Sale Escalation Guidelines
4
Identifying the Need for an Escalation
Only a very small portion of short sale files should require an escalation at any given
point in the process. Agents must carefully assess the situation and determine if an
escalation is needed:
A Short Sale Escalation IS A Short Sale Escalation IS NOT
• An avenue to resolve one or more of the following issues
related to the short sale process for a specific property:
• No response to attempts to contact the Short Sale Specialist
and Specialist’s team lead (allow for two business days to
receive a response after attempt contact)
• A decision on an offer (approval / rejection) has not been
communicated in 45 days
• The buyer is going to walk and a decision on an offer (approval /
rejection)  has not been made within the 45 day time frame
• If settlement statement has not been approved at closing
• An avenue to get answers to questions that have not been
answered by the assigned Short Sale Specialist or Team Lead
• A way to get a status update
• A way to expedite a short sale
• A guaranteed method to get a short
sale approved
• A way to get general questions about
the deal or the short sale process
answered
• A way to bypass working with your
assigned Short Sale Specialist
• A forum to obtain general assistance in
using EquatorShort Sale Escalation Guidelines
• What to expect AFTER Escalating
• Within two business days of submitting your escalation, you will be
contacted by a Bank of America representative to acknowledge that the
escalation was received and outline next steps.
• The actual resolution of an escalation can take up to 30 days,
depending on the issue, as it may require additional research and
response from other partners (investor, MI company, etc).
• If you have submitted escalations in the past and have interacted with
a Bank of America escalation representative, please do not contact the
same representative directly if a new escalation arises. Agents are
expected to submit new escalations using the online form only.
5Short Sale Escalation Guidelines
• Additional Information and Education on the Short Sale Process
• Agent Resource Center:
bankofamerica.com/realestateagent
• Equator: www.equator.com
Bank of America Real Estate Center:
bankofamerica.com/realestatecenter
• Bank of America Home Loan Assistance:    
bankofamerica.com/homeloanhelp
• Dedicated Customer Care: 1.866.880.1232 (Monday to Friday
8:00 am - 10:00 pm Eastern and Saturday 9:00 am - 5:30
pm Eastern

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Comment by Terry L. Osburn, SFR on November 14, 2011 at 12:39pm

Twice, on two separate escrows, there was a glitch on the BofA side where something was not activiated to allow communications between me and the negotiator. One was a year or so ago, the most recent last month.

After various attempts and calls to negotiator as well as customer service the glitch was discovered. The most recent involved conversation with customer service when they stated the negotiator had uploaded to equator a document they wanted signed.....I stated I never recvd it. They said yes you did it is in our system. I asked when they sent it...opened up equator while they were on the phone went thru the entire messaging system and no document they claimed was sent was found.  I was put on hold, customer service came back....Stated...."Oh, I see the problem, the negotiator failed to activate or switch you on from her side....that is the reason why you did not receive it and your communications were not going thru"...She contacted the negotiator and all of the sudden we were communicating again.... So on occasion the lack of followup or communication has to do with whatever needs to be done on BofA side to allow the communication ....

Comment by Tracie Norman on November 11, 2011 at 12:44pm

My problem is that the deals I have a hard time with Bank of America on are FHA deals and not worked through Equator.  I'm told they are being escalated, but they never are.  Each time I call, I'm told the previous person didn't do it right, but THEY will and this goes on and on and on. . .so frustrating.


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