Anyone doing Short Sales knows that Bank of America is often touted as being the most difficult to get short sales approved, simply because it takes so long to get a deal closed with them.  Their reputation as being difficult has reached legendary status. 

Since the beginning of the year, Bank of America has shifted the way they do their short sales by requesting short sales be submitted through the Equator system.  There was much hope that Equator would speed up the approval process.   

Initially, it was very difficult because there are no instructions on how to utilize Equator, so I had to fumble and learn through trial and error.  Only a little later did I learn help was available that Live Chat was available and the customer service agents could help with the procedural aspects of Equator; not with the logic of what was being requested and how by the negotiator.  But everything had to be communicated through Equator and listing agent and the borrowers had their own tasks to complete.  Phone calls were frowned upon. 

Now for the amazing part of this experience.  Today I got my first approval through Equator.  It only took 34 days from submission to approval!   By comparison, my last Bank of America short sale not utilizing Equator took 5  months and 2 days from submission to approval earlier this year.  

I don't think this was a situation representing and anomaly.  I have another Bank of America short sale in Equator and it is also moving along very quickly.  By moving over to Equator, Bank of America may now be turning a new chapter in salvaging their reputation in the Short Sale Industry.