Bank of America and Wells Fargo have streamlined their Short Sale review process by making it electronic. About one year ago, Short Sale agents started hearing the term Equator. It was a web portal through which Short Sale Listing Agents, Short Sale Sellers, Negotiators and Asset Managers would be able to communicate quickly and effectively.
The use of Equator has taken the multitude of documentation that used to be faxed, and given Short Sale Agents a place to upload them electronically. It is more secure and documents are received without ever losing one single page (a common issue when faxing paperwork to banks for Short Sale Approval.)
Short Sale review time lines are likely to be dramatically reduced by the use of Equator.