BOA's Equator, How well is it working for you?
I went to a seminar with a V.P. of BOA in South Florida last week. He requested we didn't use his name as he is on maternity leave...but loves his job enough to take the time to deal with us. US, YOU ASK? Yes, us who are livid about the new Equator system now in place,
Here were the list of issues that the 200 Coldwell Banker agents were concerned about. (It was sponsored by CB, so we were the only agents there).
1. Takes to long...even with Equator in place.
2. They cut the commission.
3. The have appraisor's who drive by and put "bad value" on homes.
4. There is bad communication between agent and the decision maker.
5. They lose the documents...very frequently.
6. They need more training for those on the BOA side of Equator.
7. There is never a guarantee that the deal will close.
8. Equator is non-forgiving, make one mistake and you have to START ALL OVER!!!!
9. Escalation
10. Multiple liens: such as: HOA ISSUES/CONDO ASSOCIATIONS/ TAX LIENS.
11. HAFA
12. PMI
13. Investors with no access to the decision maker.
14. Promissory notes/cash contributors.
15. Inflexibility.
16. Foreclosures/Modifications
17. Defieiency judgements
18. HUD1 changes - getting an approval for the HUD1.
19. SHORT SALE TURN TIMES TO CLOSE.
20.Appraisers who drive by -get paid and don't do their jobs.
So this was this biotch list from the agents at the class.
WHAT HE SAID:
1. Make sure the seller has tired to modify their loan with their lender. According to the VP, BOA has modified over 800,000 mortgages. They also "service" about 20% of the loans in our COUNTRY.
2. Authorization letters. The title company and attorney need to be aware of this.
3. All comp.'s have to be reviewed up front.
4. The deals need to be submitted with all of the required documents and they all need to be sent to Equator at the same time. - Especially if there is a second lien holder...They need the information at the same time as well.
5. When you fax the info to Equator - MAKE SURE YOU PUT THE SELLERS NAME AND LOAN NUMBER AT THE TOP OF THE PAGE!!!
Now that I have told you all of that. Just know that BOA is more of a LOAN "SERVER" THAN IT IS A LENDER.
Seven out of ten times, when there is an offer - the have to send it to an "INVESTOR" for approval.
The will not tolerate "fishing" - they close about 50% of the short sales, but will not tolerate STRAW BUYERS.
All of the above came from a VP of BOA, on leave for unknown reasons, who took time from his schedule to share with us Coldwell Banker agents his take on Equator. He said they know there are issues, they are trying to address them.
IF YOU HAVE ANY OTHER COMPLAINTS OR COMMENTS - LEAVE THEM HERE.
**************THE CEO of the company that designed Equator contacted me and was very interested to see if the issues were software or not. He would like it to work the best way possible for us. VERY NICE! ************
Karen Monsour, REALTOR(R), 954-464-4194 CELL
BOA's Equator, How well is it working for you?
(Copyright© 2011 Karen L. Monsour, All Rights Reserved.)
Best regards,
Karen Monsour, REALTOR®
Coldwell Banker Fort Lauderdale Beach
4757 N. Ocean Blvd.
Fort Lauderdale, FL 33308
954-464-4194 cell
954-969-9974 fax
www.KarenSellsFloridaWaterfront.com
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5 Comments on BOA's Equator, How well is it working for you? UPDATE!
This is great information. I just wrote a post about short sales.
I did one on EQUATOR and it was just as bad as dealing with BOA directly. Locally, we have been promised a more streamlined process for approval/denial/counters, and they are saying 10 day turn times, but I really don't believe it since that's what we were told when EQUATOR got into the deal.
Wells Fargo, also a notoriously bad short sell lender has really improved their process. I was assigned a negotiator with in 48 hours of submitting our short sale package, given a list price and told 5 day turn around time on offers submitted. We'll see!
Did anyone shout liar at this liar? Did anyone point out what a corrupt organization he works for? Did anyone believe one word out of this guy's mouth? I'm sorry, but I despise the thievery of BofA and all that they stand for.
Ron,
It's a tough deal with Equator and BOA. They preach but do not come through with their promises...it's still a nitemare!
J.,
No, pretty much everyone of the 200 Coldwell Banker agents didn't believe a word he said. I despise it as well which is why my title co. lawyer does most of the correspondance for me.