Is Bank of America Trying to Make Realtors go Insane?

By
Real Estate Broker/Owner with Heart Realty Group, Inc.. IL-471.002355

After spending a good part of my morning calling BOA regarding 2 outstanding  FHA short sales that I have been working on for the last 3 months and coming up to more challenges I have no choice but to air my  extensive list of complaints, observations and questions.  For anyone that is working on FHA short sales with BOA you understand where I am coming from.

For those that are lucky enough not having to deal with this type of short sale count your lucky stars and pray that you don't have to until they are at least on Equator.  I have a total of 3 ongoing FHA short sales.  I have been lucky enough to get 1 to a Phase 2 negotiator and have the approval letter to Participate.  Unfortunately, the other 2 are stuck again, and I had to resort to the Twitter Social Media team for the 4th or 5th time.

 Although I have been calling on these 3 files for almost 3 months the verification process alone tries my patience.  How many times must you ask for my email, phone number?  Despite all the information being on the Third Party Authorization, despite me giving it to you so many times I can't keep count - would it not be more efficient if it was automatically on your call screen after the 1st call?  The same for the military questionnaire - NO, they did not join the military since the last time I called last week and by the way after a certain age they can't join the military so mark it down and have it self-populate on the verification page after the initial call.  Too much to ask for?

I am sure our government has its hands in there, another layer with no common sense designs the script that must be followed on FHA short sales?  They say leaders should lead so perhaps there are no leaders at BOA.  Only non-thinking untrained personnel without an ounce of common sense who blindly follow what some upper level consultant tells them while we waste time and money dealing with unproductive processes.  

 

Question to Bank of America IT department? - either buy better call center software or get some real programmers that can design a form that a high school freshman can design to get the information on your service center personnel screen on the initial call and saved for the life of the file.  I guess I ask for too much but if the companies that I worked with back in the 80's could do this, why can't one of the largest servicer get this simple thing done?  What happened to form design, call center flowcharts, process improvement and all those other elementary design systems that I was taught as a project manager.  I am sure if they hired a recent graduate of any business school they could design a call center with the right process flow to get this situation under control.

 

This is not rocket science folks.  This is paper processing, check lists and passing it to the next level but despite all this I get emails from a 2nd Phase negotiator like the one I got a few minutes ago on the one short sale that was moving along that 3 documents were missing.  We are in Phase 2 folks - the file has been reviewed by so many people and they were not missed?  The reason is because you have had them all along but this person is so inept they can't find them and need to delay the short sale again!

So its back to the Twitter team and another escalation! Another day of wasting my time doing the same thing and getting no where....Insanity is getting closer by the minute - do I start drinking or do I meditate?

 

Although i missed the webinar yesterday on FHA short sales it appears that it was another waste of time since they only answered "general questions"  Thank you BOA for proving once again that you are clueless.

Posted by

Evelyn Santiago

Managing Broker - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!

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Rainmaker
418,030
Gina Tufano
Ask Gina & Company with Pearson Smith Realty - Sterling, VA
Ask Gina & Company, Northern Virginia Real Estate

Sorry to hear of your short sale struggles with Bank of America. I've had quite the laundry list of experiences with them too that were far from positive ones. And if I never deal with them again, I'll openly say I'd be one happy Real Estate Agent!

In the mean time, I say pour yourself a drink and try to keep your sanity!

Jul 24, 2012 07:28 AM #1
Ambassador
1,148,792
Bryan Robertson
Intero Real Estate - Los Altos, CA
Broker, Author, Speaker

A friend of mine had to deal with BOFA yesterday and it was terrible.  A short sale in process and supposed to close went back to the start because they changed negotiators.  Instead of picking up, she had to restart.  Nuts!

Jul 24, 2012 07:55 AM #2
Rainmaker
293,942
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!
Gina & Bryan: Thanks for your comments. I see the insanity continues with BOA without missing a step. I thought Equator was a great tool but after hearing from people getting emails telling them they have 24 hrs to upload a needed document while they tell us 10 days to process an escalation - it makes you wonder if you fell down the rabbit hole.
Jul 24, 2012 08:07 AM #3
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2,845,488
Chris Ann Cleland
Long and Foster REALTORSĀ®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

If I didn't know better, I would say that Bank of America was intentionally trying to drive the real estate community insane.

Jul 24, 2012 08:29 AM #4
Rainmaker
1,107,969
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Sorry to hear that this is happening, Evelyn.  When these things happen, it just boggles the mind, doesn't it?  Understaffing, poor training, and reluctance to pay a good wage contribute greatly to your troubles.  Unfortunately I don't see it getting better quickly, as some of the issues have been in play for my entire career.  Add the intracacies of short sales and foreclosures and it's ugly ...

Gene

Jul 24, 2012 08:59 AM #5
Rainmaker
58,854
Cathy Baumbusch
RE/MAX Executives - Springfield, VA
cathybREALtor

I confess to having been driven to tears by their antics.

Jul 24, 2012 11:03 PM #6
Rainmaker
293,942
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Chris, Gene & Cathy:

Appreciate your comments.  At least we act as a buffer for our clients and they don't have to deal directly with most of the lunancy we are confronted with on a daily basis trying to process their short sales.

We just have to focus on the outcome - a successful short sale and getting it to the closing table.  Good luck and keep up the good fight!

Jul 27, 2012 12:07 AM #7
Rainer
16,525
Harriet Maj
Classic Realty Group - Orland Park, IL

I have to ask! How long did it take to get the Phase 2 approval? I have been in there for 8 weeks now, with a buyer about to walk, and supervisors don't return phone calls, escalation is hopeless. At my wits end and hoping you can give me hope. 

Nov 30, 2012 05:55 AM #8
Rainmaker
293,942
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

There is hope but not much.  I just closed yesterday on one of the 3 FHA short sales that I started in April.  We did get an offer April 2 and it wasn't until August that we were in Phase 2.  We had many changes in negotiators with no one telling us.  Re-submission of paperwork was very common.

Recommend that you use the twitter team for Bank of America because without them I don't think we would have gotten as far as we did on escalations.  I also recommend you use the HUD National Servicing Center when your frustration level gets really bad after using up all escalation option at BOA.  HUD needs to be aware of the issues we are having with BOA.

I am currently trying to appeal a high BPO - BTW BPO's are good for 120 days on FHA short sales.  Good luck and don't give up....escalate, tweet and contact HUD!

Nov 30, 2012 06:42 AM #9
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Evelyn Santiago, Managing Broker Heart Realty Group, Inc.

Passionate About Real Estate & Our Clients!
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