1). Fax in your initial submission: 35 to 55 pages, must be broken down into individual 10 page faxes. Allow 12 to 15 business days for these items to be imaged and processed as "received".
2). Once imaged & received, allow 20 business days for the new short-sale file to be assigned to an initial Phase I personnel. (Just to get assigned).
3). Once assigned to Phase I, the assigned personnel now has up to 30 business days to do their part and advance the file to Phase II.
4). The time in the cue between Phase I & II is typically 3 to 5 business days. Once assigned to Phase II Negotiator, this person now has 20 business days to do their thing; package the file to present upward to the Investor.
5). If that Investor is Fannie, or Freddie, allow at least 6 weeks for the response to come back to BAC where the file is then assigned to your BAC Closing agent.
Where the real chaos begins is when the Phase I, or II, negotiator initially assigned to your file is overwhelmed with a file load deluge, and as a result, 3/4 of the way through their allowed time, the file is re-assigned to a new negotiator who then has the normal 20 or 30 business day time frame. The re-assignment essentially resets the clock at that Phase!
This absolutely pathetic system is no doubt the result of the tremendous volume. Well.... then fix it! Adjust for the deluge. Listen I used to have empathy; now I'm just frustrated with it due primarily to several recent occurrences.
Most notable: After 5 months of processing a particular file, 3 buyers later, a Phase II negotiator, Felicia Young, contacted me, with attitude demanding a couple of updated items, and a few minor HUD revisions, permitting me 48 hours to comply under threat of "closing out" the file. I complied that very same business day within 3 hours!! UNFORTUNATELY, as noted in item # 1 hereinabove, it took 14 calendar days to be imaged!! You guessed it, Ms. Young closed out the file!
Upon being re-opened at my formal request, the file languished for about 10 days and was re-assigned to.....wait for it...... Felicia Young!
No kidding, 26 days later during which there were NO NEW NOTES, NO contact from Ms. Young, she called again to request updated pay stubs in a voicemail in which she again gave me 48 hours to comply. Again I responded towards the end of that day by fax. Not wanting a repeat, I tried to contact her to inform her that I had faxed in the requested items and to please not close the file again. I attempted to get her email address (this was back when everything but the first name of a negotiator was a state secret!), couldn't get it. Best I could do was have the Short-Sale Support rep. leave an internal message for Felicia.
You guessed it..... I phoned in again to follow-up on the next business day, a Monday, only to find that Felicia Young had in fact closed out the file again for non-compliance!!!
That's just ONE nightmare, I could fill volumes with other instances. Where does this end.... when does the process actually improve?? Not looking for it to be easy, just ..... sane!
By the way, the case referenced above dates back to January, '09 and has not yet been sent up to the Investor. Really?!
To forward your BAC Countrywide/BofA horror stories to someone who can actually do something... send to:
Kimberly Dawson
Bank of America Home Loans
Vice President - Group Operations Manager
Short-Sales
7105 Corporate Dr., Bldg C
Plano, TX 75024
Tel: 972-526-6970
Kimberly.dawson@bankofamerica.com
Contact her.
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