Equator Short Sale Platform

I wish Equator would assign BPOs instead of the normal free for all. Its very frustrating when you are sent a BPO and its already taken.

Wow,

Interesting post and even more interesting comments. We are just getting into Equator (actually have to get into the system within the next few days), and I am sure happy I saw and bookmarked this post, as there are already bits of useful information.

I own a short sale software company and am interested in learning if you are planning on providing any 3rd party interface capabilities with your system. I think it would be incredibly beneficial if users of other software systems could submit via an API or other hook directly into the Equator system at the participating lendor. I have e-mailed on some occasions about this but had not recieved a response. I believe this cross-platform integration will help save everyone time and energy.

@Equator Thank you for the response. Hopefully this will be an added feature in the future!

I have two short sales with equator both bofa and so far i uploaded the authorization easily. thank you for adjusting to changes as needed. thanks Equator.

We started using the equator system back in December for our BofA and GMAC short sales.  I must say that most of the problems are user-created and not problems with the software.  I would like to see in version 2.0 the numbers from the HUD as they translate to fields in the system.  Our first equator sale was held up because we had a few fields incorrect and then a short time later, the bank countered the contract with only the seller paid transfer taxes excluded. DOH! Got it fixed and heading to closing now. 

Overall, I love the system.  Wish every bank was onboard

Does completing tasks late affect an overall score like the system did with REOs? In other words, if several tasks are late do the short sale reviewers, when there is an offer, look at the agent's scorecard to negatively impact their ability to get the short sale approved?

I have had problems with Equator. It just makes the system a little bit more cumbersome. Besides, what gives you guys the right to ask for the buyer's Social Secturity Number. I'm wondering from a legal perspective.

I would love to see a good lawyer take that up on a class action lawsuit. You wouldn't have better than a 25% chance of winning that lawsuit with a jury trial. The buyers could say that the reason they gave that info was because they were under duress.

Overall, I don't like the system. It declines short sales and never tells you why. I've had 2 files declined for no reason. Or, it tells us to upload a document. We upload a document, then Equator tells us that the document is bad. But, it doesn't tell us why? Do you really feel like you are doing justice to the investors who put up the money for mortgage in the first place.

The investor is the one losing the money, not you guys. What if a buyer gets mad over you asking for their social security number and decides to buy another house? Then, the next buyer pays $5,000 less. Who lost that $5,000? Did Equator lose it? No, the investor did. That's why you need to upgrade your system. 

Stop asking for info from the buyers that is none of your business. When you decline a file, or a document, give us a reason why? I know you are going to place all the blame back on the servicer. Good for you. I do know that Bank of America never asked for the buyer's first 5 digits of the social security number before they started using Equator.

Nice to see Equator on Active Rain.....shows a willingness to listen to what is needed and/or required. Given that B of A has a partial stake in Equator, one would anticipate that the feedback is implemented given the huge need for transparency moving forward, especially in the short sale space which will continue to grow in the next year or two.

When we started using Equator in 2008 it was really bad. You have made some major improvements. The biggest issue is in Bank of America training their people how to use Equator. We hated the process so much, that as soon as we were told to use Equator for a file, we opted out of Equator. We just decided to give Equator another try for 3 of our BofA short sales. So far, we are very pleased with the changes you have made, it seems to be working much better now. Time will tell. Katerina

I think the negotiators and whoever else is using the system should be held to a higher level of responding. Why have the option of being able to email SVP or whoever, and they never respond? I liked the old way better and until this gets its kinks worked out is very frustrating.

Have you worked out all your glitches....if that is possible.

The automated letters...I get a letter that says my offer was declined and that the seller can still do a short sale and then....I find out that the property was foreclosed on.....BOFA never sent the owner or me any communication that they were planning on foreclosing.  they said that foreclosure would be postponed while we were in "negotiations...