Posted by Joshua Jarvis on December 9, 2009 at 12:27am
Got a nice e-mail this morning and had to send an announcement to my Short Sale Pros people. Here's what I got:Equator, the default-servicing industry technology leader is pleased to announce the launch of its new Agent-Initiated Short Sale feature. Starting December 8th, Agents have the ability to request a Short Sale through the Agent Portal on www.equator.com. Only certain industry leading Lenders are currently allowing Agents to initiate Short Sales through Equator. Since it is such a great way for agents to help their clients, we expect many more Lenders to follow suit in the months to come. Final determination of whether the property in question qualifies as a Short Sale is at the discretion of the Lender or Servicer.You can read the rest at Short Sale Pros - the Short Sale Specialist Network Inspired by REO Pros
Sam, I think it's just an opportunity. Everyone knows short sales are a pain and that the bank is overwhelmed. I think they are jumping for the opportunity. If other banks follows, it's more money, after all, the agents don't do anything, right (it's a joke people!).
I don't get it. Is Equator trying to expect their form to be the industrial standard or they want a slice of the commission?
I thought one can initiate directly with any lender.
Anyone working with Titanium will know that the loan mods are difficult for the homeowner to complete, which is why a company like Titanium will have business for a few years.
One more big ding for BOA from Realtor.org. Not shocking at all.
Loan Modifications Coming Up Short
Only about 4 percent of the home owners who signed up for loan modifications—fewer than 31,000—had received them by the end of November, according to figures released Thursday by the U.S. Treasury Department.
Of the largest lenders, Bank of America Corp. had the worst results. It completed a total of 98 modifications. With 7,100, GMAC Mortgage completed the most.
Lenders have blamed their lack of success in part on the failure of borrowers to complete the paperwork necessary for the process.
The government says it will expedite its efforts to push through as many modifications as possible.
Jesse - I know YOU knew about it, it's been talked about for about 2 months time from various places, but I've been asking BOA for the scoop and their own employees know nothing. I'll try Titanium tomorrow to see what happens.
Joshua, you need to speak with Jason Howe. His # is Phone: 877-500-4472 Ext: 725, he is responsible for coordinating some of the BOA / Titanium Short Sale Alliance. He is very helpful.
FYI: this whole short sale equator reotrans crap is far from new. I have been using the system they are promoting now for a total of 8 weeks and it has caused nothing but problems....see my original comments.
The only bright side to this whole experience has been Titanium. Jason has been spot on, he has followed up and I felt informed. Granted, they don't have ALL the files from BOA so, I am sure some people won't be able to get Titanium help but those lucky few of us that can rely on them......it's a pleasure.
As for the referral fee, I was told that I wouldn't have to pay one because BOA approached Titanium to handle these and, in fact, it was Titanium that called me and asked to help out with this Short Sale. So, i guess BOA is paying them.
Was this a titanium "referral" or was this your own lead? Titanium told me they could not help me unless they generated the business and even then they really couldn't help.
You are correct we need to give this system a chance ... keep us posted as to BOA and Equator.
And yes today I did call Titanium Solutions Real Estate department and their rep stated that they knew about the BOA borrower by loan # and that it "has not dropped down" but to call every couple days it was expected to arrive shortly. The BOA (not EQUATOR) phase 1 negotiator stated to call back after Jan 4 2010...working both avenues...we will see who wins. This short sale has not been uploaded to EQUATOR..not yet...it has only been a month.
Comments
I thought one can initiate directly with any lender.
Loan Modifications Coming Up Short
Only about 4 percent of the home owners who signed up for loan modifications—fewer than 31,000—had received them by the end of November, according to figures released Thursday by the U.S. Treasury Department.
Of the largest lenders, Bank of America Corp. had the worst results. It completed a total of 98 modifications. With 7,100, GMAC Mortgage completed the most.
Lenders have blamed their lack of success in part on the failure of borrowers to complete the paperwork necessary for the process.
The government says it will expedite its efforts to push through as many modifications as possible.
Source: Associated Press, Alan Zibel (12/10/2009)
http://www.realtor.org/RMODaily.nsf/pages/News2009121102?OpenDocument
I can do that, right?
Ignacio Stapleton, CDPE© | REALTOR®
Certified LMTI REO Specialist
Commercial | Residential
Leasing & Investment Specialist
www.TheEnacioGroup.com
Not a TS referral...again...we are in process...time will tell what shakes out.
FYI: this whole short sale equator reotrans crap is far from new. I have been using the system they are promoting now for a total of 8 weeks and it has caused nothing but problems....see my original comments.
The only bright side to this whole experience has been Titanium. Jason has been spot on, he has followed up and I felt informed. Granted, they don't have ALL the files from BOA so, I am sure some people won't be able to get Titanium help but those lucky few of us that can rely on them......it's a pleasure.
As for the referral fee, I was told that I wouldn't have to pay one because BOA approached Titanium to handle these and, in fact, it was Titanium that called me and asked to help out with this Short Sale. So, i guess BOA is paying them.
Was this a titanium "referral" or was this your own lead? Titanium told me they could not help me unless they generated the business and even then they really couldn't help.
You are correct we need to give this system a chance ... keep us posted as to BOA and Equator.
And yes today I did call Titanium Solutions Real Estate department and their rep stated that they knew about the BOA borrower by loan # and that it "has not dropped down" but to call every couple days it was expected to arrive shortly. The BOA (not EQUATOR) phase 1 negotiator stated to call back after Jan 4 2010...working both avenues...we will see who wins. This short sale has not been uploaded to EQUATOR..not yet...it has only been a month.
Information is good.
-
1
-
2
of 2 Next