Short Sale Leadership Series - Avoid the Temptation to Argue with Lenders

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The appliance process for brief sales could seem to lack rhyme or reason, and we tend to could find ourselves in things where we have a tendency to attempt to fight the process within the hopes of bypassing the bank's inefficiencies in order to induce a faster approval for the short sale transaction. Criticizing the process, or making an attempt to bypass the principles, typically result in the opposite result - a short sale application that loses all momentum, whereas files that are following the traditional method pass them by.

For instance, Bank of America recently incorporated an automated short sale system referred to as Equator. The stopped accepting fax applications, and needed Realtors to enroll into the Equator system to initiate any new short sale applications. Furthermore, they required the borrower to conjointly enroll, and log in to the Equator system to input their financial details, and to upload monetary documentation that supported their hardship. Additionally, they were inquiring for personal information from the Buyer, like their date of birth and social security number.

The files we have a tendency to initially submitted into the system were rejected while not a transparent explanation. Error messages appeared, and the Bank of America employees did not have the proper training to clarify or resolve these error messages. There have been times once we tried to submit a document multiple times, and upon an unsuccessful third try, we tend to were locked out of the system.

With each of those events, we attempted to escalate our issue as a result of the Equator system was making the process slower rather than faster. We spoke to management to request that the file be processed within the recent system, at the identical time that they were receiving the identical request from a majority of applications being entered into equator. None of our requests were granted, and were told to simply begin the process over and hope for the best.

It was not until we made an honest attempt to perceive what was valuable to the lender within the transition to the automated Equator system. Their goal was to produce a system for sellers and their agents to accurately and consistently deliver information to the loss mitigation department. Another goal was to possess all of the documents out there in an exceedingly central location, rather than files being lost or misplaced. Finally, they wanted to own a repeatable method that resulted a decreased amount of time needed to process each short sale application.

In one in every of our situations, we tend to entered the short sale application into Equator, and received a slip message each time. We tend to recorded each screen, together with the screen containing the error message that forestall us from completing the online short sale application. We then offered to supply to a Bank of America manager a replica of our files, and all of the steps that we have a tendency to did so as to reach this error message. The manager was in a position to breed our error, was unsuccessful in using her manual override tools to force the appliance through, and referred the matter to the technical support department.

As a result of she determined that it had been impossible for our file to be processed by the Equator system, and that we have a tendency to provided her with info that may facilitate them troubleshoot their software, she agreed to manually process the file. We have a tendency to received an approval letter within 10 days. By following the rules, and by understanding the bank's objectives, we have a tendency to were able to arrive at a win-win solution for each party. We tend to got our approval letter, and the bank received the detailed feedback they needed to boost their software.

Look out for our future blogs/articles from our Short Sale Leadership Series content.

Article Source: http://depositarticles.com/

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