EQUATOR SYSTEM FOR BANK OF AMERICA DOWNFALLS

Many new Short Sale Agents think that the new BOA Equator System is good thing.  They upload their documents and can see they are in the system and well la! They are off to a good start!  I have to agree that the upload documents for a brand new, never been requested Short Sale is much easier than the old fax it in 100 times and hope their fax machine can handle 70+ pieces of paper and the fax number the minimum wage person you spoke to when calling the main, actually gave you the correct fax number.  But all in all I do not find the process to be an overall great improvement.  In fact the new system has allot of downfalls and pitfalls.  #1 if they mistakenly delete your file...did you KNOW YOU need to re-upload the entire file again and start over from scratch? This includes countered files and approved files that have been in the system for MONTHS AND MONTHS!  Also many of the "Negotiators" are new to the system and do not know how to properly work the system.  Many do not know to check and see if there is MI on the loans!

Unlike the old system which we will all agree was S...L...O...W!  At least if you received written approval and the buyer walked, you could send in a new offer with a new buyer and as long as the net to the bank was the same and the numbers matched you could get a new written approval with-in 2 weeks or less.  Now? Well you need to start over and they give you a brand new negotiator for the next deal.  Who comes up with a whole new set of numbers the "Investor" wants.

Also what is the point of sending in a HUD1 if they are only going to ask the Agents to fill it out each time they send you a counter offer?  

How many times do you e-mail with no response on the other end?

I was told that each negotiator has 400-450 files to work at a time!  I suggest they cut some of the Fat from the CEO's BIG FAT BONUS! AND HIRE MORE HELP! Time is money! Can't they see that if they were able to hire 4 times more people and get the file closed faster they would be saving money?! There are home owners who have not made their payments in over a year and who have been trying to do a Short Sale for 11 months!  If the bank could have approved and closed the Short Sale with-in 60 days they would be saving money. The amount of low hourly wage they are paying the negotiators would be off set by closing the files faster and getting the bad asset off the books.  Which brings me to the next point....