On March 20,
2012 Bank of America announced in its short sale Agent
Resource Center that they will no longer accept non-Bank of America third
party authorizations starting April 14, 2012. Two days
later, Bank of America announced that they will â€œstrengthenâ€ their
partnership (with agents) through an improved task flow in Equator starting
April 14, 2012. I have to admit that I am skeptical any time I see the word
â€œimprovementâ€ in the context of making changes to the short sale process, but I
do believe that the new requirements might just accomplish exactly that. I have
always wondered why they keep asking us for all these other documents after the
initiation process. Therefore, I welcome the new more streamlined process. This
way, the BPO can be ordered right away and we donâ€™t have to wait until we
complete all these other tasks asking for more documents that could have been
submitted with the initial upload had they just asked for them. Bank of America
stated in its 3/22/2012 announcement: â€œThe new Bank of America short sale
process will enable short sale specialists to complete tasks such as document
collection, valuations and underwriting at the same time, reducing the time from
initiation to closing.â€Â
New required documents
Here is a list of the new documents that will be required starting April 13, 2012:
If you would like to download all the required forms in 1 pdf file, click here.
If I were you, I would also upload the signed Dodd-Frank Certification. Since itâ€™s not on the list of the required documents, I would upload it separately in the property library. We all know weâ€™ll need it eventually.
What else is new?
What about current files?
If you have open short sale files with Bank of America in Equator, you will
want to get started on uploading those newly required documents before April
14th. Unless you have already received a task asking you to upload them, I would
upload them to the property library and alert your BAC short sale specialist
that you have uploaded the new docs. With any luck, it will eliminate the
assignment of new tasks related to the new document requirements.
â€¢ Bank of America will host a â€œTask-by-Taskâ€ training class on April 19, 2012 (time 4:00 â€“ 5:00 p.m. ET = 1-2 p.m. PST). To sign up, click here.