Kristin Duncan | Short Sale Negotiation | Transaction Coordinator
Kristin Duncan | Short Sale Negotiation | Transaction Coordinator
Welcome to the New Short Sale Escalation Web Tool
As a valued partner, you are part of a small group of real estate agents who are being granted access to a new Bank of America web tool that will allow you to escalate a short sale issue when necessary.
Keep in mind, that there are specific guidelines for a short sale escalation, as well as steps you should take before a submission:
A Guide for Agents
– November 2011
Short Sale Escalation Guidelines
THIS INFORMATION IS NOT INTENDED OR AUTHORIZED FOR CONSUMER DISTRIBUTION
• To Consider BEFORE Escalating
• Several factors contribute to the timeframe of a short sale.
Bank of America uses the Equator short sale processing
system. Equator is a task driven system and each task has a
specific deadline.
• Agents must educate themselves on the process and review
the tasks and messaging in the system to assess the progress
of the transaction.
• Before submitting an escalation, agents need to ensure they
have exhausted the following resources:
– Contact the assigned Short Sale Specialist through a message in
the Short Sale Processing System (Equator) and allow at least
two business days for a reply
– Contact the team lead through the Short Sale Processing System
(Equator) and allow at least two business days for a reply
– Contact Bank of America’s Short Sale Customer Care line at:
1.866.880.1232 (Monday to Friday 8:00 am – 10:00 pm Eastern
and Saturday 9:00 am – 5:30 pm Eastern)
2Short Sale Escalation Guidelines
• To Consider BEFORE Escalating
Agents should review and understand the following guidelines
before accessing the escalation web tool and submitting an
escalation:
• Transaction specific information will only be discussed with
homeowners or their authorized third parties. Due to privacy reasons
Bank of America can only provide loan specific information to
homeowners or authorized third parties (where proper third party
authorization documentation has been reviewed and approved by Bank
of America). If you are a buyer’s agent we will acknowledge your
escalation but will reach out directly to the listing agent.
• All escalations must be submitted through the designated escalation
web tool. Once an escalation is submitted, please avoid contacting
Bank of America Mortgage Loan Officers and other associates about the
case to prevent duplicate efforts that may slow down the response and
the overall process.
• To access the escalation web tool a username and password will be
required. An email with a link to the web tool and registration
instructions will be sent to all agents who have been authorized to use
the new tool.
Only a very small portion of short sale files should require an escalation at any given
point in the process. Agents must carefully assess the situation and determine if an
escalation is needed:
A Short Sale Escalation IS A Short Sale Escalation IS NOT
• An avenue to resolve one or more of the following issues
related to the short sale process for a specific property:
• No response to attempts to contact the Short Sale Specialist
and Specialist’s team lead (allow for two business days to
receive a response after attempt contact)
• A decision on an offer (approval / rejection) has not been
communicated in 45 days
• The buyer is going to walk and a decision on an offer (approval /
rejection) has not been made within the 45 day time frame
• If settlement statement has not been approved at closing
• An avenue to get answers to questions that have not been
answered by the assigned Short Sale Specialist or Team Lead
• A way to get a status update
• A way to expedite a short sale
• A guaranteed method to get a short
sale approved
• A way to get general questions about
the deal or the short sale process
answered
• A way to bypass working with your
assigned Short Sale Specialist
• A forum to obtain general assistance in
using EquatorShort Sale Escalation Guidelines
• What to expect AFTER Escalating
• Within two business days of submitting your escalation, you will be
contacted by a Bank of America representative to acknowledge that the
escalation was received and outline next steps.
• The actual resolution of an escalation can take up to 30 days,
depending on the issue, as it may require additional research and
response from other partners (investor, MI company, etc).
• If you have submitted escalations in the past and have interacted with
a Bank of America escalation representative, please do not contact the
same representative directly if a new escalation arises. Agents are
expected to submit new escalations using the online form only.
5Short Sale Escalation Guidelines
• Additional Information and Education on the Short Sale Process
• Agent Resource Center:
bankofamerica.com/realestateagent
• Equator: www.equator.com
• Bank of America Real Estate Center:
bankofamerica.com/realestatecenter
• Bank of America Home Loan Assistance:
bankofamerica.com/homeloanhelp
• Dedicated Customer Care: 1.866.880.1232 (Monday to Friday
8:00 am – 10:00 pm Eastern and Saturday 9:00 am – 5:30pm Eastern)
To use the escalation tool, you will need to access http://realestateagent.bankofamerica.com/shortsaleescalation and log in with your username and password. A quick reference guide provides the login instructions for your first visit to the Short Sale Escalation Tool.
Only certain pre-selected and pre-approved agents will be authorized to use this tool. They will be informed by a welcome email such as this one.
KRISTIN DUNCAN
CELL: #562-480-1465 EMAIL ADDRESS: Kristin@duncansrealestateservices.com
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Kristin Duncan | Short Sale Negotiation | Transaction Coordinator
Kristin Duncan | Short Sale Negotiation | Transaction Coordinator
Kristin Duncan | Short Sale Negotiation | Transaction Coordinator
Kristin Duncan | Short Sale Negotiation | Transaction Coordinator
Kristin Duncan | Short Sale Negotiation | Transaction Coordinator
Kristin Duncan | Short Sale Negotiation | Transaction Coordinator
Kristin Duncan | Short Sale Negotiation | Transaction Coordinator
Kristin Duncan | Short Sale Negotiation | Transaction Coordinator
Kristin Duncan | Short Sale Negotiation | Transaction Coordinator
Kristin Duncan | Short Sale Negotiation | Transaction Coordinator