Bank of America Launchers new Short Sale Processes and Inititaions as of April 13, 2012
In an effort to reduce time frames, get faster approvals and streamline the short sale inititaion process, BOA will be launching new processes as of April 13, 2012.
1. Concurrent Workflows: This means that instead of BOA waiting to get a BPO until they have recevied all document, they will do the BPO and doucment collection at the same time.
2. Form Standardization: BOA will only accept their forms....for example, only their 3rd Party LOA will be accepted.
3. Back Up Offers: If your initial offer is declined, you will have 5 days to get in a back up offer. Your file will not decline out till after your 5 days.
4. Privacy Changes: To protect the client and Realtor, all communications will be done in Equator only. No outside or Outlook communications anymore.
Before April 13, agents must complete the following task for all current short sales initiated with an offer.
1. Submit short sale offer.
2. Upload offer documents
3. Upload supporting documents
If you don't do these task by 13th. you will get new task and soem task may activate simultaneiously, slowing down the process and possibly declining your file.
Go to the BOA Training by visiting www.BankofAmerica.com/realestateagent
For questions, call 1-866-880-1232