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Traditional Short Sales:Guide for Agents
A self-guided tour of our short sale processing system with tipson optimal use, positioning you to confidently assist yourclients through the short sale process.
2010 Bank of America CorporationAgent refers to anyone authorized by the homeowner to represent them during the short sale process.
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Guide Revisions
Want to make sure you have the most recent Bank of America Traditional Short
Sale Guide for Agents?
Updates to the guide are made on a regular basis so visit www.bankofamerica.reo.com/shortsaletrainingto download the most recent version.
Guide Updates: Version 2Released July 6, 2010
Be sure to view our HAFA Program Guide for Agents at www.bankofamerica.reo.com/HAFA.
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Table of Contents
Advantages of Online Management System...... Page 4
Traditional Short Sale Milestone Process.... Page 7
Tips to Avoid Delays.......Page 8
Agent Online Management System..Page 11
Agent Communication................................... Page 33
Homeowner Online Management System.............Page 35
Guide enhancements are ongoing. For the most recent version, visit www.bankofamerica.reo.com/shortsaletraining
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Bank of America: ProprietaryRevised 7-6-10
Agent Account Setup........ p. 11
Initiatingp. 14Property View. p. 18
Offer Site. p. 21
Dashboard Overview.p. 22
Offer Messaging. p. 23Offer Historyp. 24
Counter Offers p. 25
Tasksp. 27
Document Uploadp. 29Messages p. 31
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4
Bank of Americas short sale processing system improves the short sale
workflow and enhances the experience for both customers and agents.
What are the advantages of our new system?
No cost to agents, account setup is FREE
24/7 access to the short sale processing system
Status tracking
Direct communication with Short Sale Specialists
Direct upload required documents no need to fax
Streamlined approval process
Historical view of offers and counter offers
What can you expect to see soon?
There are a few specific loan investor types (for example, FHA/VA) that are not on thesystem and will be added at a later date.
Agent feedback, homeowner feedback, and internal data is being leveraged to identifysystem and/or process enhancements for future rollouts and educational materialimprovements.
4
Welcome
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Identify parties involved in a short sale
Illustrate traditional short sale process milestones
Provide you with tips to help avoid delays in the process
Review the agent experience and customer experience in the processing system
This document provides guidance on Bank of Americas traditional short sale process and general education on how
to utilize our new technology platform for processing short sales. The U.S. Treasury Departments Home Affordable
Foreclosure Alternatives (HAFA) program and Bank of Americas upcoming proprietary program referred to as
Cooperative Short Sale, are not included in this guide.
Information on the HAFA program is available at www.bankofamerica.reo.com/HAFA
5
Objectives
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Sellers
Other Liens
Involved Parties to a Short Sale
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DistressedSeller
Sellers Agent
Buyer
Buyers Agent
SERVICERBank of America
LocalMLO
1st Lienholder, 2nd LienholderMortgage Insurance Company
Construction, TaxesMedical, HOA, etc.
INVESTORMakes Final
APPROVAL
LocalMLO
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InitiateSubmitOffer andDocuments
ObtainHomeValuation
AnalyzeOffer
InvestorApprovals Closing
Homeowner Call CustomerService to gainaccess to theHomeowner portal:1.866.880.1232
Key tasks: Contact Information Hardship Reasons Financial Information
Enable vendor toschedule interiorHome Valuation
Agent Create a FREEaccount at
www.equator.com Initiate Short Saledirectly throughwww.equator.com
Key tasks: Submit 3rd Party
Authorization Submit Short Sale
Offer Upload Offer
Document Upload Supporting
Documents
Enable vendor toschedule interior
Home Valuation
Negotiate release ofadditional liens if not
serviced by Bank ofAmerica
Respond if initialoffer needs to benegotiated NOTE:Negotiations at thisstage are to get thedeal prepared forInvestor review
Adjust closing dateduring any counteroffers
Work with seller andbuyer if Investors
stipulate changes tothe deal (conditionsfor approval of lienrelease)
Notify Bank ofAmerica of any post
approval dealchanges or closingdelays
Notify Bank ofAmerica within 72hours prior to Close
Send Bank ofAmerica funds anddocuments
BankAssociate
Key tasks: Review 3rd Party
Authorization Validate Offer
and SupportingDocuments
Order HomeValuation
Order InternalPay Off Quote
Analyze collectedinformation andnegotiate offer tobe presentedto investors
Submit offer toMortgage Insuranceand Investors asneeded
Receive approval,decline, orre-negotiationstipulations per theInvestor decision
Notify agent andcustomer of FINALdecision from Investor
Work with agentand title companyto enable closing
7
Traditional Short Sale Process Milestones**Note that this is a high level overview for illustrative purposes only and does not show all required steps
7
NOTE: The short sale processing system is used to provide both tasks and communications to the agent. Please ensure you loginfrequently to check for new tasks, status messages, counter offers, or specific questions from your Short Sale Specialist.
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10+ Tips to Avoid Delays in Processing Time
The short sale process is complex and involves many different parties who must allagree to take a loss on an outstanding debt (i.e. investors, additional lien holders and
mortgage insurance). This increases the time it may take to close the sale of theproperty versus a property that is not sold as a short sale. Here are some key factorsthat you can influence to help minimize delays:
1. Ensure that property is listed on MLS (Multiple Listing Service).For Sale By Owner properties and 3rd party negotiation companies are not allowed.
2. Set appropriate expectations with buyers and sellers so that they understand thecomplexity and resulting length of time a short sale can take.
3. Work to get a purchase offer representing the best possible fair market value andhighest net proceeds for the investors.
4. Submit fully executed purchase offers with all appropriate addendums signed by bothbuyer and homeowner.
5. Work with your seller to help them obtain the release of any secondary liens(such as a home equity loan).
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10+ Tips to Avoid Delays in Processing Time
6. Negotiate external 3rd party fees prior to submission of HUD.(for example, the following fees are typically not approved by investors: short sale negotiation,reconveyance, document preparation, notary, recording, courier, processing)
7. Supply the complete HUD-1 that is valid for at least 60 days and includes all fees.
8. Review all documents & document images for accuracy, required signatures andclarity prior to upload. Upload each document as a separate PDF file into its designated areawithin the system. Complete the forms timely, i.e. 3rd party forms. Ensure all docs have been
signed.
9. Ensure that customer and agent tasks are completed as timely as possible.(for example, accepting short sale assignment, submitting short sale offer anduploading offer documents must be done within 7 days)
10. Make sure all offers and counter offers are agreed upon by all parties prior toaccepting any counter offers. Upload appropriate documentation into the system tosupport changes in purchase price. Adjust closing date accordingly duringany counter offers.
The following will cause delays. Notify us as soon as possible if they occur. Change in buyer or agent at any time during the process Customer files bankruptcy
Deal change after the approval letter is issued 2010 Bank of America Corporation
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USING THE ONLINE
MANAGEMENT SYSTEMAS AN AGENT
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Equator: Proprietary, Trade Secret and Confidential Information
Go to www.equator.com, enter your e-mail address in the Create An Account section.Click Next.
Create a FREE Account
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Create a FREE Account
Under Select An Account Typechoose the option for Agent.
Click Next.
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Under Final Step, enter all information requestedand click Submit.
Agent contact information
Real estate license number, expiration date and state
E&O insurance carrier and expiration date
Create Password and security questions
Once you submit your registration, an activationnotice will be sent to the e-mail address you provided.
Click on the link within the e-mail message to activateyour account.
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Create a FREE Account
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Initiating
2010 Bank of America Corporation
To initiate a short sale with Bank of America,click on Initiate Short Sale in the My Properties &Offers tab of the dashboard on the home page.
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Select Bank of America and click Next Step.
Initiating
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Initiating
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Unemployment
Excessive Use of Credit
Curtailment of Income
Payment Adjustment
Illness of Borrower Illness in Family
Death in Family
Marital Difficulties
Loss of Renters/Tenants
Enter the loan information.
Click Next Step.
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Review the accuracy of all information at the top section of the screen.Select Cancel to return to the previous step and correct any incorrect information.
If accurate, enter the letters and numbers that show up on your screen and thenclick Next Step. Select OK when prompted to confirm the initiation and Next Stepto move on to the home page.
Initiating
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JDoe
P t Vi
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Once you have successfully initiated the short sale, you will betaken to the property workflow area where detailed propertyinformation and tasks are found.
Property View
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Property View
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Important areas of the Property dashboard:
StatusIndicates what phase of the process your offer is in.
Negotiator A Short Sale Specialist is not assigned to the file until
documents have been verified by Bank of America. Once verified,you will see the name of your Short Sale Specialist here.
LibraryAll documents you have uploaded are listed in the library.
MessagesWhen in the Property View, the messages are specific to theproperty noted in the address area.
Property View
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Property View
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The Offers link takes you to the Offer page.The fields are color coded for quick view.
Property View
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Offer Site
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This is the Offer page.
Offer Site
2010 Bank of America Corporation
Light Green: Agent submitted a NEW OFFER
Yellow: Short Sale Specialist COUNTERED THE OFFER
Gray: Offer was REJECTEDPink: Offer is PENDING REVIEW
Dark Green: Offer was APPROVED BY INVESTOR
ALWAYS NOTE the expiration date of theoffer and respond accordingly.
Expired offers are systematically declined.
Dashboard Overview
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Use the dashboard at the top of the home page toaccess processing system screens.
Dashboard Overview
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Workflow:
Offers Need Response Assigned Tasks
Messages
My Properties & Offers:
Initiate Short Sale
Offer Messaging
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If a counter offer has been sent, you will receive an e-mail. You can locate yourcounter offers under the Workflow section Offer Needs Response in the upperleft area of the dashboard.
In the Offer Needs Response section you have two options:
View Worksheet: This shows you the history of all the offers and counteroffers.
Counter Offer: This is where you must review offers and make counter offers.
TIP: Use this as a tool to show the title escrow companies and your buyers the purchaseprice as well as what fees are being negotiated.
Offer Messaging
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Offer History Worksheet
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This is the View Worksheet page. It provides thehistory of all offers and counter offers.
Fees are included, excluded, or reduced based onour knowledge of what the investors will typicallyapprove.
NOTE: THE FINAL DEAL MUST BE APPROVED BY
ALL INVESTORS IN A LATER STAGE.
Our goal is to do a preliminary negotiation in orderto get the offer to a point where we believe theinvestor will approve it.
Offer History Worksheet
2010 Bank of America Corporation
Adjust closing date duringany counter offers.
Counter Offers
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Counter Offers
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This is the top section ofthe Counter Offer page.
You will need to select OKnext to every fee that isbeing negotiated. If you
want to counter that fee,you will select OK andthen change the amountof the fee. If there isnothing to negotiate, leavethe fees blank.Do not put in 0.
NOTE: Changes aresubject to additionalcounter offers and maycause a delay to theprocess.
2010 Bank of America Corporation
Adjustclosingdateduringanycounteroffers.
Counter Offers
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Counter Offers
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At the bottom of the Counter Offer page, if you have selected or madechanges to all fees you have three options:
AGREE: You did not make any changes. All parties are in agreementwith the fees and purchase price in the counter offer.Selecting this option will move the file forward for investor review/approval.
SEND OFFER: You have made changes to the counter offer.Selecting this option will send the counter offer back to the Short Sale Specialist.The new offer is subject to additional counter offers and may cause a delay to theprocess.
REJECT: Selecting Reject will stop the short sale process and CLOSEOUT THE FILE COMPLETELY. This should only be used if buyer does notwant to proceed with the short sale.
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Tasks
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To view tasks assigned to you, clickwithin the Workflow section of thedashboard.
ALL your properties with their related
tasks display on this page.
NOTE: Homeowner tasks will not show on yourtask list. Those tasks must be completed withinthe homeowner website shown in the latersection of this guide.
Tasks
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The Due/Completed Date is color codedfor easy status recognition.
Green: task initially assigned
Yellow: task approaching due date
Red: task not completed
Gray: task is complete
Tasks
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Click on the task to take you to the property view.
Tasks
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Document Upload
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This is the view if you select the task Upload 3rd Party Authorization.
Select Browse to search your computer files to find the file you wantto upload. Type in a description and click Upload.
NOTE: You must upload each document as a separate file. The ONLY thing thatshould be in this task is the 3rd party authorization.
Document Upload
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Document Upload
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Once the file has been uploaded, it will appear on the leftside of your screen.
You can rename the file and select Save, if necessary.
Click Save and Submit Now to submit the document.
Document Upload
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Messaging
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Messages can be reviewed or sent by clicking the link inthe upper right corner of the page.
Messages can also be retrieved by selecting Messagesin the Workflow area.
Messaging
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Messaging
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Messages can contain attachments, such as approvalletters and promissory notes. If a document has beenuploaded to a task you do not need to send it in an
e-mail or processing system message.
A paperclip here means there is an attachment.Click on the + sign and it will tell you the name ofthe document.
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Agent Communication
For specific questions/concerns, the Short Sale Specialist assigned to the shortsale is your primary contact.
Please ensure when sending a message in the processing system to select Negotiatorwhen you are in the negotiating stage and Closing Officer when your file has beenapproved and assigned to a Closing Officer.
We request that you only send messages via the short sale processing system and notdirectly through e-mail/phone. This enables us to audit the responsiveness of our ShortSale Specialists to agents.
If you have submitted a request to the Short Sale Specialist via the processingsystem and there has been no response after 2 business days:
you should escalate to a Team Lead by selecting this role in your message dropdownmenu.
In the event of an urgent issue, such as a foreclosure sale date within 48 hours:
you should immediately escalate to the Team Lead and Manager
AND immediately call the Short Sale Support Team at 1.866.880.1232
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USING THE ONLINE
MANAGEMENT SYSTEMAS A HOMEOWNER
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Homeowner Portal
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This is the home page wherethe homeowner accesses theshort sale processing system.
After calling Bank of Americaat 1.866.880.1232, a passwordwill be e-mailed to thehomeowner. They will entertheir e-mail address and
password then click Login.
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Homeowner Portal
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The links on the left show the homeowner tasks.
NOTE: As the agent, you have the ability to complete the
Provide Initial Offer and Select Real Estate Agent taskswithin your version of the short sale processing system.Agents do not have the ability to complete the other tasks,which are the responsibility of the homeowner.
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Homeowner Portal
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Once a task is complete, a check markdisplays showing completion.
In the event that a customer does not haveaccess to the internet, they should contactus to discuss how we can help themcomplete any critical homeowner tasks.
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Property information displays on the right side of the page.
Homeowners are encouraged to work closely with theiragent since they have additional insight into the loanstatus on their version of the short sale processing system.
For remaining questions, homeowners can call theShort Sale Support Team at 1.866.880.1232.
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Questions
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