BofA Agent Education Guide

download BofA Agent Education Guide

of 40

Transcript of BofA Agent Education Guide

  • 8/9/2019 BofA Agent Education Guide

    1/40

    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.

  • 8/9/2019 BofA Agent Education Guide

    2/40

    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.

    2 2010 Bank of America Corporation

    Bank of America: ProprietaryRevised 7-6-10

    http://www.bankofamerica.reo.com/shortsaletraininghttp://at%20www.bankofamerica.reo.com/HAFAhttp://at%20www.bankofamerica.reo.com/HAFAhttp://www.bankofamerica.reo.com/shortsaletraining
  • 8/9/2019 BofA Agent Education Guide

    3/40

    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

    3 2010 Bank of America Corporation

    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

    http://www.bankofamerica.reo.com/shortsaletraininghttp://www.bankofamerica.reo.com/shortsaletraining
  • 8/9/2019 BofA Agent Education Guide

    4/40

    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

    2010 Bank of America Corporation

    Bank of America: ProprietaryRevised 7-6-10

  • 8/9/2019 BofA Agent Education Guide

    5/40

    5

    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

    2010 Bank of America Corporation

    Bank of America: ProprietaryRevised 7-6-10

    http://www.bankofamerica.reo.com/HAFAhttp://www.bankofamerica.reo.com/HAFA
  • 8/9/2019 BofA Agent Education Guide

    6/40

    Sellers

    Other Liens

    Involved Parties to a Short Sale

    6Bank of America: ProprietaryRevised 7-6-10

    DistressedSeller

    Sellers Agent

    Buyer

    Buyers Agent

    SERVICERBank of America

    LocalMLO

    1st Lienholder, 2nd LienholderMortgage Insurance Company

    Construction, TaxesMedical, HOA, etc.

    INVESTORMakes Final

    APPROVAL

    LocalMLO

  • 8/9/2019 BofA Agent Education Guide

    7/40

    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.

    2010 Bank of America Corporation

    Bank of America: ProprietaryRevised 7-6-10

    http://www.equator.com/http://www.equator.com/http://www.equator.com/http://www.equator.com/
  • 8/9/2019 BofA Agent Education Guide

    8/4088

    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).

    2010 Bank of America Corporation

    Bank of America: ProprietaryRevised 7-6-10

  • 8/9/2019 BofA Agent Education Guide

    9/4099

    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

    Bank of America: ProprietaryRevised 7-6-10

  • 8/9/2019 BofA Agent Education Guide

    10/40

    USING THE ONLINE

    MANAGEMENT SYSTEMAS AN AGENT

    10Bank of America: ProprietaryRevised 7-6-10

    10 2010 Bank of America Corporation

  • 8/9/2019 BofA Agent Education Guide

    11/40

    11Bank of America: Proprietary Revised 7-6-10

    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

    http://www.equator.com/http://www.equator.com/
  • 8/9/2019 BofA Agent Education Guide

    12/40

    12Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    Create a FREE Account

    Under Select An Account Typechoose the option for Agent.

    Click Next.

  • 8/9/2019 BofA Agent Education Guide

    13/40

    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.

    13Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    Create a FREE Account

  • 8/9/2019 BofA Agent Education Guide

    14/40

    14Bank of America: Proprietary Revised 7-6-10Equator: Proprietary, Trade Secret and Confidential Information

    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.

    I i i i

  • 8/9/2019 BofA Agent Education Guide

    15/40

    15Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    Select Bank of America and click Next Step.

    Initiating

    2010 Bank of America Corporation

    I iti ti

  • 8/9/2019 BofA Agent Education Guide

    16/40

    16Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    Initiating

    2010 Bank of America Corporation

    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.

    I iti ti

  • 8/9/2019 BofA Agent Education Guide

    17/40

    17Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    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

    2010 Bank of America Corporation

    1234554321

    JDoe

    P t Vi

  • 8/9/2019 BofA Agent Education Guide

    18/40

    18Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    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

    2010 Bank of America Corporation

    Property View

  • 8/9/2019 BofA Agent Education Guide

    19/40

    19Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    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

    2010 Bank of America Corporation

    Property View

  • 8/9/2019 BofA Agent Education Guide

    20/40

    20Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    The Offers link takes you to the Offer page.The fields are color coded for quick view.

    Property View

    2010 Bank of America Corporation

    Offer Site

  • 8/9/2019 BofA Agent Education Guide

    21/40

    21Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    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

  • 8/9/2019 BofA Agent Education Guide

    22/40

    22Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    Use the dashboard at the top of the home page toaccess processing system screens.

    Dashboard Overview

    2010 Bank of America Corporation

    Workflow:

    Offers Need Response Assigned Tasks

    Messages

    My Properties & Offers:

    Initiate Short Sale

    Offer Messaging

  • 8/9/2019 BofA Agent Education Guide

    23/40

    23Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    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

    2010 Bank of America Corporation

    Offer History Worksheet

  • 8/9/2019 BofA Agent Education Guide

    24/40

    24Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information24

    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

  • 8/9/2019 BofA Agent Education Guide

    25/40

    25Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    Counter Offers

    25

    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

  • 8/9/2019 BofA Agent Education Guide

    26/40

    26Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    Counter Offers

    26

    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.

    2010 Bank of America Corporation

    Tasks

  • 8/9/2019 BofA Agent Education Guide

    27/40

    27Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    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

    2010 Bank of America Corporation

    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

  • 8/9/2019 BofA Agent Education Guide

    28/40

    28Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    Click on the task to take you to the property view.

    Tasks

    2010 Bank of America Corporation

    Document Upload

  • 8/9/2019 BofA Agent Education Guide

    29/40

    29Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information29

    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

    2010 Bank of America Corporation

    Document Upload

  • 8/9/2019 BofA Agent Education Guide

    30/40

    30Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information30

    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

    2010 Bank of America Corporation

    Messaging

  • 8/9/2019 BofA Agent Education Guide

    31/40

    31Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    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

    2010 Bank of America Corporation

    Messaging

  • 8/9/2019 BofA Agent Education Guide

    32/40

    32Bank of America: Proprietary Revised 7-6-10

    Equator: Proprietary, Trade Secret and Confidential Information

    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.

    g g

    2010 Bank of America Corporation

  • 8/9/2019 BofA Agent Education Guide

    33/40

    33Bank of America: ProprietaryRevised 7-6-10

    33

    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

    2010 Bank of America Corporation

  • 8/9/2019 BofA Agent Education Guide

    34/40

    USING THE ONLINE

    MANAGEMENT SYSTEMAS A HOMEOWNER

    34Bank of America: ProprietaryRevised 7-6-10

    34 2010 Bank of America Corporation

    Homeowner Portal

  • 8/9/2019 BofA Agent Education Guide

    35/40

    35Bank of America: ProprietaryRevised 7-6-10

    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.

    2010 Bank of America Corporation

    Homeowner Portal

  • 8/9/2019 BofA Agent Education Guide

    36/40

    36Bank of America: ProprietaryRevised 7-6-10

    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.

    2010 Bank of America Corporation

    Homeowner Portal

  • 8/9/2019 BofA Agent Education Guide

    37/40

    37Bank of America: ProprietaryRevised 7-6-10

    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.

    2010 Bank of America Corporation

    Homeowner Portal

  • 8/9/2019 BofA Agent Education Guide

    38/40

    38Bank of America: ProprietaryRevised 7-6-10

    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.

    2010 Bank of America Corporation

  • 8/9/2019 BofA Agent Education Guide

    39/40

    Questions

    39Bank of America: ProprietaryRevised 7-6-10 2010 Bank of America Corporation

  • 8/9/2019 BofA Agent Education Guide

    40/40