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Effective Friday, Oct. 28, agents will see enhancements to the closing process in Equator.
Some task names have changed, and new fields have been added to some of the tasks.
The purpose of these enhancements is to make closings more efficient and reduce the time it takes to go from issuing the approval letter to finalizing the short sale.
Most of the changes are internal, affecting the way we process your files. The biggest improvement you may notice directly is that the closing officer can re-approve a short sale if it has been delegated by the investor or the mortgage insurer. This will alleviate sending the file back to the short sale specialist to be reworked if there are changes during the closing process.
(However, if a transaction falls outside the guidelines for investor or MI approvals, it will still be returned to the negotiator for reconsideration by the investor or mortgage insurer.)
Changes agents will notice:
Equator task name changes:
Supply Settlement Statement will be renamed Upload Preliminary Closing HUD.
Closing Complete will be called Upload Final Certified Docs.
New Equator fields to complete:
When uploading the preliminary closing HUD-1, the agent will be asked if the file is being uploaded more than five days before close of escrow. If yes, an explanation is required.
The Upload the Short Sale Addendum field has been added to the Upload Preliminary Closing HUD task.
In the Upload Final Certified Docs task, the agent will supply a wire confirmation and confirmation number, as well as a promissory note tracking number, if required.
If any last-minute changes occur during closing, such as dealing with unexpected taxes or homeowners association fees, the agent will also be required to upload a revised HUD that reflects the latest information.
RENAISSANCE REALTY IS AN APPROVED BANK OF AMERICA SHORT SALE AGENT - Call us today if you need help.
To start the Home Affordable Foreclosure Alternatives (HAFA) program you need to call us to request to sell your home in a short sale.
If you haven’t applied for a Home Affordable Modification prior to requesting a short sale, we’ll check to see if you meet that program’s eligibility requirements first. To do this you’ll need to update your lender on your financial information.
Once you’ve requested a short sale, you’ll have to update us on your current financial situation. As part of the Home Affordable Foreclosure Alternatives program, we’ll review your information and check your eligibility for a Home Affordable Modification or other home retention programs that would reduce your monthly payments to enable you to stay in your home.
If you do not qualify for a modification or no longer wish to stay in your home, then we begin to work with you on a short sale.
Which lenders are participating in the GEORGIA HARDEST HIT FUND ?
ASC (America’s Servicing Company)
Bancorp South Bank
Bank of America
Bank of Dooley
Branch Bank and Trust (BB&T)
Brand Banking Company
Cenlar Mortgage
Chase Mortgage
Citi Mortgage
Delta Community Credit Union
EMC Mortgage
EverHome Bank and Mortgage
Fifth Third Bank
Flagstar Bank
GMAC Mortgage
Habitat for Humanity, Camden County GA
Habitat for Humanity, Coastal Empire
Habitat for Humanity, DeKalb County GA
Habitat for Humanity, Gwinnet County GA
Habitat for Humanity, Sumter County GA
Habitat for Humanity, North Central GA
Habitat for Humanity, Macon GA
Habitat for Humanity, Valdosta-Lowndes
James B. Nutter & Company
JPMorgan Chase Bank
Monroe County Bank
Midland Mortgage
Navy Federal Credit Union
Ocwen Loan Servicing
PNC Bank
RBC Bank Regions Mortgage
Real Estate Mortgage Network
Residential Credit Solutions
Saxon Mortgage
State Home Mortgage
SunTrust Mortgage
United Bank, Griffin GA
USAA
Vericrest Financial
Wachovia
Wells Fargo
Call us today if you hold a loan with any of the above servicers - we can help
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