As Bank of America continues to enhance the short sale process, real estate agents will notice changes when initiating a transaction in Equator, beginning March 11. What Is Changing: New fields will be required when initiating short sales in Equator. Agents should be prepared to provide the following information regarding the loan and the homeowner’s…
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Be sure to read this article from housingwire.com. Servicers are moving toward a proactive approach in pursuing short sales as an alternative to foreclosure, servicers on a Mortgage Bankers Association panel said Wednesday. A component and specialty servicer, meanwhile, predicted that short sales could increase 50% industrywide this year. Buffalo, N.Y.-based AMS Servicing told HousingWire that the projected increase…
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On December 28th the US Treasury issued Supplemental Directive 10-18 which announced major changes/improvements in their HAFA Short Sale and Deed-in-Lieu programs. The changes become effective on Feb. 1, 2011 and include: Deletion of the requirement that a borrower’s payment exceed 31% of their gross income; Increasing the allowable vacancy period from 90 days to…
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From a recent article in Housing Wire.com, they report that Equator, a third-party technology provider that processes short sales for major banks such as Bank of America on its Web-based platform, said the SIGTARP numbers for HAFA is far too low. According to Equator’s data, lenders, real estate agents and homeowners have initiated 117,000 HAFA…
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We are proud and pleased to announce that Hogan School’s course: ‘HAFA Short Sales, US Treasury, Fannie Mae & Freddie Mac Programs’ has been adopted by REBAC/NAR as their course on HAFA. HAFA is the Governments Home Affordable Modification Program. This means that our course will be presented across the US by REBAC licensed course…
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Bank of America is now processing HAFA (Home Affordable Foreclosure Alternatives) short sales on Equator’s web platform. Fannie Mae and Freddie Mac have announced that they will start the HAFA program as of August 1st. and BofA’s has a stated goal of increasing short sales this year. The use of the Equator system for HAFA transactions…
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We’ve been waiting for this news. Fannie Mae and Freddie Mac have announced they will join in the Treasury’s HAFA (Home Affordable Foreclosure Alternatives) program with some modifications. These programs allow short sales to be pre-approved for eligible borrowers. The US Treasury’s HAFA program became effective on April 1st and is now showing signs of…
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Bank of America did a web cast last week on their short sale process. The hour long webinar can be accessed at: Bank of America did a web cast last week on their short sale process. The hour long webinar can be accessed at: http://www-waa-akam.thomson-webcast.net/us/dispatching/?event_id=3068e6f00b836d36a361d1da7777062d&portal_id=1b8fe57a2d304cdbc43f1e95f94ac46a The short sale process is a moving target. Hogan School…
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