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EQUATOR Changes

November 2011

EQUATOR’S EVOLUTION
  STARTED WITH NOTABLE CLIENTS SUCH AS NATIONSTAR, BANK OF AMERICA, AND GMAC IN 2009   CONTRACTED WITH MORTGAGE SERVICING GIANTS WELLS FARGO AND CHASE IN 2011   1,000,000+ SHORT SALES HAVE BEEN INITIATED ON THEIR PLATFORM SINCE THEY BEGAN IN 2009   LAUNCHING REvolution FIRST QUARTER OF 2012 (ENTERPRISE LEVEL)   $195B IN PROCESSED SHORT SALES, 800,000 AGENTS USING IT, 250,000 TRANSACTIONS PER DAY   LEADERSHIP: CHRIS SAITTA, CEO AND JOHN VELLA, COO

ENHANCED CLOSING PROCESS
  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 they process your files. The biggest improvement you may notice directly is that the closing officer can reapprove 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.

CHANGES AGENTS WILL NOTICE (CONTINUED)
  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.

ONLINE EQUATOR RESOURCES
  One million short sales:  http://www.prnewswire.com/news-releases/equatorreports-over-one-million-short-salesinitiated-131321989.html   Closing process changes:  https://realestateagent.bankofamerica.com/ptff.aspx? p=153   Update license announcement:  https://realestateagent.bankofamerica.com/ptff.aspx? p=144   Slideshow :  https://realestateagent.bankofamerica.com/content/ documents/understandingtheclosingprocess.pdf