There is a tradition among seafaring folks that on their first pass over the equator, the "virgin" is thrown overboard. I assume they pull you back or there wouldn't be anyone to man the ship for the rest of the voyage.
In case you hadn't heard, Equator (formerly REOTrans) announced they have launched the first ever short sale module for a large national lender. In the industry's worse kept secret, the lender was identified as Bank of America.
To read the complete article, follow these links:
http://www.mortgageorb.com/e107_plugins/content/content.php?content.4561
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/10/20/BUOG1A5M2P.DTL
http://www.bayareainvestmentrealestate.com/2009/10/reotrans-now-handling-short-sales.html
"This is the first time that short sales have been handled through an electronic platform," said Equator CEO Chris Saitta. "With our new system, everyone works together in real time, dramatically improving communication and approval timelines for our client, its borrowers, vendors, and real estate agents."
Details are forthcoming, but all parties to the transaction will be required to register with Equator, including buying and selling agent, seller, third party service providers. In return they will have 24/7 access to a portal through which they can provide the necessary information to process a short sale and receive real-time status updates electronically.
There have been countless discussions on Active Rain about the arbitrary decision making that seems to run rampant in the short sale process.
Equator's short sale module also automates decisioning for the lender, handles approvals for faster turnaround, provides quick fulfillment, and assures full compliance with government programs, Saitta said.
If this proves successful, you can expect other major lenders to follow suit with similar programs to relieve the huge backlog of distressed properties.
I guess it's true: "Good things come to those who wait", we just didn't imagine it would take this long.
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