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Short Sales in CT > Blog > Bank of America - Process Changes to Short Sale Document Collection
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Bank of America - Process Changes to Short Sale Document Collection

December 20, 2013

Short Sale Agent Update

December 19, 2013


To improve the customer experience, Bank of America has enhanced its home retention application and document collection process. We are committed to helping customers explore all opportunities to resolve their mortgage delinquency. Changes to our home retention evaluation process have been implemented to support that commitment.

What has changed?

Application & document collection process:

A streamlined application process means that customers will now be evaluated for all available options and programs for which they are eligible, including modifications, short sale and deed in lieu, at the same time from one loss mitigation application. This approach will give customers more complete information about the range of options available and reassurance that Bank of America is working with them toward an acceptable delinquency resolution.

The short sale process will begin automatically if it is determined that it is the best option for the customer. Customers interested in proceeding with the short sale process can advise the short sale specialist to add the real estate professional of their choice to the file. The same customer documents collected during the home retention evaluation (modification) will be used for the short sale transaction.

Eligibility criteria has not changed; however:
  • We will continue to provide our customers with a comprehensive list of all the required documents, which are to be collected at the beginning of the process.
     
  • Notification will be provided advising of all options and programs for which the customer was evaluated along with the approval or denial resulting from the evaluation.
Helping customers understand this approach is critical to setting expectations and successfully partnering with them.

Short Sale Initiation Process:

The customer may choose to proceed directly to a short sale evaluation and not be evaluated for home retention options first. Ensure the customer contacts their assign Customer Relationship Manager (CRM) to discuss options that are available to them. For this type of direct initiation a Borrower Election Form will be required before an approval can be provided.
  • Customer Initiation: The customer calls Customer Care 1.866.880.1232 to request a short sale without previously being evaluated for home retention options. The Customer or Authorized Third-Party will work with the assigned short sale specialist to upload the required documentation
  • Agent Initiation: The customer's agent or Authorized Third-Party opens the short sale record in Equator ® and assists the customer to upload the required documentation
For both Agent initiated and Customer initiated files, a letter will be sent advising of any missing borrower required documents. In addition, for this type of direct initiation an Advisement letter containing the Borrower Election Form will be sent. The fully executed Borrower Election Form will be required before an approval can be provided.

To save time and avoid delays with the short sale process, confirm the customer has explored all available home retention options prior to beginning the short sale or has chosen to pursue a short sale instead.

As always, additional materials and guides can be located on the Agent Resource Center at bankofamerica.com/shortsaleagent. Find information about Consumer Financial Protection Bureau (CFPB) Mortgage Servicing standards at: http://www.consumerfinance.gov/.

C3.10614

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