Friday, January 29, 2010

If you and your short sale sellers are having problems with Bank of America and Equator (formerly Reotrans), you are not alone. My team and I have be

If you and your short sale sellers are having problems with Bank of America and Equator (formerly Reotrans), you are not alone. My team and I have been "experimenting" with the new short sale upload system since we've been forced to start using it two weeks ago. Not only does the short sale agent have to use Equator, so does the short sale seller. The idiosyncrasies of the software can be intimidating-- even to a savvy internet user.
Passwords don't work, information is wiped out, and files are rejected for reason code: OTHER.
Today a Destin short sale seller came into my office for help entering his financial information. We had already uploaded his last two years tax returns, last two months bank statements and last two paystubs by separate pdf. After entering his information and filling out thirty plus data fields, his information was WIPED out three times by Equator. WHY? He hit the back-button! But did we give up? No way! After a while, through trial and error, we found some tips to help you along your Bank of America-Equator journey.
Remember to have your seller log onto (no www). He should already have his password, after registering at 1-866-677-2516 and having one emailed to him.
There are NO DETAILED INSTRUCTIONS, but these hints will help you to success:
The system does not accept commas in all numeric fields. It will kick out entries with commas in the lower section of the seller financial fields, those underneath the income section. (Some may find it difficult, for example, typing 100000.00 and keeping track of the correct number, but that is what it wants.)
The seller can only "Save for Later" if they fill out a complete section on the screen, from the BLUE to BLUE (HELP to HELP) area of the form. Otherwise, the info will be WIPED OUT!
When totalling numeric fields (like expenses, for example), click OUTSIDE the data entry field to the right of the "total" at the bottom of the column. Don't try to add up the fields. This will add them up for you. ( I know it makes no sense).
Finally, if you want CHAT HELP, there is no button. or link on the screen.. I knew there was a CHAT, so I called the Equator Tech Line 310-469-9167. (Expect to be on hold for thirty minutes to three hours). After finally getting through, and being put on hold for twenty minutes, they came up with this to find CHAT:
Click on the HELP button at the top of the screen. In the "Search" field, type in the word "CHAT", then an icon will appear. I am sure you would have figured that out on your own, right?
That's all for today. For more Equator hints, check back here and on the Short Sale Superstars Equator group. Until then, happy typing!

It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]

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