equator updates for kw

8/3/2019 Equator Updates for KW

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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 GIANTSWELLS FARGO AND CHASE IN 2011

1,000,000+ SHORT SALES HAVE BEEN INITIATED ON THEIRPLATFORM SINCE THEY BEGAN IN 2009

LAUNCHING REvolution FIRST QUARTER OF 2012(ENTERPRISE LEVEL)

$195B IN PROCESSED SHORT SALES, 800,000 AGENTSUSING IT, 250,000 TRANSACTIONS PER DAY

LEADERSHIP: CHRIS SAITTA, CEO AND JOHN VELLA,COO



ENHANCED CLOSINGPROCESS 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 moreefficient and reduce the time it takes to go from issuing theapproval letter to finalizing the short sale.

Most of the changes are internal, affecting the way theyprocess your files. The biggest improvement you may noticedirectly is that the closing officer can reapprove a short sale ifit has been delegated by the investor or the mortgage

insurer. This will alleviate sending the file back to the short salespecialist to be reworked if there are changes during theclosing process.

(However, if a transaction falls outside the guidelines for investor or MI approvals, it will still be returned to thenegotiator for reconsideration by the investor or mortgageinsurer.)



CHANGES AGENTS WILLNOTICE

Equator task name changes:

Supply Settlement Statement will berenamed Upload Preliminary Closing HUD.

Closing Complete will be called Upload Final

Certified Docs.



CHANGES AGENTS WILLNOTICE (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 fivedays before close of escrow. If yes, an explanation isrequired.

The Upload the Short Sale Addendum field has beenadded to the Upload Preliminary Closing HUD task.

In the Upload Final Certified Docs task, the agent willsupply a wire confirmation and confirmation number, aswell as a promissory note tracking number, if required.

If any last-minute changes occur during closing, such asdealing with unexpected taxes or homeownersassociation fees, the agent will also be required to uploada revised HUD that reflects the latest information.



ONLINE EQUATORRESOURCES One million short sales:

http://www.prnewswire.com/news-releases/equator-reports-over-one-million-short-sales-

initiated-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

equator updates for kw

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