Good news! Wells Fargo is trying to streamline their short sale process. I have been negotiating short sales with Wells Fargo many years and it sounds like they are making some positive changes that will hopefully speed up the short sale process.
Wells Fargo uses a software called Equator of which allows real estate agents to upload docs in behalf of the seller and allows for communication throughout the short sale process. While Equator is a great tool, myself and other agents have complained to Wells Fargo that there are issues with Equator that needs to be resolved. Sounds like Wells Fargo have finally listened and have made some positive changes based on our feedback. Please reed below email from Well Fargo.
Email from Wells Fargo 2_11_13
Your Voices have been heard.
Wells Fargo to roll out new Equator Low Doc Process
Effective 2-15-13, for all loan portfolios except FHA, agents will no longer be receiving the following tasks within Equator
- Hardship Reasons
- Financial Information
Equator has removed these tasks in order to provide agents a better experience when navigating through Equator and to provide agents a quicker response and decision timeframe for their short sale.
On 2-15-13 Agents will receive the following task instead:
- Upload Required Documents
Prior to agents receiving this task, Wells Fargo will review the file in order to request only the documents needed to review that specific file. This avoids agents from having to upload blank or search for and upload potentially unnecessary documents.
What does this mean for you as an agent?
If we don’t need a document, we won’t ask for it, and you won’t have to find it. This will allow your file to move quicker through our processing pipeline and get an approval even faster!
More Approvals = More Closings!
How does this affect your current files?
As with any transition there will be impacts, and we have done everything to ensure a smooth transition for agents. However, any active files will have to be converted to the new Equator Low Doc Process. Each file still requiring documents will be systematically reverted back and will restart its lifecycle within Equator, while this sounds tedious; it will be very quick and is the best solution to ensure a smooth transition.
Agents will be sent the following tasks:
“Upload 3rd Party Authorization”
“Borrower Contact Information”
“Is there an Offer”
Once the tasks are completed each file will end up right back in its respective workflow.
Need to short sale your home? Call 781-591-0779 or visit us at www.sellfastmass.com.