BANA – BofA – BOA – Rollout
Bank of America, giving itself the new acronym BANA this year rolled out several new changes for negotiators on April 14. These changes were so cumbersome, BOA shut down for over 10 hours to implement the system.
Agents need to have 5 key documents when initiating a short sale:
1) PNS WITH a new Buyers Acknowledgement form
2) Hud-1 settlement
3) 4506-T form
4) BANA Short Sale Addendum
5) BANA (NEW) LOA
Short Sale Mitigation, LLC and AA Premier Properties, LLC have all the forms on hand should you require them for your new Bank of America short sales.
Bank of America also announced agents have 5 days to counter an offer through the system. This is down 9 days from the original 14 days.
All email communication will only happen through Equator, and I can tell you THIS is the one thing so far that I find daunting about the new changes. Before we could send and receive direct email correspondence with our BANA negotiator, however NOW all we get is a MESSAGE that there is a MESSAGE waiting for us. It takes more effort to stop and log in to Equator to see what is going on and when you’re working on over 20 Bank of America short sale files, it can get monotonous. Interestingly, these new changes seem to REALLY protect BANA and make everyone else’s job a bit more difficult.