Bank of America has recently announced an update to its Third-Party Authorization Form. You may remember that back in April, Bank of America announced that it was standardizing its policies and procedures and would now only be accepting their own Third-Party Authorization.
Well, effective May 22, 2012, Bank of America has updated its form to include licensees and their assistants. The 2-page document requires acknowledgements from all parties and designated representatives that will be working on the short sale.
According to the folks at Bank of America:
The form has been updated to permit those who are working under the supervision of the Licensee (Real Estate Agent/Broker or Attorney) to be a Designated Representative on the short sale.
NOTE: The Licensee must still be identified on the form and be the named party representing the seller in Equator.
Ensure the following:
- The Homeowner has listed both the Licensee and the Assistant (if applicable) as Designated Representatives on Page 1 of the form.
- The Licensee has signed the form and provided his/her License Number.
- If applicable, the Assistant has identified him/herself as the Assistant/Paralegal for the Licensee and has signed the form.
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{ 3 comments… read them below or add one }
Melissa, will put this one under my pillow since Bank of America brings such sweet dreams to us in the short sale arena…my negotiator I know has already prepared for the changes…now for better dreams.
Ginny Lacey Gorman
North Kingstown Real Estate Agent
I have open a file trough Equator on February, 22 and stil not have a open task,as per my assigned negotiator borrower qualifies for 13,632 with in the Nationwide Cooperative Short Sale Program, Will borrower lose his incentive if I upload a offer ( signed contracts) before a list price is given?
thank you for your input.
You should wait to receive the task to upload the offer. You will not be making the process go any faster if you upload the offer before you receive the task. If you believe that the process is moving too slowly, then I would give your friends at B of A a call, and see if maybe they can speed things up for you. Good luck!