Chase Bank Short Sales Moving To Equator System
East Bay Short Sale Group has confirmed that Chase Bank will be moving their processing systems to the online Equator processing platform. Well its about time Chase! We have been processing Chase Bank short sales for several years now and in our opinion they have been the worst bank to work with. For starters all the seller documentation including tax returns, paystubs, bank statements, financial worksheets, etc had to be faxed to a general number within the short sale department. These short sale packages were sometimes as many as 100 pages, which had to be faxed in several increments. As you can imagine most of the pages got “lost” or Chase claims were never received. On top of that faxed documents usually are of poor quality which then need to be resent. Without exaggeration it would many times take 2-3 weeks for Chase to confirm they had received a single faxed document! With that said it is no wonder that most of Chase bank’s short sale files would take minimum of 6 months to close!
So the good news is, we have been told by Chase bank that their short sale processes will be processed through Equator effective Oct 1st, 2012. In fact one of our short sales packages that we submitted a couple weeks ago will be closed down on their existing system and will need to be re-initiated online. Many banks have migrated to the Equator system (formerly REO-Trans), including Wells Fargo, Bank of America, Nationstar, GMAC, and more. The benefits of this system are task oriented processing and streamlined approval process. Real estate agents are given tasks that must be completed online within a specific timeframe, with all submissions completed online, alleviating the need for faxes. We do not know at this time if Chase HAFA short sale files will be also done online, or through a separate third party vendor such as AMS.
With the transition we hope that Chase Bank’s short sale process timeframe is decreased which will allow for fast approvals and closings. If you have any questions regard Chase short sales please contact us at www.EastBayShortSaleGroup.com
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