Wells Fargo short sale approval timelines may have just decreased with their recently announced association with the online Equator system. This could be good news for homeowners attemping a Wells Fargo short sale since it can expedite the approval process from beginning to end.
The Equator system (previously “REO-Trans”) was created to help streamline the approval process of default inventory, such as short sales and bank owned properties. It provides an on-line, process-driven system where homeowners, agents and bank employees track the short sale process and alleviates the faxing of documents. All communication is done online, including the uploading of documents, sending emails, process timelines, tracking, etc. It also holds all parties to the transaction accountable to their “tasks”. Equator is currently being used by Bank of America, Nationstar Mortgage, GMAC, Wells Fargo, and a few other holding institutions.
What Wells Fargo short sale applicants can now expect is shorter timelines, with 1st lien approvals decreasing by weeks, if not more. We are excited to see Wells Fargo enter the 21st Century with their processing systems so that we can help you to close on your short sale faster than before.
If you have any questions regarding Wells Fargo short sales please contact us!