At a luncheon yesterday one of the quest speakers was Bank of America's Allen Seelenbinder, V.P. Portfolio Retention Manager of the Western U.S. A few interesting facts:
Bank of America beefed up their Short Sale department over the past 6 months from 100 employees to 1,400. And now instead of over 300 Short Sale files their "negotiators" are averaging 100 or fewer files.
BofA is also one of the banks using Equator.com - a third party processing system where home owners or their authorized agents can begin a Short Sale file. The big win here is that you can avoid faxing in hundreds of pages to get a short sale started. I believe he said in one month last year they received 10,000 faxed sheets of paper. Now 85% of their files are on Equator and he claims files and information no longer get lost (oh but for those pesky data entry problems I'm sure).
Finally, while he wouldn't say how long a Short Sale approval took before Equator and the employee ramp up, he says their goal is 90 days and they are currently averaging 101 days. Dramatic improvements since Oct '09.