Wells Goes to Equator, Navy Fed Dumps on Veterans and Short Sales Smooth Out
This month in Short Sales bring us some interesting news.
Wells Fargo moves to Equator.
For those that don’t know, Equator is a semi-automated system for banks to manage assets. Use primarily for foreclosed properties (REOs), and adapted for short sales. Equator become “famous” when Bank of America decided to use them for their short sales. Since then GMAC and now Wells Fargo use this “software” to manage the process. What we should see is a slowdown as employees get used to the quirkiness of the design (clearly Equator was not designed with User Interface in mind) followed by a much quicker process. Wells has always been ahead of the curve in regards to short sales.
Navy Federal Credit Union Sucks
Honestly I tried to find a different word to describe Navy Fed, but how they handle their business as it relates to our service people is just plain deplorable. If you are buying a home right now, do not use this company. It’s not that you get taken advantage of in the front end but if you get stationed elsewhere and are forced to short sale, expect to have the roughest time of it out of all the lenders we deal with.