Chase and Equator

Many of you are probably elated that Chase is finally taking steps towards streamlining their short sale process by finally beginning the transition to the online system known as Equator. If you are unfamiliar with the Chase Equator system, here is a brief run down. Through Equator, banks are able to initiate short sale files, assign tasks to agents and generally keep all parties involved in the process up to date on where the file stands. Users are able to email their negotiators through this system, as well as upload any required documentation. Currently, Bank of America is 99% reliant on this system for their short sales, minus FHA and VA originated loans.

Now, what does this mean for short sales and Chase? That just happens to be the million dollar question as of late! Either Chase will have finally found their niche within the short sale approval process and start pumping out approvals on a regular basis, or they will be completely lost and cause a lot of us to go bald with frustration. I’m placing my bets on the former (this may have to do with our most recent experience!) So, keep reading….

So, for your reading pleasure, I have sat down with a Short Sale Experts, Inc. negotiator and got the low down on how Chase is handling this process. Here is a first-hand account of an experience with Chase using the Equator system.

The file is initially submitted by fax, which is the usual route preferred by Chase. Once Chase received the package and the processor reviewed the file to confirm that the short sale package was complete they assigned the file to a negotiator within 3-5 business days. Now this is where Equator comes in. The negotiator initiated the file into Equator, but specifically requested that I not complete any of the assigned tasks. Any documentation that was requested was uploaded into the library through the Equator system. As per usual, once the documents were uploaded, the negotiator was notified, through email, that the documents were there. Following the review of the documents a counter to the offer was provided via email, not through a task typically generated by the Equator system. Once the buyer responded to the counter offer, I uploaded the necessary documentation under the library and sent another email. After this process, the approval letter was issued through Equator just like a Bank of America short sale transaction.

Now, there are a few things that are important to take note of from this account. First, only one task was ever completed from the agent side of the transaction as the negotiator specifically requested this. This one task was to upload the letter of authorization. Secondly, communication was done solely through email, but it was noted that the negotiator was decently quick to respond. Finally, our timeframe for approval was fairly average as we received the short sale approval approximately 30 days from the submission of the initial package.

So, as you can see, there are still a few kinks that need to be worked out on Chase’s side, but the upside looks promising. We’ve seen Bank of America and Wells Fargo go through this initial phase when they first started using Equator. Within a few months, the Chase negotiators should be able to use the chase Equator system to its fullest.


Since this is still in the beginning of the new process, we would like to know how your experience with Chase’s Equator system has been. Please fill us in with all the details!! 

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925 B Street Suite 102
San Diego CA, 92101
Phone: (888) 746-7820
Fax: (888) 597-2040

Short Sale Expert

Encore Real Estate Group
CA DRE Lic. #01883210

Broker: Troy Anthony Huerta
Agent: Leon Cook
CA DRE Lic: #01028204
CA DRE Lic: #01866021

925 B Street Suite 102
San Diego, CA 92101

Phone: 1-888-746-7820