- Representatives - These are general bank employees with no direct connection to your file. They are the people who answer the phone and can look into the notes of other individuals. At times, reps can be useful in putting in requests for information, for having others contact your negotiator, or for putting in requests to escalate the file to a higher authority. They are often the only source of information at the beginning of the review and are commonly the people most frequently dealt with, as there is almost always one available to answer a call. However, they are also often those with the least information and can be near-robotic in their parroting of others' notes and their insistence that they know nothing additional.
- Account Managers or Relationship Specialists - These are the bank employees who are directly connected to the loan, but not necessarily to the file or the short sale review. To elaborate, they oversee all of the activity on the loan and can often be instrumental in the assignment of individuals to the review in the short sale department. It is important to remember that an account manager can be as of little use as a representative as they are largely limited to the information provided in the notes of others when it comes to the details of a review that is already underway.
- Processors - These are often the first individuals with a direct connection to your file. Either a single processor or processing team will receive the file via fax, email, or regular mail and begin going through it. A processor's job is mainly to establish whether or not the file is complete, meaning that it has everything that will be needed for the actual review of the offer to begin. They are looking for all of the regular components of a file as well as any unique documents that the bank may require such as proprietary forms on bank letterhead. In some cases, processors will review the documents beyond just their presence and look to see that the documents are acceptable (all pages included, all signatures present, all dates current) before passing the file along for the next part of the review.
- Negotiators - The name can be a bit confusing, naturally, as you'll have the negotiator you hire to negotiate the offer on your behalf with a negotiator negotiating on behalf of the bank. Let that sink in for a minute. Moving on, the negotiator can often be the most important and impactful individual assigned to your file. The assignment of a negotiator is an important step as it signifies that there is a person in the short sale department actually reviewing the offer to see if it's something management and ultimately the investor will approve. It is the negotiator who can counter or accept the offer. Some banks routinely have a succession of negotiators as the review progresses. Some will sporadically assign new ones as negotiators are shuffled around, moved up, or moved out.
- Managers and Supervisors - At times the input and influence of a manager is necessary to get a file moving in the event that the review is stalled. If your negotiator is dealing with a particularly unresponsive bank negotiator, they can request that the manager step in. At times managers can move the file to another negotiator or even review the file themselves.
As every short sale is unique, the measure of influence of each individual can vary greatly. Likewise, your short sale negotiator may have more or less communication with any given bank employee in any given review situation. It is universally important that your negotiator know who is responsible for your file at the bank, whether or not they can interact with them directly.
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