2020 REO Companies

Replies

- - Linda McKissick > Nora McDonald February 9, 2023 at 10:13am
    
    Agreed, many of the companies I worked for/with are either gone, merged with another or it seems the few REOs that are coming through are being sold with the occupants in. They still need a broker/agent, but it is not at all like it used to be.
Frank Popeleski June 3, 2020 at 4:45am

Getting on the Vendor list is TOUGH. Many are not accepting new agents in certain areas. If the REO list is closed see if you can get on their BPO list! Reason being is that was the old method in getting on the REO list, they would pull from their BPO list when they had a need in a certain area. Or you could get lucky. Being on Res Net is a plus as well, Equator the same thing as smaller companies many times use them as a source for REO listing agents.
- Michael J Fitzgerald > Frank Popeleski June 3, 2020 at 5:08am
  
  I am registered on all the platforms for a year now and have not receive an assignment. Any thoughts moving forward.
  - Doris Mullins > Michael J Fitzgerald July 3, 2020 at 4:37am
    
    Michael I have been on both platforms for over 10 years and have not gotten any REO. I have called asset managers and asked for assignments and still nothing.
Frank Popeleski June 3, 2020 at 4:23am

Keystone Asset Management is good, Planet Home Lending is a new client, they drive me nuts at times. ResNet as stated here is GREAT.
Frank Popeleski June 3, 2020 at 4:22am

Michael Fitzgerald, the VERY FIRST rule of thumb is what Nora McDonald said. NEVER EVER give out an asset managers contact info. NEVER. Secondly the AM uses a list of vendors that are supplied to them. You first get on the vendor list. They can only work with that list. I many years back had an agent find my AM. I had been in touch with her as I was having a difficult time with the agent. She called me (they never call you unless you are in deep crap or it is something they do not want to put in writing). I told her I did NOT give out her info, he found it. She said 'he is just like you said, arrogant, nasty, condescending. The next time he calls I am just going to hang up on him'! I had a good relationship with the AM and keep them updated so this did not come back to bite me.
- Michael J Fitzgerald > Frank Popeleski June 3, 2020 at 4:41am
  
  Thank you, how do you get on there vendor list.
  - Nora McDonald > Michael J Fitzgerald June 3, 2020 at 10:29am
    
    once you have registered, do a ton of bpo work. If they are quality reports they will notice and recognize your name. They will find you, Its the " don't call me, I'll call you" policy. They weed agents out through the bpo companies anonymously. Out of the blue, you will get a call on a property you did a bpo for 3 months ago.
    - Doris Mullins > Nora McDonald July 3, 2020 at 4:41am
      
      Nora are you still doing BPOs? My numbers have dropped considerably since the BPO Monkey company start doing their automatic capturing. I lost a lot of business because of them.
      - Nora McDonald > Doris Mullins July 3, 2020 at 5:23am
        
        Wow, had never heard of them and just checked out their site. I'm really surprised the those bpo companies voluntarily work with them. A couple of years ago, I remember there was a crack down on auto acceptors and virtual asst programs. Many agents got the ax for using them. But, yes, I still do bpos, I'm not sure if it is that I am in a rural area, but most of the time I negotiate my fees and many are sent to me directly. I have seen a drop in bulk orders for sure. That should change for sure in 2021.

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