Posted by Annie Hugie on September 14, 2008 at 11:22am
Well, I'm still new to the REO game and I'm trying to figure out 'the rules' the banks play by. In trying to obtain contacts to list REO's for the banks, I was happy to finally have found a list of loss mitigation contacts. However; when I asked who was handling their city listings almost all of them said that I needed to sign up at the asset managements website to be considered. Does anyone know of a bank that isn't using an asset managment company?
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First of all, do all banks use Asset Management, yes, most all do. This is because they don't have the infrastructure internally to do Asset Management, simply stated, they aren't in that business.
These banks guard their Asset Management companies confidentiality like it's a trade secret....because it is. Due to the nature of the business and the agreements of consumer protection that these organizations have between each other, confidentiality is paramount to thier success.
So, how can a agent get in the door...well, its hard and sometimes the wait can be long. I would suggest you read over my blog, "How to start doing your first REO" and that will shed some light.
Good luck and I hope this helps.
Annie Hugie > Jesus (Jesse) GonzalezSeptember 18, 2008 at 10:06am
Jesus,
Thanks so much for your reply! Your words of wisdom are very helpful and made me realize that I need to gain more knowledge and possibly a designation. I'm actually grateful they make the process so difficult or just about everyone would get on the REO bandwagon. I will be patient and pay my BPO dues. :)
Replies
First of all, do all banks use Asset Management, yes, most all do. This is because they don't have the infrastructure internally to do Asset Management, simply stated, they aren't in that business.
These banks guard their Asset Management companies confidentiality like it's a trade secret....because it is. Due to the nature of the business and the agreements of consumer protection that these organizations have between each other, confidentiality is paramount to thier success.
So, how can a agent get in the door...well, its hard and sometimes the wait can be long. I would suggest you read over my blog, "How to start doing your first REO" and that will shed some light.
Good luck and I hope this helps.
Thanks so much for your reply! Your words of wisdom are very helpful and made me realize that I need to gain more knowledge and possibly a designation. I'm actually grateful they make the process so difficult or just about everyone would get on the REO bandwagon. I will be patient and pay my BPO dues. :)