Any information on Ocwen?? Trying to build REO business!!!

Replies

- Vitaliy Mikshanskiy > George Bellino August 7, 2009 at 5:47pm
  
  George, I'm still in shock after reading your post, you were right on target, I've completed more the 300 BPOs and got 00000 listings, I'm living my office after 2am and at 7am will be driving taking photos hopping to get my first listing. My background in traditional real-estate, has been a top producer for many years, I have a great team, and now I'm trying to get in to REOs, but I tell you, it's NOT easy, but I'm not going to give up, especially after reading posts like yours and others on REOPRO. I will be happy to chat with you. Thanks again.
  - Barbara Rodriguez > Vitaliy Mikshanskiy August 9, 2009 at 6:33am
    
    You said your doing BPO but for who? That makes a world a difference. Just doing BPO's isn't going to get you REO listings.
    
    Although, I do perform them for one company that gives me a lot of work in my area knowing I will never get a listingbut it is stable money, easy form, they pay well on schedule every two weeks,
Jose Rivas (DGRA) CDPE, SFR August 6, 2009 at 5:29pm

I got into the REO business with OCWEN. they bpo's are long and tough, but it is a good way to learn, they pay on time, I have direct deposit and usually get my money right after my bpo passes their review. I receive a listing last year, my very first reo listing, but it was tough for a rookie with no guidance and because of their plataform and all the people that you talk to in American and India, it makes it difficult to get on the same page for refunds, but I got my money refunded back. They have a list of prefered agents and they like the agents that work for the national guys like REMAX, Century21, etc. I have't receve a listing since I have my own realty. They have re-assigned a listing to me in the past month, but lately I have just been doing bpo's for them. don't be affraid and work with them. Also invest in your education there are good places to take classes and help you move in the right direction, you can find them on this site. Also you can read the comments about the bad one here too.
Good luck
- Anton Stetner > Jose Rivas (DGRA) CDPE, SFR August 7, 2009 at 3:25am
  
  I work for ocwen doing BPOs and REOs. Their BPOs look long but they are easy beacause the have an easy QC department. They just want a good value. I have reached the point with them and BPOs that I get a direct deposit within about 14 to 30 days of doing the BPO and they always pay. Also, there orders go out on a blast system so get a blackberry with a quick email address. For REOs they are assigned at random to the people who do the BPOs. So if you did the BPO and they get the property there is a good chance you can get the REO. Also, the gentleman above is correct they only pay 1.4 to 1.5% but the homes are priced agressively to sell and their AMs are helpful. However, there reimbursement time for REO expenses is 60 to 90 days. Hope that helps.
  
  Anton
  - Barbara Rodriguez > Anton Stetner August 7, 2009 at 3:37am
    
    I have gotten several BPO's and had started worrying because I am up to like 10 with them at this point. I appreciate so much all your guidance and help. Thank you so much!!!
Keith Brabec August 5, 2009 at 5:35pm

I just close my first REO with them it only paid 1.5%. The asset manager responded quickly and they priced the property well. Getting paid on the bills has been slow and working with their platform is difficult. I have done 4 or 5 BPOs very very time consuming and it took about 60 days to get paid. The one nice thing is the buyer had some delays and they had no problem with extensions.
- Barbara Rodriguez > Keith Brabec August 6, 2009 at 12:36am
  
  I received about 8 orders from them and had never done any work for them before now, so I started to get nervous because I've been reading a lot of negative information about them. Being a single mom and the sole bread winner in my household doing free BPO's doesn't cut it. I am so glad to hear they pay even if they are slow payers. Also, nice to hear that you did receive a listing even if only at 1.5%. I probably will phase them out. Taking 2% on an REO is difficult enough considering all the work we put into them. Thank you so much for your response, it's such a relief to know I'll get paid for my completed BPO's...eventually. LOL.
  Once again thanks for the reply :)
  - George Bellino > Barbara Rodriguez August 6, 2009 at 2:36pm
    
    If you consider the amount of hours you put into each listing than 2% isn't that bad, at least on mine. I figure i'm averaging a minimum of $100 per hour and I split each deal 3 ways with partners. It's also about quantity in REO's. I couldn't imagine being a one man show doing REO's. The one thing I hate is BPO's and I only do them for my REO's. I started out doing bpo's until I realized all the time they were consuming. I could make alot more money concentrating on other areas and I noticed while I was tied up doing all those bpo's other agents were making all the money. I would do 100 bpo's a month working like a mad man to make around 5k ,before expenses, and other agents in my office were doing far less work to make the same amount of money with alot less driving around. And considering the low fee's they pay out now, I can't imagine doing all that work. To each his own but I feel bad for all those agents trying to do bpo's just to catch reo's. If they only knew!!
    - Tim Turner > George Bellino August 7, 2009 at 3:18am
      
      "If they only knew!!" Enlighten us. It's difficult to find AMCs willing to give an inexperienced REO agent an opportunity. AMs continue to feed their favorite local agents.
      - Barbara Rodriguez > Tim Turner August 9, 2009 at 6:26am
        
        I agree. Only after doing BPO have I been able get REO with asset management companies. I wish Mr. Bellino would enlighten us. He seems to know so much more then the rest os us :)

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