Hey guys,
I would really like to start a discussion/blog worth talking about. I feel the best thing we can do is try to put together the pieces to the giant REO world. I started a group about asset managment companies that use res.net sense the other group didnt list any companies. Briefly here are ones I know
-IAS (for homeloanservices)
-USRES
-FAREO (for aurora properties, they also service litton however use there own platform REO source)
-PMH (all they did was just pick me out of res.net, not even signed up on there site)
-Citi (all they did was just pick me out of res.net, not even signed up on there site)
- BSCORP BealServiceCorp (my partner had never gotten an REO before and this company just assigned him 2 throught res.net
-Specialized asset managment SAMREO. Also, just assinged me a listings not registered on any site
I have more in there, and also my thoughts on being certified, please add to it... lets not go off track, and really try and list all 30 or so companies that use it.
Here are a few golden nuggest I can give you
Lamco, check and see if they service REO's in your area. If so pay the 200 dollars. There interior BPO's can be up to 150.00 and exterior are 60. Form is super easy, and I have gotten 2 listings from them
NREOB. Is a good site and free.... I signed up and got 3 listings in 2 weeks. That is the only 3 I have got but they priced to rock and roll, all sold instantly and paid a 2.25 comission.
As for BPo companies and getting the listings. So many people have no clue, a BPO is a BPO mill. FARVV does a ton of Country wide/BOFA/ BAC. I have done so many BPO's on properties that have actually gotten foreclosed on a few months later and never considered for the listing. It doesnt matter to almost all companies.
FAREO is my best client. And I coinsidently get REO's that I have done BPO's on before, when I ask them about it they say the never have any clue who has done a prior BPO.
Same with the BSCORP. I had done a BPO for the property through Old republic 2 months before I got the listing.... they said they had no clue who does prior BPO's and it didnt matter.
Same with NREOB. They dont know it doesnt matter. The companies to do BPO's for are ones that service REO's as well. If they get the asset you get the REO.
Here is a good note. Before you pay search for properties. I paid to be in fasinc, and 2 months later did a property search on there site, and found they have no REO's in WA. Bad move on my part.
I feel that old republic is a joke, and the fact they are even blasting me a BPO for 30 dollars is obsured. My partner and I have done probably 100 BPO's for them, and no listings. I have never heard a positive comment from them.
Ocwen.... I dont even need to say anything. Funny they were my first REO I ever got. Now they have some auto assign program that seems to neglect me. There have been 8 Ocwen properties I have done BPO's on for ocwen that got foreclosed on, and I did not recieve the listing.
Asset valuatin and marketing, again is just a BPO mill whos main client is litton. In my area litton goes to FAREO, or Assetlink now service link. And will not get you a listing. However there form is easy, and they pay usually 75 dollars for exterior, 50 minimun and a great company. We got in good with them and they asked us to be prefered in there 2 REO partners. No listings but still helps
IAS. BPO's are very hard, this company doesnt mess around. I flew to 5 star to get in, did about 10 BPO's and have gotten 2 REO's from them. There biggest thing is turn time. I would get every BPO you got from them in same day
Single source I got into a few months ago. I have the auto acceptor for BPO's and have done a ton. THEY ARE QC NAZIS!!!! but, I feel I will be recieving REO;s from the soon. There BPO partner is imortgage by the way
Greenriver capital. I here a lot of good things about them they just dont seem to have much business in my area. A guy I met in New Jersey said he gets a listings a week from them. There BPO partner is infinity BPO and they pull there REO agents based on your BPO rating.
Lighthouse/LRESCORP. Is a good company. I have never gotten a listing from them however.... I got 2 listings from BPO's i did for them. This is the only case where I have gotten a listing because I did a bpo on it for another company. It was for GRP financial. It took me 2 months to get the guy out on one, the other I listed for a week, then they sold there portfolio to SPS and pulled the listings from me. :( There BPO's are automaticallly assigned by turn time. So turn them in as fast as you can, and you will be REO eligable.
I am platinum certified in REOTRANS have never gotten a listing through there and cant add much detail. But those of you who do should really add to that group.
I am running out of time with so much to say, what I do is make a list of everyhome that gets foreclosed on firday, figure out all the assigmnet/ trust codes/mers and figure out who acually is going to get the property. And calll my asset manager list. I have figured out a lot of the puzzle, and would like your help on figuring out the rest.
I have a BPO update to do on a house that "sold" at the REDC auction last week ha ha 6000 sqft bed a breakfast remodel, 1.7 acres on the river in a rural area.
I love this game. If anyone knows of any other good REO blogs or people that want to get involved share ext let me know. I have learned so much in the last year, have contacts, lists, whatever and just want to take over the world
excuse my spelling ext.... anyone in KW knows and can see I am a high D and drive like crazy dont care about spelling grammer or whatever. Looking forward to having some good conversations. Im gonna start bogging some more any recomendations
Replies
Does anyone have any updated Promo or Referral Code for the Professional Verson??
Great post Nate. have you done any work with Goodman Dean, New Vista, REOWorld, Clear Capital, or Kondaur?
great info though! especially about Old republic. I have been spinning my wheels with them for what seems for nothing.
jason
I've read this discussion a few times over the last year and it cracks me up every time! Not being sarcastic, his writing style and plethora of info is flat out humorous:)
explain
FAREO = First American REO = CoreLogic REO Services = www.corelogic.com
I guess I don't get on here enough, because I seem to have missed this post since 2010, LOL. For those of you who are saying, "I won't do the BPO unless I get the listing" - you're either ignorant, or you need SYSTEMS. We generate approx. $10k in revenue on a monthly basis for completing BPO's that we don't ever intend to get the listings on.
BPO Companies I've had & continue to have great success with:
Valuation Support Services @ https://www.vss20.com/
AltiSource @ https://ava.altisource.com/
Main Street Valuations @ https://www.mainstreetval.com/Login.aspx?ReturnUrl=/default.aspx
I complete approx. 300 BPO's per month. For those of you stressing about pictures & data entry & turn-times: you need SYSTEMS. I purchased the BPO Automation Software through information I received from other members here on this forum. I googled "BPO Photos" and there was a company locally that offered coverage in my area of service. They only give me a working $1,500 line though, so that doesn't work because that's only 100 BPO's and I do nearly 3x that per month. So I've had to find other solutions to the BPO Photos - one solution was I reached out to my Handy Man Vendor(s), my Sign Installer(s), and asked them if they would be interested in photographing homes for me (and I discounted the rate I had been paying to the BPO Photo Company, saving me money on my P&L). I setup an email account for them on our server, made them members of said group, and we submit an order via email to that group IMMEDIATELY upon receipt of the order from our BPO Vendor. We have an Agent doing BPO Comps, pulling them and storing them to our Shared Drive in the specific property folder for THAT BPO. Then we have a single person doing data entry. We pay them an hourly rate, a bonus for anything over 300 BPO's per month, and at the end of the month we are still profitable to the tune of almost 35%.
Oh and for the record, just doing those BPO's has put my name in front of other Asset Managers that may have never seen my name/performance & now have my information to contact me in the event that they should need an REO Agent in my service areas (3 office locations).
For those of you using RES.Net and not getting assignments - look into the AMP Platform ($700), and make sure EVERY line in your profiles are completed. One listing covers the costs. You have to invest in yourself and your business to start seeing a return!
-Josh @ J. Roberts & Company - Tampa, FL
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Oh, and the best part about AltiSource - even though they pay very little on their BPO Orders ($40-$65), they give me a TON of volume, they are able to be used for our Auto Acceptance Software, AND - they direct deposit my payment within a matter of a few days w/an email confirmation :-)
See example below:
"A deposit for the amount $351.00 was sent on 11/3/2011 to your account with
Payment Reference 589446. Please allow 10 days for your bank to post the
deposit."
None of these companies accept new agents, and have not been accepting new agents for at least 2 years. Actually the only BPO companies that still accept agents are the once that do not pay….lol
Hi Nate,
Thanks for all of the great info. Very inspiring!!! Just wondering what level of res.net you had to purchase to start receiving work? I have the basic registration, but Professional at $700 is pretty steep. The Premium is more palatable at $300, and I don't know that I need the extra bells and whistles of the more expensive membership. Any thoughts???
Thank you!
Teresa
NOTE that OCWEN is bidding for Litton. Don't know the current progress but it will go the way of Homeq - gone - if they buy it.
Good summary, Nate!
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