Old Republic Now Requires REO Training $399!

Replies

- Sam Shueh > Barbara Rodriguez April 5, 2010 at 5:19am
  
  Not really. I have been approved and ORTC sent me a fannie mae form for my broker to sign. Also they want me to spend $399 for bpo training etc....
  
  I have been asking the same question as Barbara to disclose the localities and listings. So far it has been quiet on this site.
  - Tara Nagelhout > Sam Shueh January 14, 2011 at 5:24pm
    
    Bump. Any news on these guys?
    - Daniel Braveheart > Tara Nagelhout January 17, 2011 at 9:40am
      
      No and I am very curious. I've been doing BPOs for them for a year. The BPOs come pretty steady, but spending $400 on Training and $170/yr for storing my docs on REOVM to maybe get REOs is a tough one for me to swallow. I would be much more comfortable shelling out the cash if they told me how much inventory they get in our area, but they won't tell me. They would only say that there are 8 fully compliant agents within a 10 mile radius of me.
Sam Shueh March 31, 2010 at 11:00am

I rather get contacted and rejected because of lack of REO training or in-completion of a training. You can get every credential in the business and don't have a transaction.

I think you need to have accounts with Resnet and Equator as well. Needless to say that is additional investment.
Matt Johnson March 30, 2010 at 6:29am

I also paid the 169.00 to get involved with REO VM. I am approved but cannot upload the master listing, etc without also uploading the A-REO certification. From what I have gathered, Old Republic is just one of many clients of REO Vendor Manager and their specific clients request specific items from the agents in their database. The request for the certification is coming from Old Republic, however they are not the training company. The certification is coming from REO Training Solutions. My concern, which I have inquired about, if whether or not the A-REO certification will cover the requirements of all of Old Republic's clients. If so, it may be worth doing.
- Donald C Hascall > Matt Johnson January 17, 2011 at 10:29am
  
  I have the A-REO as I had to take it to upgrade with Old Republic. You can call and talk with the author of A-REO and she is a wonderful person to speak with. Old Republic is one of her clients as well as several other larger companies. The designation has not brought in any new REO business for me in 2010. Probably due to several banks restructuring their inventories and losing inventory back to Freddie and Fannie. The REO market changed last year and companies may just be looking for designations this year as we still have 1 million more houses until the foreclosure inventory peaks out......
Lon Mapes (909) 255-6289 March 12, 2010 at 8:20am

I haven't seen anyone replying yet reagrding how we can see what Old Republic's REO inventory is in our local markets?
- Sam Shueh > Lon Mapes (909) 255-6289 March 16, 2010 at 4:08pm
  
  Lon,
  If so few people have posted about Old Republic REO I don't share the thought they have a lot.
  When it was free I have signed up with them and was not contacted. I have registered and threw $169 bucks away. I am fine if they contact me I will spend next 18 hours learning how to do BPO. That is another $399!
  
  I have posted a thread on the ACCREDITED REO credential. No one has responded either.
  I have done BPOs for them. It is a very small group. Few ever are distributed.....
  - Rose Mencia > Sam Shueh March 17, 2010 at 1:14am
    
    HMMm, I receive 7-8 BPO's from them per day......and I know my office and myself are located in heavy "foreclosure filed" zone.....when I attempted to contact them about reo's they said I needed to take the classes ,, pay the membership......but would not give me any real info....
    I'll probably sign up because of the shear quantity of bpos they send me.... the problem is,,,,,, the bpos come from fannie mae-- chase--- Bof A........ and they all use their own favored platforms.....so logically>>>>
    
    it's still a shot in the dark.......lololol......
    - Donald C Hascall > Rose Mencia January 17, 2011 at 10:20am
      
      Rose and others, Old Republic had a special holiday reduction in their yearly fee for 2011 of $50.00. I signed up again for 2011. The BPO's like Rose says pays for the classes and membership. I also paid for the Old Republic class at $299.00 which I was told after I took and paid for, that I didn't have to do that one. Since I have access to most of the foreclosures in my county I check before accepting any ole BPO from any source as my chances of getting a REO are greater if I design the BPO around the market value of the assignment. Rose to answer your question, if you take the classes and you are right the client does not have to use you as in my case I am a former licensed state appraiser, my values are so close to the actual sales prices even with higher listing prices, the sales prices are what I say they are and I'm really surprised that I am not being used. I would hammer away at BofA, Chase, Fannie and Freddie and others to get on their REO panels.

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