I was just approved with Old Republic Default Management Services (ORDMS) as a REO Listing Agent. In order to receive REO listings you have to sign up with Res.Net for an annual fee of $250. Has anyone had any positive/negative experiences with either Res.Net or Old Republic?
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If you are approved for REO w/ORDMS, congratulations! They are great to do business with. .Join RES.NET pronto, it's an outstanding system. It's not just for expenses, it is an excellent task management system too. I would also "stongly" recommend getting RES.NET certified, it is very important! (nobody tells you that) You can do this through www.FiveStarInstitute.com or, if you are going to REOMAC/Hollywood (FL) in October, it will be offered there too. Worth far more than the $95.00.
Beside the quality of one's work (ratings/score) it always depends on where your area of service is and what the particlar outsourcer's assignments are for your area. Some agents get assignments immediately and in more competitive areas, agents may have to wait a very long time. Be patient, it will come.
Resnet is been good for me. Started receiving listings through them almost right away. Nothing from Old Republic though, and I've been with them for about 2 years, I've done quite a lot of bpos for them. I had never heard of the 10 bpos before reading it here. I guess one of this days I'll call them and see If I get anywhere with that. They do send a lot of interior bpos and they don't pay much, but hey if they are close enough to me I really don't mind. Specially lately that everything seems to be slower. I do recomend restnet!!
I have been a member of Res.net for 2 yrs but never have received anything from them. I have also been doing BPOs for Old Republic for almost 4 years now and never have received a listing. My BPOs have always been submitted within a day of receiving only had one or two that they have called for clarification on value - when explained they accepted - so I can't understand why I don't get listings. I was told I had to submit an application to them which I requested, received, completed and sent 2 years ago still nothing other than BPO's. Now that I'm working with Titanium, I have just about quit doing BPO's or worrying about getting REO listings but would still like one or two once in a while anyway!!
Congrats Lillian,
We have sold lots of homes through Old Republic...they are mostly FNMA properties. Have been with Res.net for about 2 years. Most of our AM companies require us to be on Res.net since they use it for tasks and offers. What other companies do you work with?
If you are serious about your REO business, sign up for Res.net. Asset managers search this database for agents and many REO companies require that you use Res.net for reports.
Dee Spraker > Robert NRBA Slick SC REOOctober 1, 2009 at 3:04pm
Robert,
Everyone says to sign up with Res.net - I have been signed up with them for 2+ years paying each time and have never received anything from them. I have been doing BPOs for Old Republic for 3 yrs and have continuously inquired about getting some listings - they also tell me to sign up on Res.net which of course I am and tell them that. I still get no where. My BPOs are never late and only one time have they called me for more information. I just can figure this out - it is not like my service area do not have REOs we are one of the nations top 10 as for number of REOs in our county.
I signed up with Ol' Republic months ago and have done over 10 BPO's. I spoke to the lady who called me wondering where my Interior BPO was.I asked her about getting REO listings now that I had done 10 BPO's. She said "oh that, well you know there is no guarantee, each bank has their own agents and ... oh I see the BPO you are doing is for Bof A, well they have their system of agents.." She continued saying "it's the asset managers who decide who to use for a listing. they typically start by reviewing your BPO's and if they like what they see, they might be in touch" Today my road runner was not available and so I drove down this bad dusty road for a couple of miles only to be stopped at the turn in to the road by someone asking what I was doing and I told him I was going to take some photos of bla bla address and he said "oh no you're not, that's my house and I'm arguing with the bank" Well then he drove off and I waited a few minutes and just kept on going to take photos of the house. Well the house was down a long driveway, and I wondered if I should drive down it to take photos but then I heard gravel crunching in the distance and I knew he was coming back. He did, he blocked my exit and threatened me, but I calmed him down and eventually we started having a reasonable conversation where he revealed he was negotiating a loan mod on his 2nd with Wells Fargo. I told him he should let me photo his house as the bank would better be able to negotiate with him if they had a completed BPO. Eventually he promised to email me a photo of his house. I drove my formely just washed car back down the dusty road. I realized Ol' Republic was paying me 35 bucks for this and the only reason I was doing it was the possibility of receiving a listing. Well it was a pretty drive and there was an interesting program on NPR. Ah, the things we do for a promise, a maybe! Sometimes it just seems crazy like what am I doing? Then there are those sudden emails with the offer of a listing. Strange business we are in...
Dee Spraker > Stephan K BlackSeptember 26, 2009 at 10:56am
So it sounds like you did get a listing from them. yes?
I've been trying to get in with Old Republic. I use res.net. It has it's good parts and it's needs some work parts but overall it is a good platform. It is to view expenses which I appreciate but it does not allow you to go back and review any of your work you have submitted like Reotrans does. I would definately pay the fee. It has been worth it for me.
Things have changed a lot with ORDMS in the last year. Some staff in their Akron office were running things a little bit less than ethical and that office was essentially shut down. My BPO guy is still there but to the best of my knowledge, their are no AMs left in the office. Everything is now run through their new OC office with a new set of AMs. Getting approved as a REO agent there is about 5% of the battle, the other 95% is knowing people there.
Replies
If you are approved for REO w/ORDMS, congratulations! They are great to do business with. .Join RES.NET pronto, it's an outstanding system. It's not just for expenses, it is an excellent task management system too. I would also "stongly" recommend getting RES.NET certified, it is very important! (nobody tells you that) You can do this through www.FiveStarInstitute.com or, if you are going to REOMAC/Hollywood (FL) in October, it will be offered there too. Worth far more than the $95.00.
Beside the quality of one's work (ratings/score) it always depends on where your area of service is and what the particlar outsourcer's assignments are for your area. Some agents get assignments immediately and in more competitive areas, agents may have to wait a very long time. Be patient, it will come.
Best of good fortune
Clay
We have sold lots of homes through Old Republic...they are mostly FNMA properties. Have been with Res.net for about 2 years. Most of our AM companies require us to be on Res.net since they use it for tasks and offers. What other companies do you work with?
Everyone says to sign up with Res.net - I have been signed up with them for 2+ years paying each time and have never received anything from them. I have been doing BPOs for Old Republic for 3 yrs and have continuously inquired about getting some listings - they also tell me to sign up on Res.net which of course I am and tell them that. I still get no where. My BPOs are never late and only one time have they called me for more information. I just can figure this out - it is not like my service area do not have REOs we are one of the nations top 10 as for number of REOs in our county.
Stephanie
Good luck!
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