REOPro is in talks with a national technology platform about possibly revolutionizing the REO industry by allowing our members to go out into their markets and solicit REO's from small to medium sized banks and servicers.
The idea behind this effort is to make the agent the AMC (Asset Management Company). We have found that many local, small or even regional servicers just simply don't have the technology, expertise, staff or funds to hire or create a true "REO Department" for themselves. Instead, they assign an unfortunate VP of the bank to handle the REOs on top of doing their regular job.
What REOPro would like to do is provide our members with a technology solution that would enable them to go into their local banks, credit unions and servicers and offer them a true AMP (Asset Management Provider) solution. In essecne, creating micro AMP's across the nation through REOPro.
Basically what we would do, is give you access to a technology platform that allows you to customize it's performance for a particular lender or servicer in your area. You then could work for them and become their own little AMP and help them avoid the cost of outsourcing. This way, you could go into Bank of Small Town USA, show them your incredible software, your incredible support, your incredible tracking, etc..... and win them over as their own little AMP.
Truth is, we may never be able to capture a Bank of America or Chase but, a larger underserved market is out there and that is the local banks and credit unions who would like to outsource to a credible, knowledgeable and experienced AMP but, can't afford the cost.......here is where REOPro could step in.
The only question is, will our members go out there, sell our services as a AMP and win business? Of course, you would be our exclusive agent for any business you bring in but, would you do it?
Let me know, love to hear your thoughts.
Replies
I'm ready, Jesse!
Yes! I;m ready.
I'm in.
Some of you have brought up that.....
1. TAZA REO and NRBA both have platforms for REO Disposition however, I have some quesitons....
1. How much are these platforms monthly?
2. Do the require annual membership on top of their monthly fees?
3. Are they customizable, do they allow you to walk into a bank or servicer and create a custom REO solution for that bank / servicer?
4. Can they hangle different types of transactions, traditional equity, short sales, REO, bulk, investment, etc.....?
5. What seems to be their biggest draw backs?
RIOGenesis (NRBA) has a monthly fee, you would have to go to their site - https://riogenesis.com/ - and preview what the costs are. I just do it and have never looked.
Yes, they are customizable within the system.
You need to check with them on how, what and creation time.
They can handle any type of transaction including BPO's, REO, Short Sales, Traditional, Commercial, Rental Properties, NPL purchases, bulk, etc.
Drawback - constant updating causing additional learning curve, but it's getting much better.
It would help to be able to help bulk buyers manage disposition of their assets too.
Taza Systems has an asset management solution called TazaVox.
http://tazasystems.com/TAZAVOX.aspx/
Hi Crystal, I don't know much about Taza, is it any good?
1. Does it allow for customer customization on the fly?
2. How much does it cost?
It would depend on the platform, who is promoting it and what it has to offer. I am currently with a wonderful platform that I love and while the learning curve is hard, I think overall, that it will be a wonderful solution to my business woes. I am interested and like the ideas your are promoting. Would like to know more and what platform it is before I put in more of my two cents, for what it may be worth.
Hey Beth,
If you have a platform that satisfies regulatory requirements and allows you to go out to small local lenders and solicit their REO business by providing the lender with a outsourced REO solutions.....do tell. I haven't found anything like that and in fact, the platform I am in talks with now, is having to create a custom flow for us so, please, share your insight. If something out there already exist and is better than what I am thinking of doing or at least is already making it possible, I can get behind that.
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