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
Take a look at RIOGenesis.com - great system, lots of kudos from my staff on this program!!
Ok....so, RIOGenesis.com....ungodly expensive, 99.95 a month....ouch! The other part I don't like is how they have segmented it all out. So...if you are a full serivce office and would like all six modules...it's $579.74 a month and it doesn't help me obtain business......lol, That is crazy, who would pay that? I also don't understand this whole REO Classic for $999.00 annually or the Office Complete for $499,95.....is that annual or monthly? Right now, the pricing seems ike a hot mess.
Amen to that Jesse.
Hi Beth, I'm in SW Missouri and have been searching and researching different companies and almost all have been iffy propositions. Have you heard of Equator or Res.net? Could you recommend another that might be what I'm looking for? Thank you.
This is a great way to establish business relationships with the local mortgage community! My team services REOs in the SF Bay Area, emphasizing on Contra Costa, Alameda and Solano counties. Unfortunately, REOs are lacking in our current inventory, however I love your idea about approaching smaller banks and credit unions from the standpoint of compliance. I feel this will resonate with them in a BIG way.
I agree that being the direct contact with the mortgage servicer is most beneficial. Nothing is more frustrating than to find out that your AM has been switched on an asset...or you have delays in email communication about vandalism, squatters and such.
I love this idea and can't wait to get in front of my local bank and credit union reps with this opportunity!
--Crystal
Count me in....will do some research in my area to see what size market we may have.
I would be interested I cover Lee, Collier, Charlotte, Broward, Miami-Dade and Palm Beach Counties in South Florida,,I have two offices one in Lee County, North Fort Myers and one in Hialeah, Miami-Dade County,,I am member of the Florida Gulf Coast Association and The Miami Association of Realtors. I have been servicing numerous Asset Management company for large banks for 5 yrs and I am sick and tired of only getting 2% on the listing side and on top of that having to pay upwards or 35% fees off the 2% and I do ALL THE WORK!!! I'm sick and tired of paying all expenses and waiting sometimes as much as 60 days for reimbursements.. I would make an excellent Asset manager,,,I could do the job much better than some I've worked with in the past,,,Let's get going with this!!!!
Now I haven't read all the posts, just the 1st page and this one, but I have to ask....do the small and mid size banks still have any inventory? In my area I haven't seen a REO from a local bank listed in well over 1 year, maybe longer. Most of this was new construction REO's and all that inventory has been sold off long ago. What banks that are left that have not been taken over and sold by the FDIC, quickly sell off all their mortgages. I think we are 3 to 4 years behind the market now.
I've always thought it would be much efficient for the agent to be the AM too because the AM is always out of state and hard to reach. This would always but out the middle and things would run smoother, and more money to the agent where it belongs.
How exciting. Count me in. Just need to know how I can help.
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