Not too long ago I posted questions about any contacts out there for the FDIC. Several folks were very generous with the information they had and I seriously followed up. I thought I would update you now with what I mostly HAVEN'T been able to find out.Prescient is a mega broker for them but they do only take written applications that should have already been mailed. I wouldn't let that stop me though. Prescient's web site leaves much to be desired. Static links and lots of 'coming soon' features. My impression is that this could take a while. I have a townhome complex I am bird dogging for a client but there is absolutely no one I can find to talk to or submit an offer. I know that the loan was bad and that the FDIC took over the lender. I can't find any deed of foreclosure though and I'm afraid that the FDIC pulled the trigger before the actual sale on the courthouse steps. That could be a problem. Anyone run into this before?I don't know what is going on with them but from my perspective they are MIA. Has anyone been accepted by Precient yet? Are they just going to bundle this stuff and sell it off blind to investors? Anybody? Anything?Thanks for your input.Chris
I submitted a packet to Prescient and yes it was huge. I believe what I submitted was about 52 pages. I over nighted it with return receipt just so that I could confirm they received it. Several weeks later, April 27th, I received an email from a Liliana at Prescient that stated they had received my package and I had been added to their database. I have not heard a thing since. I looked at the available homes for sale on the FDIC website and found my name associated with the Indymac listing I had taken from me when the FDIC took over, but it is not listed, it just says pending. I agree that they are still trying to iron out all the details. Hopefully things will break loose soon with the FDIC and all the other banks, things have been way too slow. ...
Chris, from what I have been seeing in some of our markets is that the FDIC will also transfer the bad assets to another lender, such as Suntrust, when they take over a lender, to straighten out the mess before FDIC takes the assets. You may do some digging thru this website: http://gpanotice.uber.matchbin.com/ to see who may be holding the bad asset. But it will take a lot of time digging thru that site as there are no search features (that I have found yet).
Just a quick couple of facts that play a role in this topic:
1. According to the Washington Post there are approximately 1 Million back-logged foreclosures.
2. Honorable James Lockhart, CEO & Chairman of the Oversight Board of the Federal Housing Finance Agency (regulator of Fannie and Freddie) said that loans insured or owned by the two GSE’s (Government Sponsored Enterprises) represent 73% of the mortgage market (therefore, FDIC insured).
3. FDIC has a website that provides information on their listings - so in the event that they are now carrying the note on the listing you referenced perhaps you could check here: http://www.fdic.gov/buying/owned/index.html
Things are bottle-necked at the moment, and there are multiple layers of moratoria that are being peeled back still (Federal and State imposed). All these arrows point to a delay in business as we know it. Most economists, analysts and researchers are saying that the REO business is going to start flowing more consistently starting this month (July 09) and peaking somewhere around the first part of 2010.
I don't recommend holding your breath, but instead taking precautionary measures to ramp up your BPO/REO business to make it nice and fluid in the event that you get slammed with work, AND work on alternative forms of income. It's out there - short sales, buyers, investors, commercial - and I know a lot of agents still doing very well right now.
FYI: Put in your application with Prescient anyways and just so you know....if, it's not about 30 pages long when you're done, it most likely wasn't completed correctly....lol.
It's a seriously long application and I can almost guarantee they will follow up on your referrals.
Comments
Just a quick couple of facts that play a role in this topic:
1. According to the Washington Post there are approximately 1 Million back-logged foreclosures.
2. Honorable James Lockhart, CEO & Chairman of the Oversight Board of the Federal Housing Finance Agency (regulator of Fannie and Freddie) said that loans insured or owned by the two GSE’s (Government Sponsored Enterprises) represent 73% of the mortgage market (therefore, FDIC insured).
3. FDIC has a website that provides information on their listings - so in the event that they are now carrying the note on the listing you referenced perhaps you could check here: http://www.fdic.gov/buying/owned/index.html
Things are bottle-necked at the moment, and there are multiple layers of moratoria that are being peeled back still (Federal and State imposed). All these arrows point to a delay in business as we know it. Most economists, analysts and researchers are saying that the REO business is going to start flowing more consistently starting this month (July 09) and peaking somewhere around the first part of 2010.
I don't recommend holding your breath, but instead taking precautionary measures to ramp up your BPO/REO business to make it nice and fluid in the event that you get slammed with work, AND work on alternative forms of income. It's out there - short sales, buyers, investors, commercial - and I know a lot of agents still doing very well right now.
Best of luck~
Dan Waterman
It's a seriously long application and I can almost guarantee they will follow up on your referrals.