asset (51)

24 Asset Management and VRM

Anyone else feeling totally conflicted on whose mandatory webinar training to attend, you know, ever since they started SCHEDULING RIGHT ON TOP OF EACH OTHER?! lol. Trying to get me to choose who I will serve or just major coincidence?

So obviously, they're not getting 100% attention tomorrow as I'll have my screen split and be fading the volume from one to the other every so often...since they TRACK your attendance. *sigh*

Thankful for replay links, I am...

Good night.

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It's not dead, it's gone in to hiding so the industry can recover from the onslaught of politicians with nothing else better to do but "save" everyone and, in doing so, cripple an entire industry. Not to mention them going against one thing that is supposed to happen with a capitalism economy; right alongside success is also failure. Companies fail and get rebuilt. People fail and homes, cars, boats, etc. get repossessed by the banks. It's the capitalistic circle of life!  Industries are built on this circle. From mortgage brokers to real estate agents. The irony is that many of their saving programs failed and we will be right back where we were. In the meantime, how many in our industry will now fall? The current administration only saved a few but in doing so they caused a quite a few more to fall. How is that progress? How is that change? To make it worse, those that were saved only failed later. Don’t get me wrong, I am not saying there weren’t some serious issues in the foreclosure world. There was fraud, invalid foreclosures, and a few other problems. The government, with the National Mortgage Settlement, made those at fault pay to the tune over $51 billion. However, that still doesn’t change the fact that foreclosures will not die so long as we have capitalism. Banks will still lend, and, for many various reasons, people will still default, and the banks will repossess. We won't have what we did 5 yrs. ago but there will be plenty to go around and if another bubble bursts I bet that there will much less of a noticeable celebration in the industry that makes money from it......after all, we wouldn't want to give the politicians another opportunity to grandstand at the expense of the real estate industry.

Now, speaking of politicians interfering. One of the first things done when the current administration took office was a moratorium on foreclosure activity. All banks that had foreclosures were ordered to stop processing them. Next come the reviews, audits, fines, etc.. (all of which were dealt with as mentioned above and the National Mortgage Settlement) and here we are a few years later and they are now finally getting back to where they can proceed with business, which does mean finally processing those properties in default. Interestingly enough those orders did not include Fannie and Freddie with whom the government has a significant vested interest. What’s the point you ask? Well, have you seen Fannie’s profits for the 2nd quarter? $10.2 BILLION! Yes, that’s billion with a B. So, in essence, the government shut down all of their competition and reaped the rewards. How would you like to shut down every real estate agent in your market area and take every listing out there for nearly 4 years? Pretty slick if you ask me.

I have a webinar to teach in an hour so I better end the rant. I will close by saying what I started with, that REO’s are not dead, but merely in hiding. Banks want to keep a low profile on their foreclosures activity so they won’t have politicians interfering again. Wouldn’t you if you had to pay $51 Billion the last time they interfered? In addition, if you don’t really believe me then understand I have been doing this for 10 years and I know patterns when I see them. Keep an eye on all of the reports and you will see some that state foreclosures are down while others state they are up. Why the confusion? Well…..good question…why? 

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If you have your REO Systems in place and you are experiencing growth, have you considered an REO Team?


If so, what would you consider looking for as you build your team? I have just chosen three tips for this post. There are many more, but I find that these three are important to building a successful REO business.


1. Experience

2. Education

3. Integrity


How much experience does the potential member have in doing BPO’s? What asset companies have they dealt with and for how long? What about tasks such as Utility set up and ordering services from your vendors? When it comes to the closing transaction tasks, how much experience do they have in dealing with escrow/title companies, lenders and co-agents? These are just a few of the question you should consider when building your REO team.

This is important because the REO market is different for every REO agent. And it is crucial to have a good amount of experience in dealing with asset companies, asset managers, banks, title companies, lenders and other REO agents. I have found that there is a basic flow to an REO transaction, but sometimes there are exceptions. And I have found that learning from that exception, adds to my REO experience. And I can add this to my REO process to reach a successful transaction.


Training is so vitally important. Would you consider adding a team member to your business who already has been trained on various REO portals or someone who you have to train? Time is critical, especially when it comes to tasks such as BPOs or determining occupation status. Do they know the criteria for searching for comps for the BPO?

And when it comes to the contract to close tasks, how much training does the team member have in using various online transaction management systems? Such as EbrokerHouse, SettlementRoom, RELAY, TransactionDesk, TAZAREO, and others? Again, your time is important and having a member who is proficient in using these systems will save you time and money.


Enough can’t be said about this topic. Simply put, everyone needs to be honest in their business dealings with one another. I feel that this is a foundation in a truly successful business. If a member is cutting corners to try to get the job done, it will come out in the end. Just a quick example. If a bid (quote) is submitted by a vendor for a repair on the REO property, don’t change the amount when submitting it to the asset company. I have known of this to happen and the person did think they were getting away with it. And since it was just a small amount in the beginning, it was not discovered. So the person felt safe and increased their bid amounts. But when the asset company discovered this, all monies had to be refunded for all of the bids. And of course that agent lost their business with that asset company. A hard but powerful lesson.

I hope these few tips: Experience, Education and Integrity can help you in your search for a successful REO Team.

To your business success!



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I don't know how many of you are IAS Vendors or Suppliers but, you likely are going to be getting these letters in the mail from their attorneys. See attached.




As the REO business starts shrinking, we can expect more and more of these companies to go out of business. Those of you still working for outsourced REO warned.

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Please share some tips on how to become approved with asset management. I can share some tips from my personal experience. I have just basically attended every netowrking event out there. Join REO networking groups, talk to other agents who have already established relationships with AM's. Also, becoming an area expert an learning the local tenants laws and how they apply to your potential assets. If you have more to share, please do. Thank you!

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Here lately, I have noticed a lot of AMP binding the hands of their AM's with policies that come down from upon high. One policy in particular just absolutely amazes me and that is, always counter first with the list price.

Believe it or not, I have been told, witnessed and experienced some AMPs that are telling their AM that their first counter must be at list price. I are taken back because, as experienced agents, we know that this policy is in many instances an immediate reject by the buyer. There in is the problem.

You see, I have had several AMs tell me, we can and will negotiate but, we can't do that till we have satisfied the policy that we must first counter with list price., does that mean I can tell the buyer's agent to ignore the first counter?

People expect to haggle and when you counter at list....on the first counter....or any counter for that matter, it appears you aren't going to haggle so, instead of staying in the fight, the buyer walks. The reality is, competition for homes isn't happening and if it is, the property is well priced or highly desirable and with as much inventory on the market...I would say it's likely well priced. None the less, the days of a seller playing hard ball for the sake of playing are over.

For the AMP policy makers, let me give you some good advice..........STOP RESTRICTING YOUR AMs. If your AM team isn't good enough to haggle on their own without you making some silly policy, then fire them and get you some new ones.

Yeah...yeah, I am sure the hate mail is going to flow on this post but, the reality is, between the experienced Realtor and the experienced AM, you should be able to get FMV (FAIR MARKET VALUE) and if you are not.....stop and ask yourself why. If you think the answer is that you need to add policies to tell direct your AMs reaction or to show them how they should be doing their job, then I have to ask....are you sure you got the right AM? Are you sure you got the right Realtor? Better yet, are you sure you got the right BPO / Appraisal?

Let's start having an honest discussion on why you can't get an offer at your list price before you start thinking you need to tie the hands of your liquidation team.

Just a thought.

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Blast BPOs - Dumb and Dumber

Earlier this year I had a scare when my 3yr old daughter started sneezing and later coughing up blood. I did my best to keep my cool, but I inside I was freaked out. What I needed as I drove to Kaiser was an accurate diagnosis of what was wrong so we could make the best decisions possible.

Later this got me thinking about blast BPO companies (don’t ask me why). These blast BPO companies are paid by their client to compile the most accurate information possible, but instead send the order to the first person that raises their hand. What if instead of going to a qualified pediatrician for my daughter, I sent out a blast message to anyone who had taken a science class? What if I didn’t choose the person with the most experience, or the person that had performed well in this area in the past, but rather I chose the first person to respond??

That would be STUPID!! I’d probably end up with some college dropout who took a semester of biology instead of a trained physician. Isn’t it just as STUPID though when we’re talking about a family’s home? This BPO can decide whether that family gets a needed loan mod or gets rejected; whether they successfully short sale their home or go to foreclosure? Whether the underling investor loses 150k or 225k?

Just a thought, who do you think is more likely to be sitting in front of their computer all day fondling the refresh button hoping to capture an order? The successful broker who has sold tons in the area, or rather the lame-brain agent who last sold a home when Reagan was in office?

Anyone else have a different take on this? Which BPO companies have you had the worst experiences with?

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How will this effect your current short sale negotiations? Direct
approved assigned short sales are coming fast but are current BofA REO agents
going to get those listings?

Bank of America Home Loans has announced that it will exit the
reverse mortgage origination business and move the unit’s operational resources
into other critical areas serving customers. Bank of America Home Loans will
continue to serve the needs of existing reverse mortgage customers and those
with loans in process.

“We made the strategic decision to exit the reverse business due
to competing demands and priorities that require investments and resources be
focused on other key areas of our business,” said Doug Jones, consumer sales
and institutional mortgage services executive for Bank of America Home Loans.
“We fully understand the critical sensitivity of ensuring that our senior
customers are provided with the same level of excellent customer service that
we have provided in the past.”

On Thursday, Bank of America announced the definitive sale of its
Balboa Insurance organization to the QBE Insurance Group Ltd. The exit from the
reverse mortgage market is an additional step in the efforts of Bank of America
Home Loans to focus on its core mortgage operations.

Bank of America Home Loans entered the reverse mortgage business
in 2006 and expanded its presence in 2007 following the acquisition of Reverse
Mortgage of America in 2007 and Countrywide Financial Corporation in 2008.
Associates not redeployed will have the opportunity to apply for open positions
at Bank of America.

Bank of America President and Chief Executive Officer Brian
Moynihan also announced changes to Bank of America Home Loans and Insurance that
will continue the company’s strong momentum in extending home mortgage credit
while improving its leading mortgage modification programs for distressed
homeowners and resolving legacy mortgage issues.

The decision is the latest in a series of significant actions
taken to resolve outstanding mortgage-related issues while solidifying the
company’s leading position in mortgage finance. Bank of America in September
2010 initiated a self-assessment of default servicing, and in October became
the first servicer to voluntarily suspend foreclosure sales in all 50 states
while evaluating the process. While the review of the foreclosure process found
that the underlying grounds for foreclosure decisions has been accurate, Bank
of America implemented a series of improvements—including staffing, customer
impact, and quality controls.

Barbara Desoer, Bank of America Home Loans president, will
continue building the mortgage business for Bank of America. Desoer is
responsible for servicing loans for the more than 12 million mortgage customers
who remain current on their accounts, and for implementing the bank’s strategy
to be the preferred mortgage choice for its 50 million household customers
going forward. In 2010, Bank of America delivered $306 billion in quality mortgage
lending to 1.4 million customers.

At the same time, a newly formed unit, Legacy Asset Servicing, has
been established. Terry Laughlin will lead this unit and be responsible for
servicing all defaulted loans, and for servicing discontinued residential mortgage
products. In this role, Laughlin will oversee the bank’s mortgage modification
and foreclosure programs, and continue to be responsible for resolving
residential mortgage representation and warranties repurchase claims.

“This alignment allows two strong executives and their teams to
continue to lead the strongest home loans business in the industry, while
providing greater focus on resolving legacy mortgage issues,” said Moynihan.
“We believe this will best serve customers—both those seeking homeownership and
those who face mortgage challenges—as well as our shareholders and the
communities we serve.”


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A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly. Specialization is for insects.

-Robert A. Heinlein

Kind of makes you tired just reading it, but how true is that. In these days, we have to have a diverse set of skills. It’s also very important to identify talented team members that can help us excel in all of the areas we must be experts at.

I'm proud of my team and know that we can handle the many diverse tasks that the Asset Disposition world can throw at us.
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Not to toot my own horn……………….ok…………….maybe a little but, it’s worth writing about.

I got an email from one of my Asset Manager’s a couple days ago, an Asset Manager I don’t hear much from. Don’t get me wrong, he keeps me busy, I have 6 of his listings but, as far as communication……we just don’t talk much. It really never bothered me, I always figured that if I am really doing my job well, he shouldn’t have to communicate with me much anyways but, after about 2 months of complete silence I started to wonder. Does he not like me, does he think ill of me, why isn’t he shooting me an email once in a while rather than task.

I wake up one morning last week and boom….just out of nowhere, I get this email.

“I wish all my agents were as on top of things as you are!!! Not sure I have conveyed this before but the reason I am not calling or emailing you very often is because you are clearly very competent and doing a great job; I have a ton of agents who are not. If you ever really need me please call.”



What he doesn’t know, I was gleaming like a little school girl with a crush on my gym teacher. Better yet, I stopped and thought to myself, how many other agents out there…..even the good ones can say they get a compliment like this.

Mark actually feels he can put me on auto pilot and let go. Granted, I am sure that isn’t his normal practice, he is a very aware Asset Manage but, none the less, the point was made.

This is the type of business all of us REO agents who are currently working inventory should be running. Our Asset Managers should feel and be comfortable and CONFIDENT enough to say, in writing..,

“you are clearly very competent and doing a great job”

In fact, I have made it a goal of mine, I want to get at least one written compliment from my Asset Managers a month.

Just another thought real quick, before I end this blog. This kind of compliment shows you the passion I have for what I do. Passion that wakes me up in the morning, causes me to commit to not just doing my job but, making sure I am the best at my job. I didn’t enter the default real estate industry because it’s the hot market right now, I entered because I love it.

For all you Realtors who have decided that this default thing may be around longer than you expected and well… are going to have to try to make it happen or get out all together…..let me just say, “YOU BETTER WORK IT” because, I have set the bar high and if you don’t have passion, commitment, tenacity and a love for this industry, don’t expect to catch up.

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This week’s Ask the AM really spurred me into action. I hear moans and groans all the time from agent s who just don’t like social networking. They gripe about how time consuming it is or they were never successful or, it’s too monotonous, or……….whatever else and all I got to say is, SO BAD, SO SAD, AINT YOU GLAD YOUR MOMA AINT YOUR DAD!

As Ned points out in the article, someone is using Social Networking and taking your business. This mysterious agent has become savvy enough to create a LinkedIn profile or Facebook page and is now using it with maximum force.

You see, while your setting back, accepting those listing assignments, this mysterious agent is sharing tweets or swapping emails or learning about your Asset Manager’s terrible weekend because they lost their dog Sparky (thanks Ned). Before you know it, this agent and your Asset Manager are developing a friendship vs. a business relationship. So, when the next assignment get sent out, who do you think is going to get it?

Granted, I know social networks take time to create…..I created REOPro for goodness sake however, I can’t stress to each of you, your lack of involvement is at your own detriment. Now, you may never have a social network of a thousand or more or ever have a goal to reach twenty five thousand but, a well oiled social network of a few hundred and make a huge difference.

Here is the stark cold truth. Asset Managers are loosing their jobs, getting re-assigned or simply dropping out and all this is happening because the business is changing so, what do you think these Asset Managers are doing when they are no longer Asset Managers? Well, let me tell you, they are getting real estate licenses and taking over territories for their friends back at the Bank or Asset Management Companies. My point is, if you aren’t on a first name basis, dirty joke telling, birthday card sending, meet up at the conference having drinks relationship………………..someone else is or is trying to be.

Now, as many of you know, I try to adhere to a high standard of morals and ethics so, don’t misconstrue what I am trying to say. No, you don’t go put in hardwood floors at your Asset Manager’s vacation home or send them a Visa Gift Card worth $5,000.00 to their P.O. Box , hopefully if you did they would refuse it but, you do call them regularly if nothing more to just shoot the breeze or say “Hi”.

Let me put this another way, hopefully it will ring true to you. REOPro currently has over 18,000 invites to join our network that are outstanding. In other words, these are members who downloaded their address books in to our system and REOPro system each person an invite to join. By now, we should have blown though our goal of 25,000 member however, I am still only getting maybe 15-20 new members a day. This is contributable to the fact that many of the people who received an invite never got a follow up saying, “check out this network”. Social networking is a lot like that follow up. If you don’t follow up and say “Hi” or learn about people, then why would anyone want to invest in you?

I will leave you with a quote, who it came from, I have no idea but, here it is…….

“A lead will make you some money, a follow up will make you rich”, I like to change that around a bit and say……

“A lead will make you some money, a active social network will ensure your kids don’t have to work”

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Just returned from lovely Burbank CA for the Bridge asn conference:

WOW, we had such a great time. Big thank you to the staff at Bridge for hosting such a great event for the agents.

I felt this was very important event, so I asked if I could bring team member also, it is so hard to break away we always have to have back up for the business at home; I am glad we took advantage of both attending this event.

This conference was more like a learning and team building retreat. It was a lot of work to get there, and a lot stuff to learn about, but well worth the effort. And we had fun too, lots of socailizing and networking too.

I met so many people I had only before known 'online' so great to meet everyone in REAL LIFE! It was a bit overwhelming at times, even though we were a small group, I was struggling to remember all the names. I hope that we made many new friendships that will last a long time. And it was great to see a few familiar faces again too.

I did take some video of the Bridge event, depending on how it turns out I will try to post it here on REOPRO. If anyone out there has tips for video in our industry let me know, I am trying to learn the best ways to use video to increase sales and reach more customer, maximize returns etc. I also got a couple fun pictures at Bob Hope airport as we were on our way out of town, I will post those soon.

It is so great to see all of the positive posts on threads about Bridge in the past few days form everyone who attended. I hope this will be the first of a few events of this type. Possibly more invitation only events in future years with Bridge asn?? And, I honestly hope that other companies will look at this company as one to emulate a model for new ways to do things in our industry of default management and sales of REO and related investor / distress properties.

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In Awe With Bridge ASN

I think this may be only the 2nd or 3rd time that I have been compelled to write a blog....But, I must say, that I was completely impressed with the conference that Bridge ASN put on.

The first and foremost impression was the humbleness of Mr. Bobby Funk. What is the saying? You have 3-10 seconds to make a GOOD first impression... Well, he definitely did that and after actually talking with Mr. Funk, my first impression of him was confirmed!!

How often do you meet the CEO of an asset company??? I never have....Awesome!! Then there is Ms. Angelique...She took time out to probably meet and speak with every participant attending the conference. All supporting staff and CFO, etc. were all accessible throughout the ENTIRE two-day conference.

I was exposed to sheer "top dogs" (no disrespect). Ms. Shelly Kaye, thank you for accepting my application into member with Women In Default Services. I will see you in Las Vegas. Okay, then the icing on the cake.....I was invited and welcomed to sit next to and have lunch with Marla Webb. Marla is was a GREAT pleasure to meet you. You are such a beautiful person, inside and out!!.

Finally, to all of the new associates that I met, exchanged business cards with and soon to meet. We are blessed to have taken this leap of faith and partner ourselves with an awesome company!!

Jessee, thanks for always keeping all of REOPRO agents in the loop with current events and information.
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Not just another REO Asset Management company, really?

Well, after talking with the Executive Management Team, interviewing on BlogTalkRadio and, now attending their conference, I can truly say I believe they are different.

Unlike all the pretenders who say that they aren’t just another AMC I can truly say that I know Bridge is different and in a really good way.

So what makes them different…….let’s start with the money back guarantee.

I have in writing a Money Back Guarantee that was signed in front of me by Alester Waddell CFO and notarized. Now, I am not going to go into detail about every single detail in this guarantee but, just let me say, Bridge really stepped up and is doing the right thing with it.

Secondly, their purchase power is a bit sexy…..if you know what I mean? Not that I wanted to be impressed of felt as if they were being boastful or pride full but, let’s just say, if size really mattered………….they would be masters of the universe and rock your world.

Thirdly, the technology, thank goodness someone has built a technology that appears to be fairly seamless and transparent. I have a bit more to learn here so, I won’t say more than, it looks good and if it can do all they say it can…….it will be incredible.

Fourthly, relationships! I am so glad I got to meet and have dinner with the owners and Executive Team…..that is so missing in this industry. Let me be clear, they didn’t just have dinner with me and excluded themselves from the rest of the pack. They mingled, sat at different tables, got to know the Realtors they are partnering with……………..why can’t the rest of our industry be like this?

Last but not least, passion and desire with an eye to the integrity of the whole process. I was able to set down with Bobby Funk for a spell and was really glad to find someone who felt, and sounded just like me. I was impressed and thrilled that it was as if we were reading from the same play script. It was so strange I had to step back, pray and ask the Almigty…………was this possible, did I happen across a company who thought like I did? I have to admit, my last night in Burbank, I got the chance to sit down with Marla Webb and it was confirmed that YES, I did find a company who thought like I did about this industry. Marla, you are the bomb!

All in all, it was all good….better yet, incredible. I can’t wait to start making money and hopefully, I can get down to working with just one asset company……Bridge! I know for many of you that may sound like a pipe dream but, with the way this company works, let’s just say……..Bridge is my triple platinum gold credit card and I plan on using it!

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REO MARKETING - WHO do you market?

You should market your REO team that you work with. This would include your vendors. Such as:

1. Maintenance and Repair and/or

2. Property Preservationist

3. Accountants

4. Assistants

5. Listing Coordinators

6. Transaction Coordinators

7. BPO/MMR Coordinators

Sometimes asset management companies would like to know if you work with a team and what are themilestones you have reached. So if you do work with an REO team, you shouldtake the time to create a marketing package that includes a brief descriptionof each team members unique qualifications that contribute to the success ofyour REO team.

This also allows the asset company to see that you are equipped to take on a good amount of REO work and completeit successfully.

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REO MARKETING HOW should it be done?

There are several ways to market yourself as an REO Agent to obtain more business. I am going to
focus on a few. Listed below are two marketing techniques that you can utilize
for free!

1. Social Media

Blogging – as we know this is can be a very
powerful marketing tool. And really there is no shortage of subjects to blog
about. Three quick tips to successful blogging.

Relevant and interesting material that will
solicit comments from your readers

You need to do it on a constant basis to
continually build your reading audience

Address a need that maybe your readers are
struggling with. Such as key tips on how to communicate successfully with Asset

Networking – Online or through conventions

You can join online groups that are relevant to
your industry

1. Once you join – don’t forget to participate by
answering and asking questions!

2. Creating Groups – if you are a blogger, this is
a terrific way to network online. You can produce your own content and invite
others to join. As your readership increases, you can offer free seminars to
the group. You can also invite others to produce relevant blogs/content to help
the group.

Signing up with Asset Management companies

i. If you have the time, sign up with as many as
you can. And check back every month or so, to see what your status is or if you
have to submit up to date records.

ii. Signing up as an appraiser or recommending one –
sometimes the asset management companies are looking for other vendors other
than REO agents. If you can refer another type of vendor to them, that is a
good way to network. They will remember that you took the time to help their

iii. Signing up to do their short sales – the asset
companies are also looking for short sale agents. So this may be a way for you
to obtain some short sale work – that is if you are willing. But this is just
another avenue to look at.

So these are just a few marketing tips. Feel free to add any additional helpful tips that you would like to share!

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Where Do They Find These Agents?

I always wonder how I became lucky enough to get that first REO property over 10 years ago. Definitely a different market than what we have right now.

Now I watch agents send out stacks of resumes, do BPOs for less than $45 and they are getting the business. Sometimes I question whether or not the banks, asset managers and investors realize exactly what they've gotten?

I tend to think not, particularly when I have a new REO agent in my office stated the following: "I don't spend a lot of time on those BPOs, I just pull up comps in the neighborhood and use the 3 lowest recent sales -- I don't want to do the banks any favors." All I could do was look the agent in the face and say "Wow." All the while reminding myself about the code of ethics and how I would want to be treated if I were that agents client. Although our clients are large financial institutions that may not have a face, they deserve fair treatment, and not the "just give 'em the three lowest comps -- don't wanna do 'em any favors" treatment. I thought to myself, I've been in some of those lowest comps in the neighborhood you used for that last BPO, no wonder the last REO listing you had in my neighborhood was listed so low and an offer came in within hours of placing it in the MLS and guess who sold it too.

This upsets me not only as an agent, but as a customer of these financial institutions and a tax payer that has contributed, and will continue to contribute to the bailouts.

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Many of you may have seen a new advertisement on REOPro for Bridge Asset Servicing Network and their claim to GUARANTEE LISTINGS. Obviously, this intrigued me and I wanted to learn more about this company and see just exactly what they were all about.

After some initial contacts, I was able to send over a list of questions I had for them and I am pleased to say, they responded. Below you can read those questions and determine for yourself if you want to do business with them.

I have to disclose to you that I was so impressed with their responses and with my conversations over the phone with their leadership, Steve McCormick and Angelique Norton that I completed the application and joined.

Question # 1: What is Bridge Asset Servicing Network?

Answer #1: Bridge is a single source asset servicing company….

Question # 2: What exactly do you mean you can guarantee listings?

Answer #2: ….We want to be different. With our guarantee, we are trying to put the agents at ease and affirm that we will follow through and will provide product. If your combined commission does not cover your first year annual membership cost, then 50% of those fees will be reimbursed to you. That of course does not apply to an agent that declines properties assigned to them.

Question # 3: Do I have to sign up for Equator or RES.NET?

Answer # 3: No, Bridge has its own system and that is why we require all agents that wish to work with us to attend our seminar to receive training.

Question # 4: Do you offer Training?

Answer # 4: Yes, we require that all agents come to our seminar and participate in future training….

Question # 5: I see you have a conference coming up, how much is it to go?

Answer # 5: The conference is $495.00 if paid by May 15th. After which, the cost will be $695.00 and $795.00 at the door.

Question # 6: Why would someone want to attend your conference?

Answer # 6: The conference like all education events is a key opportunity to stay current with best practices and to network with your fellow professionals. The key reason to come is if you don’t, you ca not join the network and receive any listings as you will be unfamiliar with our forms, computer system and expectations. …we want everyone to be successful and fully understand where we all stand.

Question # 7: Do I have to sign up for Equator or RES.NET?

Answer #7: No, Bridge has its own systems and that is why we require all agents that wish to work with us to attend our seminar to receive training.

Question #8: Do I need any special certification or designation?

Answer #8: No, we don’t currently require any special designation but we do look favorably on those who have made the investment in themselves and their career to get default service certified. We will ask our members to stay current with industry standards and move toward certification in their area of expertise.

Question #9: What is the specific type of agent you are looking for?

Answer #9: We are looking for agents that like us and want to do things the right way. We want people who are dedicated and show integrity in the way they do their business, individuals that want to give back to our industry and their communities. This business is not just about making money but about improving the areas in which we work and profit. We desire to remove the blight that an REO can cause on a community and replace it with a home that is at or above the community standard filled with families that will function in that community.

Question # 10: Do I need my own money to float my listings and pay for property preservation?

Answer #10: No, we believe that this is an unfair burden to place on the real estate professional and as such, we work with contractors that can carry the rehab costs and Bridge Asset Servicing reimburses utilities etc…. on a monthly basis.

Question # 11: What is the referral fee?

Answer # 11: There are no referral fees, we believe that you earn those commissions and that it is yours alone.

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