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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.”

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.

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!

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 15^th. 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.