Old Republic Default Management and REO Vendor Management

This may be of interest to a great deal of people.

If you have not received this yet, I hope it helps.

To: ORDMS/REO Valued Listing Partners

From: Rick Snoke Vice President, Real Estate Operations

Re: ORDMS REOVM & RTS Deadline

FINAL NOTICE

Over the last quarter, ORDMS has issued important reminders regarding partnerships with REO Vendor Manager (REOVM) and REO Solutions (RTS).

No later than July 1, 2010, ORDMS will be migrating to those agents fully registered with REOVM for the assignment of new REO listings and will move current inventory for non-performing agents / brokers.

This will serve as our final announcement and we encourage you to act immediately.

It is the desire of ORDMS to continue our relationship and that you remain eligible to receive listings from ORDMS. However, to move forward in maintaining your eligibility and to allow us to enhance the valuable partnerships we've developed with both you and our clients, the requirements outlined must be met:

ü You must register with REO Vendor Manager. Log on to: https://www.reovm.com and follow the registration instructions. Any questions during registration should be directed to an REO Vendor Manager Representative at 1-800-318-1REO (1-800-318-1736); refer to the FAQ section of REO Vendor Manager or email info@reovm.com.

This registration will satisfy the REOVM registration requirement for any client utilizing this service.

ü You are required to successfully complete the Accredited REO Agent Program, including the ORDMS specific to be an Accredited REO agent. If you have already completed the REO Training Solutions Accredited REO Agent Program and you are currently an Accredited (A-REO™) agent, you need only complete the ORDMS specific lessons. To take the courses, log on to: www.a-reoagent.com/oldrepublicdefault. Should you have questions or technical issues during the course, contact Technical Support at (877) 446-9329 or email customercare@reotrainingsolutions.com .

Any questions regarding these programs may be directed to the REO Vendor Manager Representative at 1-800-318-1REO (1-800-318-1736).

I have worked with ORD fir several years. Never an extensive amount of business,couple here and there. They have they're "preferred agents". Had two Fannie Mae's last year that sold right away and then nothing until this year when their class and the REOVM class came up. I have received emails AND phone calls. They may get slammed with busness but I'm not shelling out $700 unless I see that business. I know there are times when you've got to pay for things but Old Republic has not proved themselves to me that I can make my money back and more. I had one prelist until a couple weeks ago. The Asset Mgr told me I would not be required to take the classes. Then after I verify vacancy (after several trips) ,rekey,trash out bids,research all the HOA info, he emails me that he has to reassign. All these new classes ??? What do you learn if you've been doing this for 15 years? I wouldn't have a problem taking ORD's class but to demand us taking REOVM classes,I don't think so.

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Comments

Susan Cook, RDCPro, CDPE, SFR July 6, 2010 at 3:44am

any info on if they are not handling BofA assets?
Elizabeth Widell July 4, 2010 at 9:43am

Thank you David. That is exactly what i am doing. Any invitation or new company I'm the first to sign up and take the necessary steps. I am patient and will wait. Who else do you reccomend signing up with? I am in Illinois. Any input is valuable. thanks
David Lewis Cummings July 4, 2010 at 5:05am

Guys Im sorry but if you believe sigining up and taking training with Old Republic is a waste of time and you are not going to be patient then good luck getting into the REO Business. Old Republic is one of the most reliable companies out there period. If you take this training are you going to gauranteed get a listing in the first 6 months? NOOOO you will not, but if you dont take it then you certainly will not! I took a different class from this one over a year ago, about 11 months later I received a call from a very prominent bank that said they had saw I passed the class and they wanted to sign me up as a vendor. Trust me, take ANY and ALL classes/education courses that you can.
John A Walker July 1, 2010 at 7:06am

We have been doing BPOs for them for months now, and no REO listings. do you think doing BPOs will get me listings? To Sandra--is it 700? I seeit is 200 to jon. Do you have to pay for the classes?!?
Sandra Page June 30, 2010 at 10:22am

I have worked with ORD fir several years. Never an extensive amount of business,couple here and there. They have they're "preferred agents". Had two Fannie Mae's last year that sold right away and then nothing until this year when their class and the REOVM class came up. I have received emails AND phone calls. They may get slammed with busness but I'm not shelling out $700 unless I see that business. I know there are times when you've got to pay for things but Old Republic has not proved themselves to me that I can make my money back and more. I had one prelist until a couple weeks ago. The Asset Mgr told me I would not be required to take the classes. Then after I verify vacancy (after several trips) ,rekey,trash out bids,research all the HOA info, he emails me that he has to reassign. All these new classes ??? What do you learn if you've been doing this for 15 years? I wouldn't have a problem taking ORD's class but to demand us taking REOVM classes,I don't think so.
Susan Cook, RDCPro, CDPE, SFR June 30, 2010 at 6:40am

I've had listings before REOVM and just completed the training. Haven't gotten any new assignments but I know that I won't get anything unless I did it. Will let you know when I do.
Elizabeth Widell June 30, 2010 at 5:58am

Do you know when REOVM will begin?????????? And do you have any contacts to send an e-mail?????????????
NIA MARIE PARKER June 29, 2010 at 6:18pm

I have several listings with Old Republic. REOVM hasn't started just yet. Im sure more assignments will be coming.
Dunia Partow June 29, 2010 at 10:52am

I did it few months ago, no assignment yet!!
Elizabeth Widell June 29, 2010 at 6:55am

I did this over 6 mths ago and still no business. I hope this means the class and the cash will finally pay off.

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