Does anyone know which companies are still using RESNET for REO?? Doesn't seem like they have as much inventory as the other REO platforms
All Posts (2129)
Sort by
Received a note this week from Radian on the RedBell Platform BPOs - they affirmed not to use auto accept software and NO outsourcing of the BPO work. For most of us here this is the standard and has been for many years. I see many agents through crowing about having BPO data mills to do the work. My clients expect that I do my own work which I have done for all these years. It was good to see them on this issue.
January is good. In late December I received a condo in an upscale development in downtown Tampa. It fell apart. Seems it should not have been sent to me in the first place. But as we all know this happens on occasion. No big deal. Now in January, I have two REO's. One a SFD in a lower-priced community. That one was posted and the posting expired January 2, so that is moving forward in Pre Marketing. Next a Manufactured Home in Pasco County, we had some work done. That was put in MLS last night after 5 pm. By 11 pm had two agents asking about it. Here we are in very low inventory, under one month on MLS. The average DOM is under 10 days. Seller did as I suggested, priced high. A great way to start the New Year.
Hello All and Happy Holidays!
Has anyone else recently been contacted by Brandi with Home Trust Nation wanting you to prove to her (e-mails, phone calls, dates and times and who) that you were treated poorly or not been paid?? I've been paid by them, but it was a horrible to try to collect and it was after 4 to 5 months.
AND to top it off, this was two years ago............ Even though it was two years ago, you never forget how people treat you, especially someone that you do work for, right?
****BTW, someone has been cutting and pasting the blogs in this forum and sending them to her via e-mail.****
I just got a note yesterday that Keystone Asset Management will merge with LRES. It also appears they will begin to use the ResNet platform as well. I have had many good years with both companies. Longer with Keystone first in BPO's hen REO. Great people on both sides, for sure. You cannot have better AM's to be working with.
Good afternoon,
Please be advised that Old Republic Servicing Solutions is winding down our valuations line of business and, effective immediately, we are no longer taking new valuation product orders. Old Republic will continue conducting our other business including title insurance, closing and settlement services. Please discontinue updating your profile information, license, E&O insurance and/or additional documents.
Thank you for your years of providing services to Old Republic Servicing Solutions.
Just got this in my E-Mail.
Important Notice from Old Republic
Good afternoon,
Please be advised that Old Republic Servicing Solutions is winding down our valuations line of business and, effective immediately, we are no longer taking new valuation product orders. Old Republic will continue conducting our other business including title insurance, closing and settlement services. Please discontinue updating your profile information, license, E&O insurance and/or additional documents.
Thank you for your years of providing services to Old Republic Servicing Solutions.
I received a request from these folks yesterday to sign up on their vendor list for BPO work. I have not heard of them? Has anyone had any interaction with these folks? Thanks for the input.
I have been doing BPO REO work for 34+ years and I do not find it a blessing that I am not getting BPO orders due to auto accept and companies who care only about thier own pockets and not us agents in the field who are losing money as doing BPO's add to our income. But I am not a national speaker and have not talked to thousands of agents and companies across the nation and getting paid for being a speaker by the companies to speak on the companies behalf instated of the agents. I understand 15+ years is something and to figure out how to make a buck while taking a buck away from the agents in the fields is prerry impressive.
TOP BPO COMPANIES FOR 2021
Each year, I like to take a few minutes to share some free info and insights into my “Top 15 BPO Companies for 2021.”
After being in this hidden, niche market within real estate called, Broker Price Opinions and also with having been in the BPO industry myself for 15+ years, I’ve seen so much change, clean up and improvements.
Overall, it’s been exciting to see how much this niche industry within real estate has come and I know that it will continue to evolve. I’m just blessed to be able to still be a part of it!
So, without further ado, here is my list of the only 15 BPO Companies that a BPO/REO Pro should worry about working with to do strictly fee-based BPO orders. Please note, these companies are listed and ranked by my favorite companies from top to bottom.
- Clear Capital
- ServiceLink – EXOS
- Pro Teck Valuation Intelligence
- Residential Real Estate Review (RRR)
- Solidifi (fka: Mark to Market)
- BPO Fulfillment
- Single Source Property Solutions (SSPS)
- SWBC Lending Solutions (SWBC)
- Consolidated Analytics (Acuity)
- Asset Valuation and Marketing (AVM)
- Altisource Vendorly
- Assurant (Xome)
- Computershare (Acuity)
- Old Republic (Acuity)
- Xome Valuations
We also offer an up-to-date, totally free BPO, REO and Asset Mgmt Companies Directory that will help you sign up for the above companies if you are not already, simply go to: http://www.bpo-companies.com/
To a town near you, the next REO wave is coming soon!
I predict that the United States is going to see an explosion of foreclosure related work again within the next 12 months or sooner.
You may be talking in your head and asking yourself “How the hell does she know that this is going to happen?!”
BREAKING RECORDS
With record numbers of Coronavirus related job losses in the last few months that has led to massive amounts of people filing for and receiving unemployment, along with millions of people not being able to afford to keep paying their mortgage payments this WILL create a boom in the REO and BPO industry unlike anything we’ve seen since 2008. It’s just a matter of time and unfortunately, we all know that sometimes history repeats itself.
If you are an actively licensed real estate agent or broker, will you be prepared?
You know for me I find that it’s a rather strange existence to be able to work in the foreclosure side of the real estate industry because when things are bad for those so negatively affected, we do well and are able to thrive in most instances.
HARD REALITY
It’s a hard reality to experience growth, financial stability and opportunity when regular people’s lives are forever changed when they are faced with having to walk away from their home.
My heart really goes out to individuals and families that are forced to file a foreclosure or a short sale. I can only try to imagine how hard that would be to have to go through that and the after affects that come along by default, like having your credit get decimated.
The empath in me has a hard time with knowing that I simply can’t control bad things from happening to people out there but I do get to be a part of helping resolve issues so everyone can get closure and move on.
As a previous real estate professional that did BPO and REO work for years, I remember a few times walking into a foreclosed house and seeing sights that would make anyone want to cry. It was a very surreal but humbling thing to experience!
I know that I am very blessed and am extremely thankful to have been able to have carved out a niche market for myself that has provided me years of all-around stability.
Through it all, I try to look at the positive side to everything and remind myself that I chose this profession and that it has treated me very well!
MY RECOMMENDATION
Experienced, smart agents and brokers that pay attention to the warning signs NOW of how the effects of the COVID-19 virus is going to cause mayhem in the real estate market will have the best odds of success, if they plan ahead and start working on ramping up by having the best systems in place.
REO and BPO professionals are soon going to be flooded with potential work, like what happened with the mortgage meltdown a decade before.
In the coming weeks, months and in the next year, I predict a massive explosion of opportunities not only in the real estate market as a whole but I believe that it will peak strongly in the REO and BPO industry.
It will be a matter of time and a natural progression of cause and effect for the big build-up that’s currently building momentum, stealth-fully.
I recommend to those that are qualified and interested (an actively licensed real estate agent, broker or appraiser) to start to plan ahead RIGHT N-O-W.
Get the right tools, software & training to help you do your job and get organized strategically. Those that do will prosper, like I did and those who don’t will be forced with having to leave the industry. This isn’t a prediction, it’s experience speaking, because again I’ve personally gone through this cycle before – and maybe you have as well.
LEARN MORE
BPO University and BPO Automation Group are here to help you with automated form-completion software that allows you do a 2-hour BPO or REO form in less than 15 minutes.
BPO’s are a way to stay alive during a downturn, and they’re also an amazing tool to build your professional reputation with asset managers to get coveted REO listings.
Click below to view a demo of our BPO and REO form automation software now, and if you’d like to learn more about BPO’s or how to do them you can sign up to take our online course through my sister company, BPO University.
BPO Automation Group demo: BPO Automation Group Demo
BPO University: BPO Automation Group University
Disclosure:
As a general warning, don’t expect to see a bunch of numbers, estimates and such within this article.
I’m not one to focus on exact numbers and statistical information and analysis. I find this all very boring although telling at the same time. Instead, I try to get and stay educated on issues, I use my common sense and first-hand personal experience of being a real estate professional that specialized in BPO work during the mortgage meltdown crisis of 2008.
After 15+ years of being in this special niche industry called REO (real estate owned / bank owned) and BPO (broker price opinion) work, I’ve seen and done almost everything on a professional basis and have strived to do my work as ethically and above board as possible.
It’s a great business to be in!
If we can help you in any way, please don’t be shy, reach out to us!
You lost your job. You are a Veteran. You cannot make your mortgage payments. You called your lender and their steely “debt collector” tone and threatening letter would scare anyone.
If you experienced loss of income on the Emerald Coast of Florida due to the COVID-19 crisis, the Veteran’s Administration has issued clarifications about how your VA mortgage lender must treat you. Initially, VA borrowers may have received intimidating letters, such as this:
In fact, this forbearance letter refers to foreclosure twice, as well as short sale, and credit implications. It implies that to catch up, the loan must be brought “current” through a reinstatement (e.g. lump sum payment), or another workout option. This is pretty scary stuff. The VA, however, has issued Frequently Asked Questions that should put you at ease regarding your VA mortgage and keeping your home, as specified in the Coronavirus Aid, Relief, and Economic Security – CARES Act:
- You may skip payments for 180 days and extend to 360 total days should you be economically impacted by Covid-19.
- Your credit score will not be changed to “delinquent” during this time (unless you were previously in default).
- You will not have to pay a late penalty, however, interest will accrue.
- You do not have to make a lump sum payment at the end of your forbearance payment (however, you can if you want to).
- Your VA mortgage lender may offer to modify your loan to extend the term, adding the missed payment months to the end or your loan (a type of deferment).
- Your VA mortgage lender may offer to make the missed payments payable in one amount at the end of your mortgage term. For example, if you missed $10,000 of payments, when you sell your house, the $10,000 amount would be added to your mortgage payoff.
- You could spread out the missed payments over time with an agreement from your lender.
- If you don’t recover financially at the end of the help period, you may do a VA Compromise short sale, a regular sale, or a deed-in-lieu of foreclosure.
Bottom line, if you contact your VA mortgage lender for help now during the Covid-19 crisis, they should respect you and your military service, and work with you, not force you to make a lump sum repayment.
If you decide to sell your Emerald Coast of Florida home, contact me to explore your options, whether by traditional sale or VA Compromise short sale.
Wendy Rulnick,
Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com
Wendy Rulnick, Broker, sells short sale, pre-foreclosure, REO and traditional real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Crestview, Sandestin, Seaside, Rosemary Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.
This post, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.
