Replies

  • Kim, Thank you so much! I'll research more on them in the morning. I did a quick google and they are popping up everywhere. That info could help alot of people. I'm exhausted from reading your entire addition to the forum........I am sooo kidding, those 5 words could be priceless for me and others. Thanks again.
  • You all rock! Thanks so much for the feedback. I appreciate it bunches!
  • Hi C.J.

    It's already changing, I have multiple BOA properties through Equator and I have never interviewed with a local rep. I think the merger and aquisition of CW has left them overwhelmed and they must now outsource some of their portfolio.

    I have also had great luck with Equator simply paying for the zip code coverage, about 40% of my properties come through equator with 4 different companies and 7 asset mgr's currently. I did upgrade to Platinum a couple of months ago but to tell you the truth I couldn't tell if that helped or not. Again, I strongly feel that no platform is the end all, but if you are signed up with the asset company that uses the platform it makes it easy for an A.M. to choose you.
    • Hey Tony: I have been with them for 2 years, I upgraded to Platinum over 8 months ago, and not one asset manager has ever contacted me. It says over 1200 page views which I find hard to believe without even one AM contact. How long have you had the BOA account? If it was pre merger that is how our locals got into REOtrans system. It is B of A that is telling everyone that you must now be recommended or don't bother not Equator.
      • Hi Rose, Without revealing any sources I will tell you this, It's not BOA who is assigning these properties, I got my 1st one about 3 months ago, at this point it is well after the merger. They could in fact be some of Countrywides properties but they are all BOA now.

        Equator does not assign properties, I happen to be an approved broker for the asset company who uses Equator. More than likely "Right place Right time" signed up with the right company. It seems odd that BOA is using an asset company for some of their properties, it never happened until recently. It is a method to handle overflow? Are they shifting in a newdirection? Is it temporary or long term? If it is temporary is it a way to get in after it converts back? I don't know the answer to any of these questions. But I will tell you this also....just got my 1st Wells Fargo property through Dispo Solutions, I've been trying to get in with them for years, then, suddenly one falls from the sky.....go figure.

        Now with Equator or any other platform, if you sign up with them and wait for something to happen you more than likely will be wasting money. I get most of my properties from asset companies that I do BPO's for, not the mills but the ones that can assign properties. in the case of BOA, I did many BPO's for this company, over a years worth before I got my 1st assignment now I get many assignments and few BPO's from them.
  • REOtrans/Equator and RES.NET are both management platforms that work with several lenders. They will try to convince you to upgrade for $500 and $950 each to different levels. They are good places to advertise if you have experience but I do not pay for zip codes any longer as it was a total waste of money.

    In answer to your original question I know Equator (formerly REOtans) is Bank of America/Coountrywide, among others but you need a retail rep at Bank of America or an act of God to get in with them right now. This may change later. Good Luck..CJ
  • Yes this makes better sense, The question now is "which platform makes better sense to be with?" Here's a thought: Why does it matter? If your going after BOA properties and they are on Equator but you still get no listings from them; you still have NOTHING! Is a Wells Fargo or GMAC listing of less importance to you? The only list to compare is which asset companies are giving you the most business. I really don't even think about who's where and why. That is way too much research and changes often. Banks and lenders change asset companies from time to time and believe me, don't get caught up in this. I'll tell a quick personal story.

    When I 1st started I received many listings from "Tactical REO" I think the most I had from them at one time was 22 and they were the bulk of my business and I had a wonderful relationship with 3 of their AM's. Litton Loan servicers were the supplier of these properties and decided that Tactical REO just wasn't doing the job, all the properties were pulled from them (I only had a couple left at that time). Now Tactical REO had Litton as their main supplier and it pretty much crushed the company.

    My point to this story is, is after that my way of thinking changed, I did not concentrate on getting 30 properties from one source, I wanted 5 to 10 properties each from 10 sources, Don't get me wrong I'll take all I can get but I will never base my career on 1 company, we as REO brokers don't have too.

    We can put a lot of money on the street by jumping on every company that will put your name on their list but as far as platforms go; you already paid for Res.net, you can do a basic membership in Equator for about $25 per month depending on how many zip codes you want and Dispo Solutions is still free. Why not use all 3? You won't have to worry about who's where and you will maximize you opportunities. After that sign up with all the asset companies that you can, most are free but some charge, if money is an issue then only sign up with the free ones. I've looked through these forums many times and I am confident that all the info is here for the taking for anyone who truely wants to be successful.

    GOOD LUCK!
    http://company.My/
    • You're right Tony and I'm willing to take whatever I can get. I wasn't wanting to compare to be picky I'm just wanting to get the big picture. I've signed up with every free company I can find and I know you have to spend some money to make money, just have to be smart in how you spend it. Thanks for the advice I wll go ahead and sign up with Equator too. I thought I had to spend something around $200 with them. I'll check it out again. After ahwile it seems like they all start blending together. lol.
  • Hi Elizabeth, I’m sitting here looking at your question and I am actually very humored, not in the fact that you ask the question but the fact that you will probably get very little response from a seemingly simple question. I’m laughing at myself because I can’t figure out exactly how to answer you.

    I have to know….are you looking for a particular bank or lender? What are you hoping to accomplish?

    OK…..I’ll try to give you some useful info, If you are looking for the platform that carries the most lenders it will most likely be Equator, they claim to have 17 of the top 25 lenders, that’s 68%. Now which 17 out of which 25 is beyond me, there is no master list and they do not publish this info. This changes all the time and there are different layers and can get very complicated. Some use servicers that use asset companies that use platforms. So the question could be which banks use which servicers that use which asset companies that use which platform? See how this gets hard to answer. Please let us know what your goal is and we can probably make more sense out of it.
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