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Caliber has been sending "Notice of Service Release of REO Asset"

Anyone knows why Caliber has been sending this notices? I got this notice to few of my listing assignments and I know many other agents have been getting this. Just wondering what are they doing with it.I have seen these properties continue to be vacant and not in the market.

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What does the notice say?

Thanks for asking the obvious question Cece. Hugo is the a notice that servicer is being re assigned? If this is the case who is the new servicer or do they say?

Hello Frank and Cece, 

The email only states "pursue an alternative strategy on this file and it will be no longer managed by Caliber" I do not know who will service as it does not say it.

This usually means they are selling their inventory to another asset management firm.  

This is becoming a trend with Caliber. I'm wondering if anyone else I having the same issue and if they have any insight beyond what the notice states.

I have had one assignment pulled by Caliber recently. Caliber is one of my best clients, so I remain optimistic. It is not unusual that a client might do this from time to time for various reasons. Often when an asset transfers from one company to another, the new company will reach out to the old agent. I have gained several new clients in the past from service transfers. Its not necessarily a bad thing. 

Richard, thanks for the response. I 100% agree with you. I too gained new clients thru it. I hear Caliber's investors will be renting their property.

Thanks for the update Hugo. I appreciate this. It looks like a portfolio sale of some sort to me. Just a guess on my part. I had an B of A through iServe for all of about 4 days before it to got sent to another servicer. Many times when this happens I get the property back through the new client.

We've lost 23 assignments this year. The investor is pulling these back and trying an alternative strategy. It appears they are renting them out, if the case this has us concerned as to how this will affect the rental market in our area. Has anyone heard anything further on whom the investor is on these properties they are pulling back? We've not been able to get a lead on whom it could be. The Caliber employees seem to be frustrated as well as it affects everyone when assignments are being pulled not only us but Caliber too.

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