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I went from 0 BPO 0 REO in 2009 to runnning a team that does over 200 BPO's a month and have gotten 62 REO listings Im not selling anything, im sharing information, and would like you too also

Hey guys,

 

I would really like to start a discussion/blog worth talking about. I feel the best thing we can do is try to put together the pieces to the giant REO world. I started a group about asset managment companies that use res.net sense the other group didnt list any companies. Briefly here are ones I know

 

-IAS (for homeloanservices)

-USRES

-FAREO (for aurora properties, they also service litton however use there own platform REO source)

-PMH (all they did was just pick me out of res.net, not even signed up on there site)

-Citi (all they did was just pick me out of res.net, not even signed up on there site)

- BSCORP BealServiceCorp (my partner had never gotten an REO before and this company just assigned him 2 throught res.net

-Specialized asset managment SAMREO. Also, just assinged me a listings not registered on any site

 

I have more in there, and also my thoughts on being certified, please add to it... lets not go off track, and really try and list all 30 or so companies that use it.

 

Here are a few golden nuggest I can give you

 

Lamco, check and see if they service REO's in your area. If so pay the 200 dollars. There interior BPO's can be up to 150.00 and exterior are 60. Form is super easy, and I have gotten 2 listings from them

 

NREOB. Is a good site and free.... I signed up and got 3 listings in 2 weeks. That is the only 3 I have got but they priced to rock and roll, all sold instantly and paid a 2.25 comission.

 

As for BPo companies and getting the listings. So many people have no clue, a BPO is a BPO mill. FARVV does a ton of Country wide/BOFA/ BAC. I have done so many BPO's on properties that have actually gotten foreclosed on  a few months later and never considered for the listing. It doesnt matter to almost all companies.

 

FAREO is my best client. And I coinsidently get REO's that I have done BPO's on before, when I ask them about it they say the never have any clue who has done a prior BPO.

 

Same with the BSCORP. I had done a BPO for the property through Old republic 2 months before I got the listing.... they said they had no clue who does prior BPO's and it didnt matter.

 

Same with NREOB. They dont know it doesnt matter. The companies to do BPO's for are ones that service REO's as well. If they get the asset you get the REO.

 

Here is a good note. Before you pay search for properties. I paid to be in fasinc, and 2 months later did a property search on there site, and found they have no REO's in WA. Bad move on my part.

 

I feel that old republic is a joke, and the fact they are even blasting me a BPO for 30 dollars is obsured. My partner and I have done probably 100 BPO's for them, and no listings. I have never heard a positive comment from them.

 

Ocwen.... I dont even need to say anything. Funny they were my first REO I ever got. Now they have some auto assign program that seems to neglect me. There have been 8 Ocwen properties I have done BPO's on for ocwen that got foreclosed on, and I did not recieve the listing.

 

Asset valuatin and marketing, again is just a BPO mill whos main client is litton. In my area litton goes to FAREO, or Assetlink now service link. And will not get you a listing. However there form is easy, and they pay usually 75 dollars for exterior, 50 minimun and a great company. We got in good with them and they asked us to be prefered in there 2 REO partners. No listings but still helps

 

IAS. BPO's are very hard, this company doesnt mess around. I flew to 5 star to get in, did about 10 BPO's and have gotten 2 REO's from them. There biggest thing is turn time. I would get every BPO you got from them in same day

 

Single source I got into a few months ago. I have the auto acceptor for BPO's and have done a ton. THEY ARE QC NAZIS!!!! but, I feel I will be recieving REO;s from the soon. There BPO partner is imortgage by the way

 

Greenriver capital. I here a lot of good things about them they just dont seem to have much business in my area. A guy  I met in New Jersey said he gets a listings a week from them. There BPO partner is infinity BPO and they pull there REO agents based on your BPO  rating.

 

Lighthouse/LRESCORP. Is a good company. I have never gotten a listing from them however.... I got 2 listings from BPO's i did for them. This is the only case where I have gotten a listing because I did a bpo on it for another company. It was for GRP financial. It took me 2 months to get the guy out on one, the other I listed for a week, then they sold there portfolio to SPS and pulled the listings from me. :( There BPO's are automaticallly assigned by turn time. So turn them in as fast as you can, and you will be REO eligable.

 

I am platinum certified in REOTRANS have never gotten a listing through there and cant add much detail. But those of you who do should really add to that group.

 

I am running out of time with so much to say, what I do is make a list of everyhome that gets foreclosed on firday, figure out all the assigmnet/ trust codes/mers and figure out who acually is going to get the property. And calll my asset manager list. I have figured out a lot of the puzzle, and would like your help on figuring out the rest.

 

I have a BPO update to do on a house that "sold" at the REDC auction last week ha ha 6000 sqft bed a breakfast remodel, 1.7 acres on the river in a rural area.

 

I love this game. If anyone knows of any other good REO blogs or people that want to get involved share ext let me know. I have learned so much in the last year, have contacts, lists, whatever and just want to take over the world

 

excuse my spelling ext.... anyone in KW knows and can see I am a high D and drive like crazy dont care about spelling grammer or whatever. Looking forward to having some good conversations. Im gonna start bogging some more any recomendations

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Replies to This Discussion

Thanks for the input and information...and please do smell the roses when you pass them by :-)
Thanks for the share Nate. Look forward to more updates from you in this section.
I use bpo-automation. I have seen and heard BPO buddy is the best for auto acceptor
NATE, talk about the fast and the furious, thanks for your sincere feedback on each company that you are working with. seems like 2009 you were studying the field , and when gates opened in 2010. you came out like.... you now the rest. It seems you go by the rule that you have to Give to be able to Recieve. and you have given your share of good information. Am sure you will get it too. and reach your goal of how to " put together the pieces to the giant REO world ". In my case I can not share info to help you on your quest , becouse I concentrate just with Short sales for the last 3 years. However your info is inspiring and also helpfull to my bussiness. you just gave me some ideas. Thanks and good luck. this year am doing what you did on 2009.
Good post, thank you. I will ditto your REOTRANS comment. I am also platinum certified. I check the site and all I see are 10 more, 10 more, 10 more "lenders" have viewed my page, but I don't ever hear from them. I keep thinking there is some link I haven't clicked on and finalized, or need to perfect my comments section, but.... Do you have many views each day also? I've decided there is plenty of business and I don't have time to wonder about the "slower companies" !
I was told at the conference that the REOtrans/equator people all it means is that you can you came up in the radius search when the were selecting the agent, it doesnt mean they actually clicked on you.
Great blueprint for success. Thanks Nate
All are welcome for the information anyone care to add anything useful. I dont know anything about Gmac... except there site is like gmacrescap, and I think they outsource to IAS too.

Companies I cant get into

LPS( they are like one of the biggest)
BAC(You need in by a branch manager referral)
PAS/wellsfargo(You need in by a branch manager referral)
Assetlink now servicelink (I do a ton of BPO's for service link, and found that they have no tie to getting into the REO side which is lame. Assetlink also orders almost all of there BPO's through a company called REM. They are good, almost all of them are 60 dollar interiors. I had to call them to get paid though so FYI they probably wont send you a check unless you call

Note:I know i said REOTRANS and know its called Equator now lol. I would encourage you to join the res.net group and add companies that use them. I think its key sense most of the REO people are in res.net and it seams like equator is the boys and girls club us new guys cant brake into

anyway im off to a golf lesson... any info would be great
Check you grip, square your shoulders to the target, keep you head down,relax your arms and take a nice long and easy swing,
;-)

actually you can get in the back door. I am now a BAC reo agent after never being able to touch that......

You post is a wealth of information. Thank you for your open and honest comments, that is hard to come by in this business.
Great post! Thank you.
How do you determine, though, if they have inventory in your area and if it is worth signing up? (Other then, in some cases, their website). Any suggestions from anybody?
Thanks for sharing!

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