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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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What training do you use for your BPO team?
Thanks for sharing this info. You have inspired me to keep on going. I had all my eggs with Old Republic. Done almost 100 bpos, at least 4 weekly, trained and subscribed to VM site they require and NADA.
Thanks for sharing Nate--good luck with the golf!
Nate thank you so much for the great info.you said join res net and add great companies how do we do that? I hAve been with res net over two years not a single bop and reo.
GOOD SUCCESS STORY! KEEP IT UP BRO!
Love to hear the success stories.....I've been doing BPO's for 3 years,which I guess is not a long time,but I've learned so much from you all and really appreciate any help....my contribution is,hang in there.....after numerous free BPO's for USRES,I got my first listing with them !.... when I kept on asking when I was going to get a listing they said I "was on the cusp ",well sure enough,finally got one....so my point is,Hang in there! Old Republic will negotiate up by the way for those of you that don't know,I just send the email to a reviewer I've worked with and ask if he knows who has it and give the figure I'm looking for,if he's in,he sends it on to who has it and if they don't have anyone yet,they contact me pretty shortly.Good luck everybody!

Hey there Judith, regarding old republic, when you mention you ask the reviewer who has it and"give thefigure you're looking for"..what do you mean by the figure you're looking for. Ithink that's a brilliant idea... I look forward to your repsonse.  Thanks.

 

Jason Irwin

Hi,

 

I just give them the figure I'll do it for.....depends whether it's an exterior or interior.....norm here is normally 50 for ext or 65 for interior,or more if it's a rush.....saves a lot of time....for them and me. : )))

Nate - email me directly - REO@RichardRealtyGroup.com. I have some personal AM contacts that I can personally refer to you and/or recommend direct if we can exchange info. -best Brian 
Thanks for sharing info. Additional AMs that use res.net are:
-Default Servicing LLC (PNC and National City)
-Specialized Asset Management - SAMREO
-Paradigm Default Services

I get BPOs directly from Service Link and Power Link, and never noticed any connection with REM.
I think REM may require an invoice to pay on BPOs. Have not done anything for them in some time.
LSI (part of LPS) is reported to run copletely independently from the REO side of the company.
REOVM is a verification agent (license, tax ID, E&O, etc.) for Old Republic (ORDS) and others.
The A-REO training is basic but good, and A-REO Certification required to get assigned ORDS listings.

And, Equator (REOTrans) appears to have limited value beyond BoA short sales. Unless you are already getting BoA listings direct from BoA.

Have you received listings from  Old Republic (ORDS)? I am on reovm but still have not completed the courses.

 

Great advise
Thanks

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