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What has happened to PASREO assignments in New York and Connecticut?

Several PASREO Brokers in NY have not seen new reo assignments in months. What's going on with the release of new REO's in our region. Can anyone shed some insight?

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PAS is now outsourcing to certain functions to Service Link and LPS Asset Management.  It seems kind of odd that an asset management company would be outsourcing to other asset management companies.  I saw my PAS assignments drop dramatically about October of last year.  That is when I started see LPS Asset Management's name in my correspondance with asset managers. 

I was highly disappointed when 2 years ago they required all listing brokers to fork over the $350 (I think that is what it cost) for required default school. Then they solicited other agents, not already on their list, to pay for the class, many of whom took the class to get on their broker list. Then shortly after everyone paid,  they sent out letters that they had too many brokers on their list and took most agents off the list.  They must have made lots of money . PAS is Wells Fargo.

Hi Joe,

 

We are wondering the same thing, here in MA.  It has been very spotty for the last 12 months or so.

I believe the entire industry has slowed down - we've all heard of the faulty paperwork, the lawsuits and the extra red tape now involved in a foreclosure procedure - for various reasons (dripping vs flooding the market) but, I also believe that the pipeline is full and that sooner or later a new wave will surface.

PAS outsourced their BPO business to other outfits (ServiceLink, LPS) but I trust their REO portfolio will continue to be handled in the same manner.  I have been listing for them since 2007 and the amount of assignments now is like day and night, very, very few.

Good luck, let us know if it gets better for you.

Hi Joe, I am trying to sign up for PASREO but when I attempt to register, it says it's for invited guests only. Do you have any advice for me on how to become an invited agent/guest? Thanks for your help!

Find your local Wells Fargo loan officer, develop a relationship, refer them business that results in closed loans, then ask for the referral.  It's a 2 way street kind of relationship.

Thank you Rick, good feedback.

Same with Chase by the way, all the LO's work from the local retail branches.   If you want a REO BPO list we just updated at www.default-solutions.net  and listed all the 5 star sponsors, with direct links to sign up pages.

Also listed the new B of A and Chase outsourcer lists as well.

(Free membership is option 2 - no cost to join, forum is open to anyone)

Hello Lindsay,

 

I don't believe that PASREO is signing up new agents at this point.  In fact, I had a lengthy conversation last week with one of their national supervisors and he indicated that PASREO's business is down significantly across the country.  Which is why they are laying off REO brokers in various regions.  I wish I had better news to report to you.   Sorry. 

Not really, Lindsay... I think the invitation will come from PAS, should the need to add more agents in your marketplace arise. Do you know any PAS agents in your area?

I don't unfortunately. My network here in SD is not large, I was an REO list agent in Vegas for 6 years, and just moved to SD - am finding it hard to get the ball rolling here. I will try to find PAS agents in SD, that's a good place to start. Thanks for your help, Jose.

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