Old Republic Default Management and REO Vendor Management

[Reggie Woodgett RDCPro, CDPE,FSP]

This may be of interest to a great deal of people.

If you have not received this yet, I hope it helps.

To: ORDMS/REO Valued Listing Partners

From: Rick Snoke Vice President, Real Estate Operations

Re: ORDMS REOVM & RTS Deadline

FINAL NOTICE



Over the last quarter, ORDMS has issued important reminders regarding partnerships with REO Vendor Manager (REOVM) and REO Solutions (RTS).



No later than July 1, 2010, ORDMS will be migrating to those agents fully registered with REOVM for the assignment of new REO listings and will move current inventory for non-performing agents / brokers.



This will serve as our final announcement and we encourage you to act immediately.



It is the desire of ORDMS to continue our relationship and that you remain eligible to receive listings from ORDMS. However, to move forward in maintaining your eligibility and to allow us to enhance the valuable partnerships we've developed with both you and our clients, the requirements outlined must be met:



ü You must register with REO Vendor Manager. Log on to: https://www.reovm.com and follow the registration instructions. Any questions during registration should be directed to an REO Vendor Manager Representative at 1-800-318-1REO (1-800-318-1736); refer to the FAQ section of REO Vendor Manager or email [e-mail].



This registration will satisfy the REOVM registration requirement for any client utilizing this service.



ü You are required to successfully complete the Accredited REO Agent Program, including the ORDMS specific to be an Accredited REO agent. If you have already completed the REO Training Solutions Accredited REO Agent Program and you are currently an Accredited (A-REO™) agent, you need only complete the ORDMS specific lessons. To take the courses, log on to: www.a-reoagent.com/oldrepublicdefault. Should you have questions or technical issues during the course, contact Technical Support at [phone] or email [e-mail] .



Any questions regarding these programs may be directed to the REO Vendor Manager Representative at 1-800-318-1REO (1-800-318-1736).

[Brandon Jordan]

I have took the A-REO course when I had an Old Republic listing earlier this year and had signed up with REOVM too I have not received anything else after completing both and being approved with REOVM. I went to make sure everything was ok still on REOVM and they now display this

 

 "ATTENTION:  If you are being specifically asked to register with REOVM, please check with your client before completing registration as a complimentary account may be available to you. Thank you."

[Justin Lee Thayer]

 I can't find one REO broker who  has ever received an REO from  Old Republic in Lane county Or. Just $30-45 BPO's who they will give to any body with a licence and pulse. I heard they only manage assets in a few states but handle valuations everywhere. 2  companies emailed me just this month tellinmg me if I gave the $100 & $200 annually I would be in position for all kinds of REO's the fact is in the last 2 years I have received 32 reo's listings from sources I never paid a dime for NRT, REOtrans, and a few direct banks ( I don't pay for the extra zip codes in reotrans)  1 from Lamco & 1 From RES.NET I will be at the REO summit in June. Im going to find out for sure but I don't ever hear of or see any other stories. Of course there are plenty of optimistic agents who say be patient but I have been signed up with Lamco & RES.NET 4 years now. I also know none of the top REO agents in Oregon are on this site trading their secrets it's people like me doing 15-20 per year wanting to progress to 10 per mo. Or  agent wanting to try and break in. If you get 5+ listings per mo right now and have had success with paying every open hand offering a golden ticket to REO listings I think we all would like to hear from you. I hear about disappointment & enthusiasm but in order to justify $2000 per year investment I need proof of results. These companies can't ever give it to me. I have called every one and asked for results. Averages and numbers of members vs listings given. They wont give it. I get the lottery sales pitch! You can't ever know if you would have won unless you play but even the lottery gives you odds!!!!!  Anybody pleas confirm some statistics on how much you put out vs listing revenue ( Not including BPO's) You can do as many BPO's as you want without paying a penny! I have proven that already!

[Dale Kuzniar]

REO vender management...(Old Republic  Fannie Mae ) says you have to be a member.I receive other Fannie Mae listings thru another company that does not require REO Vendor.Used to get Old Republic listings several years ago when they were mostly using Res Net. Getting Fannie Mae Master agreements from multiple sources.Took and spent the money on Accedited REO Training......Now is anyone in the Midwest getting anything from REO vendor management recently? thanks

[Cathy Helland]

I was getting listings from Old Republic the last 2 years through Res.net.  Now that they have changed to another co.  I took the A- REO training and all I have gotten so far is BPO.  So I dont understand what has changed.  Can anyone give me some insite?  Arizona

[Justin Lee Thayer]

I get plenty of REO work from RES net but just not sure about Old Republic. Your the only broker on this site actually hearing of or getting any REO work from them. If this is legit I will pay! When I started doing BPOs for them was 2 years ago. I was qualified to do REOs 4 mo later. I know I was in comnpliance at that time but heard nothing from REO dept. Then got the news they where adding the trainingI At first I thought I would be grandfathered in but after a phone call found out I had to qualify like a new agent. I told them before I pay that kind of money I needed some info. They gave me none. Since I was approved for 1.5 and got nothing I really think they have very little to give out and I heard from this site only in a few states. The problem I have with them is not giving information on how many REOs they have and where they are. They would not tell me if they have ever had REO work in Oregon but want $400! They told me 4 other brokers paid the $400 in my area! Not a big area 200k population. I get about 4 REO listings a week now but along the way I have been taken advantage of . I have not spent the $400 but would if I could get some concrete proof of Old Republic having and giving REO listings in my area or at least some hope there where some opportunitys comming to my area.

[NIA MARIE PARKER]

Hi Thayer, Yes I'm sure. I have them in my inventory on res.net. REOVM does not have listings they make sure that you are in compliance. If you are not in compliance you will not receive listings.

[Justin Lee Thayer]

Marie Parker. Several listings with Old Republic? Are you sure . They have no inventory that I have ever heard of! I had been qualified for years then they wanted $400. I tried to get some inventory info and they would not give any. Funny due to the fact the companies I do get business from gave me this info no problem. I think they are a scamming brokers to get cheap BPOs. $30 not worth it! I cannot beleive how many people take it thinking they will get listings some day. What am I talking about I did over 200 before I figured it out! I feel too many fat cats are taking advantage of us! We need to weed this kind of stuff out. When I got into this business I got $100 for a BPO on average without yearly fees. We should take back control our income and stop getting scammed by the likes of Old republic.

[Sam Shueh]

They do not have inventory in SF Bay area, Sadly that is the case, People there are quite professional.
As for BPOs is $40-45 interior out of the area worth the trouble?

[John Theis]

I've been doing REOs for past 4 years(for several banks) - had my worst experience with ORDMS. It took them over a year to reimburse me for $6K, in repairs. They re-assigned one of my properties, after I had it for 30 days, in which it was OVERPRICED...they said I "didn't move it fast enough"...seriously, after 30 days.
So, when they told me I had to enroll in the REOVM and renew with RESNET...I said goodbye!

[Celine M. Johnson]

I joined ReoVm last year, no business yet. Does anyone know if Old republic has assets in MD, DC or VA? I wanna know before I shell out money for the ORDMS class.thanks