I've seen a lot of articles and blog posts about Wells Fargo, Chase, BofA and others recently. It got me thinking about the future of the REO industry.
I've been an REO agent for over 8 years, back before the REO market was hot. Until recently my largest client was Wells Fargo. Early 2011, Wells Fargo's inventory became non-existant so in June I decided to go out on my own. Knowing that I would lose Wells Fargo as a client (they only work with agencies that have a JV), since there inventory dried up I figured I wouldn't be missing much. Seems I was right, they've only had 2 listings in my area since my move. My question is this.... if you had to align yourself with one major bank moving forward which would you choose? Wells Fargo, BofA, Chase, Other?
I've found that most Banks prefer to give their REO inventory to agents with working relationships with their local branches (at least with the top 3 mentioned above). I have worked with my local Wells Fargo Rep my entire career, but I refuse to give them business if it's their policy to end a long established relationship with me because I don't have a Joint Venture mortgage company with them. So the question remains, where do I send buyers? Which Bank do you thing will have the most upside in the coming years?
Comments
I'd make the choice partialy based on my relationship with a LO at those banks. RELATIONSHIPS ARE VERY IMPORTANT IN OUR BIZ.