OnlineREPA

Common Sense REO Reimbursement Setup

Carolyn Nelson (www.OnlineREPA.com- ) — Tue, 19 May 2009 07:27:48 -0500

Brokers and Agents have found many creative ways to manage their reimbursement process over the years. However, many still fail to follow the reimbursement procedures of the bank and scream when invoices are rejected. I have never worked with a bank that did not have a clear-cut reimbursement guideline yet, there are agents that just want to handle the reimbursements in a shabby and irresponsible manner. Do not bite off more than you can chew!

1. Setup an invoice submission procedure with your vendors. Accept nothing less from each vendor.

Establish to submission area for your vendors. Email submission may work for brokers and agents working on a lower scale but it is always best to establish a submission area to keep track of and organize your incoming invoices. This area will also provide you with one location to download invoices when it is time to process for payment. If you are not using an online program, review Google App, MS Live Workspace, SharePoint, or another program that will allow unique access to your vendors. I created ORSSDesktop.com for this purpose. Depending on which transaction management program you are using, the vendors can email or fax in the invoices.
Each invoice submitted for reimbursement must have the following items clearly indicated
- The word "INVOICE"! Not Estimated, Quote, or Bid. There is a big difference and each is requested at different times during the property preservation process.
- Invoice Date - The date the invoice was created.
- Service Description - clear service descriptions helps the process.
- Service Date - Service Date and Invoice Date should be listed separately. Include the service date (the date the services were rendered) next to each line item.
- Full business address and phone number - each should be listed on all invoices, bids, estimates, and quotes.
- W-9 - The W-9 form is required if the vendor will be paid from your expense account or the bank's expense account. Make sure you collect a new W-9 if the following applies
  - Name change
  - Ownership Change
  - Address change
  - Tax ID change
  - Business type change

Have a copy of the vendors Certificate of Insurance on file and update yearly.
Full contact Information - Obtain the full contact information of the vendor including the name(s) of the owners and person(s) that handle the bookkeeping.
Require all vendors to submit invoices within 7 days of service. It less headache to have the invoices early and on time than to submit the invoices late. Even if the bank will only authorize invoice submissions once a month, have the invoices in your possession ON TIME!

2. Payment System - Determine which bookkeeping system you are going to use. Determine beforehand if some of the following applies.

Business or Personal account. Setup a business account
Types of checks - Voucher, Wallet, or Personal
When will you process your accounts payable
Determine if the vendors will the vendors be places on the PWP system. If so, get it in writing and honor your commitments. All utilities are to be paid upon receipt, no exception!
Establish a payment term and stick to it. Do not try to avoid or skip out on your vendors. Good business is good business.

3. Bank reimbursement procedure - Stop trying to create your own rules and guidelines. The banks have created a set of guidelines in an attempt to remain consistent with the management of their funds. Ok, 95% of them have created a set of guidelines to remain consistent. The other +/-5% or less has another agenda. Don't think that you are the exception to the rule by trying to skirt around the guideline by

Uploading incomplete forms,
Not attaching a copy of the payment check,
Failing to include the W-9 when required,
Trying to bypass the correct department by submitting the reimbursement to the AM instead of the designated department,
Uploading the reimbursement to the incorrect area yet, expecting payment,
Not itemizing your invoice of services,
Not including the service dates next to each line item,
Not providing supporting documents such as before and after photos,
Failing to sign and date when required, and more.

4. Hold Out form - Ok, this is not another useless piece of document thrust upon you just to make your skin crawl or just to frustrate you. The hold out form serves a real purpose. It ensures that your outstanding invoices will be paid after the property has closed. Do not assume that because you submitted the invoice, that is all you need to do. Once you receive an offer on the property, it is time to complete the Hold Out form. List all unpaid invoices, date of submission, amounts, services rendered, service dates, and to whom payment should be made. Follow the deadline of submission by the bank.

5. Reimbursement follow-ups - Do not wait until the last minute to follow-up on outstanding invoices. If you are keeping accurate records, print out a weekly A/R aging report. Call, email, fax the appropriate person regarding your outstanding invoice(s). Read the reimbursement procedure so you will know the bank's payment terms. Also, make sure you keep copies of all fax and email confirmation. Print and attach any page(s) that will show as proof of submission if you are working with a bank that has a history of engaging in selective receipt of your invoices. Send a copy of the A/R aging report to the appropriate individual if necessary. Make sure your report has enough detail to assist the individual during their research. Such information should include

Asset number/loan number
Work order number
Complete property address
Service description (summary)
Invoice number
Invoice amount

Group the aging report in order of bank, property/asset number, invoice date, invoice number. Also, provide an outstanding balance for each property/asset number and a total outstanding balance for each bank in the A/R aging report.

6. Broker/Agent responsibility - It is your responsibility to make sure all invoices are submitted correctly and on time. Do not wait until the property has closed or several days before it closes to submit your invoices. If you want to handle the invoices yourself, schedule the weekly time needed to process your invoices so the vendors can get paid on time. Waiting 14+ days to submit invoices is poor practice, and waiting 10+ months decreases or eliminates any chances of your getting paid.

Get Assistance! If you are overwhelmed with the tasks of managing your reimbursements, do not wait until you are knee deep in paperwork and angry vendor calls. Poor decisions are often made under pressure and stress. Get the support you need now and not later. Be honest about the problems you are having and take responsibility for your non-actions.

Manage your reimbursements using common sense methods. Avoid not getting paid by getting your process in order and following the guidelines established by the banks. Don't try to re-create the rules, just follow it to ensure payment. Be resonsible and accountable. Use common sense.

Carolyn Nelson, Online REPA, Carolyn@OnlineREPA.com | www.OnlineREPA.com

Common Sense REO Reimbursement Setup

Carolyn Nelson (www.OnlineREPA.com- ) — Tue, 19 May 2009 07:26:42 -0500

1. Setup an invoice submission procedure with your vendors. Accept nothing less from each vendor.

Establish to submission area for your vendors. Email submission may work for brokers and agents working on a lower scale but it is always best to establish a submission area to keep track of and organize your incoming invoices. This area will also provide you with one location to download invoices when it is time to process for payment. If you are not using an online program, review Google App, MS Live Workspace, SharePoint, or another program that will allow unique access to your vendors. I created ORSSDesktop.com for this purpose. Depending on which transaction management program you are using, the vendors can email or fax in the invoices.
Each invoice submitted for reimbursement must have the following items clearly indicated
- The word "INVOICE"! Not Estimated, Quote, or Bid. There is a big difference and each is requested at different times during the property preservation process.
- Invoice Date - The date the invoice was created.
- Service Description - clear service descriptions helps the process.
- Service Date - Service Date and Invoice Date should be listed separately. Include the service date (the date the services were rendered) next to each line item.
- Full business address and phone number - each should be listed on all invoices, bids, estimates, and quotes.
- W-9 - The W-9 form is required if the vendor will be paid from your expense account or the bank's expense account. Make sure you collect a new W-9 if the following applies
  - Name change
  - Ownership Change
  - Address change
  - Tax ID change
  - Business type change

Have a copy of the vendors Certificate of Insurance on file and update yearly.
Full contact Information - Obtain the full contact information of the vendor including the name(s) of the owners and person(s) that handle the bookkeeping.
Require all vendors to submit invoices within 7 days of service. It less headache to have the invoices early and on time than to submit the invoices late. Even if the bank will only authorize invoice submissions once a month, have the invoices in your possession ON TIME!

2. Payment System - Determine which bookkeeping system you are going to use. Determine beforehand if some of the following applies.

Business or Personal account. Setup a business account
Types of checks - Voucher, Wallet, or Personal
When will you process your accounts payable
Determine if the vendors will the vendors be places on the PWP system. If so, get it in writing and honor your commitments. All utilities are to be paid upon receipt, no exception!
Establish a payment term and stick to it. Do not try to avoid or skip out on your vendors. Good business is good business.

Uploading incomplete forms,
Not attaching a copy of the payment check,
Failing to include the W-9 when required,
Trying to bypass the correct department by submitting the reimbursement to the AM instead of the designated department,
Uploading the reimbursement to the incorrect area yet, expecting payment,
Not itemizing your invoice of services,
Not including the service dates next to each line item,
Not providing supporting documents such as before and after photos,
Failing to sign and date when required, and more.

Asset number/loan number
Work order number
Complete property address
Service description (summary)
Invoice number
Invoice amount

Carolyn Nelson, Online REPA, Carolyn@OnlineREPA.com | www.OnlineREPA.com

Common Sense REO Reimbursement Setup

Carolyn Nelson (www.OnlineREPA.com- ) — Tue, 19 May 2009 07:24:23 -0500

1. Setup an invoice submission procedure with your vendors. Accept nothing less from each vendor.

Establish to submission area for your vendors. Email submission may work for brokers and agents working on a lower scale but it is always best to establish a submission area to keep track of and organize your incoming invoices. This area will also provide you with one location to download invoices when it is time to process for payment. If you are not using an online program, review Google App, MS Live Workspace, SharePoint, or another program that will allow unique access to your vendors. I created ORSSDesktop.com for this purpose. Depending on which transaction management program you are using, the vendors can email or fax in the invoices.
Each invoice submitted for reimbursement must have the following items clearly indicated
- The word "INVOICE"! Not Estimated, Quote, or Bid. There is a big difference and each is requested at different times during the property preservation process.
- Invoice Date - The date the invoice was created.
- Service Description - clear service descriptions helps the process.
- Service Date - Service Date and Invoice Date should be listed separately. Include the service date (the date the services were rendered) next to each line item.
- Full business address and phone number - each should be listed on all invoices, bids, estimates, and quotes.
- W-9 - The W-9 form is required if the vendor will be paid from your expense account or the bank's expense account. Make sure you collect a new W-9 if the following applies
  - Name change
  - Ownership Change
  - Address change
  - Tax ID change
  - Business type change

Have a copy of the vendors Certificate of Insurance on file and update yearly.
Full contact Information - Obtain the full contact information of the vendor including the name(s) of the owners and person(s) that handle the bookkeeping.
Require all vendors to submit invoices within 7 days of service. It less headache to have the invoices early and on time than to submit the invoices late. Even if the bank will only authorize invoice submissions once a month, have the invoices in your possession ON TIME!

2. Payment System - Determine which bookkeeping system you are going to use. Determine beforehand if some of the following applies.

Business or Personal account. Setup a business account
Types of checks - Voucher, Wallet, or Personal
When will you process your accounts payable
Determine if the vendors will the vendors be places on the PWP system. If so, get it in writing and honor your commitments. All utilities are to be paid upon receipt, no exception!
Establish a payment term and stick to it. Do not try to avoid or skip out on your vendors. Good business is good business.

Uploading incomplete forms,
Not attaching a copy of the payment check,
Failing to include the W-9 when required,
Trying to bypass the correct department by submitting the reimbursement to the AM instead of the designated department,
Uploading the reimbursement to the incorrect area yet, expecting payment,
Not itemizing your invoice of services,
Not including the service dates next to each line item,
Not providing supporting documents such as before and after photos,
Failing to sign and date when required, and more.

Asset number/loan number
Work order number
Complete property address
Service description (summary)
Invoice number
Invoice amount

Carolyn Nelson, Online REPA, Carolyn@OnlineREPA.com | www.OnlineREPA.com

Common Sense REO Reimbursement Setup

Carolyn Nelson (www.OnlineREPA.com- ) — Tue, 19 May 2009 07:22:40 -0500

1. Setup an invoice submission procedure with your vendors. Accept nothing less from each vendor.

Establish to submission area for your vendors. Email submission may work for brokers and agents working on a lower scale but it is always best to establish a submission area to keep track of and organize your incoming invoices. This area will also provide you with one location to download invoices when it is time to process for payment. If you are not using an online program, review Google App, MS Live Workspace, SharePoint, or another program that will allow unique access to your vendors. I created ORSSDesktop.com for this purpose. Depending on which transaction management program you are using, the vendors can email or fax in the invoices.
Each invoice submitted for reimbursement must have the following items clearly indicated
- The word "INVOICE"! Not Estimated, Quote, or Bid. There is a big difference and each is requested at different times during the property preservation process.
- Invoice Date - The date the invoice was created.
- Service Description - clear service descriptions helps the process.
- Service Date - Service Date and Invoice Date should be listed separately. Include the service date (the date the services were rendered) next to each line item.
- Full business address and phone number - each should be listed on all invoices, bids, estimates, and quotes.
- W-9 - The W-9 form is required if the vendor will be paid from your expense account or the bank's expense account. Make sure you collect a new W-9 if the following applies
  - Name change
  - Ownership Change
  - Address change
  - Tax ID change
  - Business type change

Have a copy of the vendors Certificate of Insurance on file and update yearly.
Full contact Information - Obtain the full contact information of the vendor including the name(s) of the owners and person(s) that handle the bookkeeping.
Require all vendors to submit invoices within 7 days of service. It less headache to have the invoices early and on time than to submit the invoices late. Even if the bank will only authorize invoice submissions once a month, have the invoices in your possession ON TIME!

2. Payment System - Determine which bookkeeping system you are going to use. Determine beforehand if some of the following applies.

Business or Personal account. Setup a business account
Types of checks - Voucher, Wallet, or Personal
When will you process your accounts payable
Determine if the vendors will the vendors be places on the PWP system. If so, get it in writing and honor your commitments. All utilities are to be paid upon receipt, no exception!
Establish a payment term and stick to it. Do not try to avoid or skip out on your vendors. Good business is good business.

Uploading incomplete forms,
Not attaching a copy of the payment check,
Failing to include the W-9 when required,
Trying to bypass the correct department by submitting the reimbursement to the AM instead of the designated department,
Uploading the reimbursement to the incorrect area yet, expecting payment,
Not itemizing your invoice of services,
Not including the service dates next to each line item,
Not providing supporting documents such as before and after photos,
Failing to sign and date when required, and more.

Asset number/loan number
Work order number
Complete property address
Service description (summary)
Invoice number
Invoice amount

Carolyn Nelson, Online REPA, Carolyn@OnlineREPA.com | www.OnlineREPA.com

Common Sense REO Reimbursement Setup

Carolyn Nelson (www.OnlineREPA.com- ) — Tue, 19 May 2009 07:21:13 -0500

1. Setup an invoice submission procedure with your vendors. Accept nothing less from each vendor.

Establish to submission area for your vendors. Email submission may work for brokers and agents working on a lower scale but it is always best to establish a submission area to keep track of and organize your incoming invoices. This area will also provide you with one location to download invoices when it is time to process for payment. If you are not using an online program, review Google App, MS Live Workspace, SharePoint, or another program that will allow unique access to your vendors. I created ORSSDesktop.com for this purpose. Depending on which transaction management program you are using, the vendors can email or fax in the invoices.
Each invoice submitted for reimbursement must have the following items clearly indicated
- The word "INVOICE"! Not Estimated, Quote, or Bid. There is a big difference and each is requested at different times during the property preservation process.
- Invoice Date - The date the invoice was created.
- Service Description - clear service descriptions helps the process.
- Service Date - Service Date and Invoice Date should be listed separately. Include the service date (the date the services were rendered) next to each line item.
- Full business address and phone number - each should be listed on all invoices, bids, estimates, and quotes.
- W-9 - The W-9 form is required if the vendor will be paid from your expense account or the bank's expense account. Make sure you collect a new W-9 if the following applies
  - Name change
  - Ownership Change
  - Address change
  - Tax ID change
  - Business type change

Have a copy of the vendors Certificate of Insurance on file and update yearly.
Full contact Information - Obtain the full contact information of the vendor including the name(s) of the owners and person(s) that handle the bookkeeping.
Require all vendors to submit invoices within 7 days of service. It less headache to have the invoices early and on time than to submit the invoices late. Even if the bank will only authorize invoice submissions once a month, have the invoices in your possession ON TIME!

2. Payment System - Determine which bookkeeping system you are going to use. Determine beforehand if some of the following applies.

Business or Personal account. Setup a business account
Types of checks - Voucher, Wallet, or Personal
When will you process your accounts payable
Determine if the vendors will the vendors be places on the PWP system. If so, get it in writing and honor your commitments. All utilities are to be paid upon receipt, no exception!
Establish a payment term and stick to it. Do not try to avoid or skip out on your vendors. Good business is good business.

Uploading incomplete forms,
Not attaching a copy of the payment check,
Failing to include the W-9 when required,
Trying to bypass the correct department by submitting the reimbursement to the AM instead of the designated department,
Uploading the reimbursement to the incorrect area yet, expecting payment,
Not itemizing your invoice of services,
Not including the service dates next to each line item,
Not providing supporting documents such as before and after photos,
Failing to sign and date when required, and more.

Asset number/loan number
Work order number
Complete property address
Service description (summary)
Invoice number
Invoice amount

Carolyn Nelson, Online REPA, Carolyn@OnlineREPA.com | www.OnlineREPA.com

Home Gain, can it work for you?

Carolyn Nelson (www.OnlineREPA.com- ) — Sun, 18 Jan 2009 15:06:03 -0600

Home Gain, can it work for you?

I worked with multiple agents around the country and have found that there is a better rate of success with Home Gain than the others. In addition, just because someone has a high success or failure rate does not mean the program will or will not work for you. Various factors can change your outcome.

It has been my experience that it does not matter what program or method you use, if you do not work it, nurture the leads, and remain consistent, it does not matter what program you use or how well you optimize your site for the search engines it will not work. Too often people tend to place blame on the lead generating programs when the blame should be placed on the account holder (broker/agent). Like drip campaign programs, you cannot subscribe and expect the program to run on auto pilot.

I have seen poorly written proposals that consist of one or two sentences, outdated information, etc listed on many of the lead programs that are the responsibility of the broker/agent, not the program. One proposal stated, "Thank you but call me so I can find out what you want". Now that sounds very appealing and makes buyers or sellers want to utilize you for their next purchase or the sale of their home. NO WAY! Brokers and agent cannot seem to keep their bio and contact information up-to-date on the MLS. Is it the MLS's fault? If it were up to me, I would fine the broker and agent for inaccurate information. How can buyers and sellers contact you when your phone is disconnected or the email address is invalid?

One agent recently contacted me because she could not understand why her Home Gain account was not benefiting her. Well, once I logged in, she had 78 buyer leads over the past month that she did not even respond to and probably another 50+ that have expired over the past two months. Then, I looked at her proposals, what a waste of money.

Needless to say, I had to write two new proposals to start the process, upload her image, and updated the contact information. After spending three days writing a buyer and seller proposal, and repeated emails being sent for her bio and brief sales history, I finally completed the proposals and got it uploaded. Those outstanding leads are now turning in to success. Having zero buyers and sellers over the past six months has turned in to seven buyers and five sellers! How many of the others could have lead to success?

The point is, it does not matter if the leads are paid for through a lead generating site or if it is a result of blogging and SEO. If you do not work it, the dollar result is ZERO. If you do not have the time or want to take the time to take full advantage of what the programs have to offer, who is to blame? The only problem I find with most of these programs is that it does not send out a confirmation email before providing the seller or buyer with further detail.

I see potential on all lead generating programs if it is used as a tool to supplement current income. Take the time required to work it!

Carolyn Nelson, Online Real Estate Assistant

Group Policy

Carolyn Nelson (www.OnlineREPA.com- ) — Fri, 16 Jan 2009 05:12:51 -0600

Remain professional with your posts at all times.

Before you sign with a BPO or REO Company

Carolyn Nelson (www.OnlineREPA.com- ) — Thu, 15 Jan 2009 20:41:42 -0600

Deciding to work with a BPO and/or REO company should be a two-way interviewing process. Brokers and agents eagerly try to get into the business by randomly completing the online or hard copy application process then several weeks or months after completing a BPO, act like a disgruntle employee by complaining to others because he/she/they did not get paid. Well, how much research did you do?

You should never leave your business and services to chance and hope. Neither will pay your expenses nor will it guarantee that you will be paid. So what do you do during the initial process while researching and signing up for BPOs and REOs?

Review the company history (website, financial data, etc) and read what others are writing on various forums.
Randomly send out inquiries to ten or fifteen brokers and agents (in and out of state). If a broker or agent "outside" of your area/state freely gives the thumbs down, the company may not be a benefit.
Check with the Better Business Bureau where the company is located.
Run a $19.99 D & B check. http://www.dnb.com/us/
Inquire with some of the title companies or closing attorneys in your area. What do they have to say?
If you have noticed that some of the big firms or a top agent no longer service a particular company, chances are the asset management company is a slow payer and/owes big bucks.
Talk to some of the property preservation companies in the area, are they being paid in an appropriate amount of time, 14 - 60 days or 60 - 365+ days?
Review the company's service agreement thoroughly. What are there terms, what is the process for accepting BPOs, how do you submit BPOs, are there any documented instructions, are the BPOs also guaranteed listings (if listings are what you are seeking), what is the rating system, etc?
How are the BPO and REO process handled? Is it managed through a user-friendly system such as RESnet, IAS, REOTrans, Wells Fargo, or Citi Residential? Let's hope that they are not on the fax or email system whereas it is assumed that your fax or email is received before the deadline and not afterwards.
Know the contact information for accounts payable. Get an email, fax, phone and a name if possible.
Cost - review the cost. If you are going to pay big bucks to join, you should be getting a huge return on your investment. Yes, it does take money to make money but you don't go broke in the process. If you are paying by the zip code, be selective with the zip codes. Don't select areas where there is a high mixture of residential and commercial properties unless you service both.
Customer service - if you call customer service, is the person on the other end receptive, confused, rude, or hanging out in the twilight zone and need to walk toward the light?

Take your time when researching BPO and REO companies. Don't assume that working BPOs and REOs are a piece cake. All of the agents I work with are hard at work at midnight and back online before the sun comes up most days. It's called dedication. Reaching that level of success did not come overnight. There were a lot of bumps, bruises, missed school events, late dinner, and delayed vacations that paid the price. I'm sure many of the veterans have other questions that should be ask. These are a few I have been faced with over the past five years when I research companies and make general inquiries before wasting my time with the application process on behalf of brokers and agent.

Food for Thought!

Carolyn Nelson

Before you sign with a BPO or REO Company

Carolyn Nelson (www.OnlineREPA.com- ) — Thu, 15 Jan 2009 20:32:33 -0600

Review the company history (website, financial data, etc) and read what others are writing on various forums.
Randomly send out inquiries to ten or fifteen brokers and agents (in and out of state). If a broker or agent "outside" of your area/state freely gives the thumbs down, the company may not be a benefit.
Check with the Better Business Bureau where the company is located.
Run a $19.99 D & B check. http://www.dnb.com/us/
Inquire with some of the title companies or closing attorneys in your area. What do they have to say?
If you have noticed that some of the big firms or a top agent no longer service a particular company, chances are the asset management company is a slow payer and/owes big bucks.
Talk to some of the property preservation companies in the area, are they being paid in an appropriate amount of time, 14 - 60 days or 60 - 365+ days?
Review the company's service agreement thoroughly. What are there terms, what is the process for accepting BPOs, how do you submit BPOs, are there any documented instructions, are the BPOs also guaranteed listings (if listings are what you are seeking), what is the rating system, etc?
How are the BPO and REO process handled? Is it managed through a user-friendly system such as RESnet, IAS, REOTrans, Wells Fargo, or Citi Residential? Let's hope that they are not on the fax or email system whereas it is assumed that your fax or email is received before the deadline and not afterwards.
Know the contact information for accounts payable. Get an email, fax, phone and a name if possible.
Cost - review the cost. If you are going to pay big bucks to join, you should be getting a huge return on your investment. Yes, it does take money to make money but you don't go broke in the process. If you are paying by the zip code, be selective with the zip codes. Don't select areas where there is a high mixture of residential and commercial properties unless you service both.
Customer service - if you call customer service, is the person on the other end receptive, confused, rude, or hanging out in the twilight zone and need to walk toward the light?

Food for Thought!

Carolyn Nelson

Recalling Outlook Messages

Carolyn Nelson (www.OnlineREPA.com- ) — Wed, 24 Dec 2008 06:29:03 -0600

How many times have you sent out a messages through Outlook only to regret hitting the "SEND" button? In the past, I had many regrets but have figured out that all is not lost when you get to know the email client program you are using on an intimate basis. Yes, knowing what your program is capable of doing and how to save your butt from sending out those regrettable emails.

Well, now is the time to get personal with MS Outlook 2007. It has a feature that will allow you to recall messages sent out as long as the recipient hasn't opened the message. If the recipient has, it will give a message recall notification.

Open the "SENT" message
Select Actions
Select Other Actions
Select Recall Message
Select from the two options
1. Delete all unread copies of the message, or
2. Delete unread copies and replace with a new message
Check the box to notify you of all success and failures