First I am flattered and also willing to do what I can to point interested Realtors that want to do REOs for Countrywide in the right direction. So far in my posts I have been very candid about what the process is. Some of you ask questions and haven't read my previous posts. Shame on you! Just Kidding! Also I have likely bee more candid than what "The Big Boys" at Countrywide would prefer me to be. I have mentioned in previous posts that there are 3 steps. These are not any formal in writing steps, just what info I have collected to help you. The steps that will promote greater success. To recap: 3 completly different parties have an interest from having you the Realtor gain access to our REOs. First, The Countrywide Home Loan Consultant. (That's me) or another CW loan agent. What do we want? LOANS!!! Yes we want loans. The mitigation team is allowing us to work the REOs. Why? It helps them not have to process as much by dumping much of the contact on the retail CW agent. Heck if it gets us another loan we'll take it. Second, Mangement! This includes my direct manager and Sr. Management. What do they want? PROFIT and Volume!!! How do they get it? From CW Home Loan Agents! So REOs are popular now. Will they be in 2,3 maybe 4 years from now. Let's hope not!!! So with that in mind they want to secure business, not just now but later. Management wants their loan agents to be successful and produce. Frankly it's always about numbers!! This goes all the way up the later to the owners. So mangement's question is this: Why should we allow non-productive Realtors the goldmine (REOs). When the ride is over the office production may crash. Now it's up to them if you even make it to stage three. So what do they want? Again: Numbers! They want you to flat out give me ALL your loans. Yes and first, before you even become an applicant. They want us to establish partnerships! Enter stage three! The Loss Mitigation Team or what we call the "REM". What do they want? Simple to prevent loss. They are salaried people who's sole job is to stop the bleeding. They also are now getting buried and when you are that busy things fall through cracks. Now it is their call who is approved to get the REOs. If volume is up and everyone and there mother want REOs now they have to deal with more approval processes. All these processes all have to fall into the corporate philosophy as well. I won't get into that preamble, but as it relates to business channels: Keep it local! Can I do out of state loans? YES. on REOs: NO!
What do I advise? I will always be upfront. If you are not local to me and want to do REOs you need to first find a Countrywide agent in your area that understands REOs and is willing to work with you. If you already give loans to a Countrywide Loan Agent GREAT!!! You are ahead of the game. Now, do you have REO experience? If so you made it past the second hurdle. If not, team up with a broker in your office that does. After that meet with the Countrywide loan agent and their manager. Have a resume (geared to REO experience) and a business plan ready. It would help if you or the team broker have a letter from a past or existing lender's business mitigation department. Have cash available. $50,000 - $60,000.00 Either liquid or a untapped HELOC. (I can get that for you, hint!) Reason: You or your broker is about to become a property manager. As long as your area is not already saturated with approved Realtors you have a shot. Another hint is to shop your buyers with a few CW REOs. So what if your not approved! To represent the buyer you don't have to be. Start collecting your experience that way! All this and no guarantees! You ask is it worth it? Some Approved Realtors are making so much money its unbelievable! Is your market thriving? Food for thought. Hopefully I have helped.
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