By: Jacob Swodeck, PartnerFirst - Director of Education
So what is new in the default servicing world? The Treasury will start to publish a scorecard of the servicers HAMP performance soon, the House voted by a large majority to end Obama's HAMP program altogether Tuesday evening, the shadow inventory is dropping slightly (but still very little non-GSE REO inventory), Wells Fargo is now on the Equator platform, Bank of America launched a revitalized cooperative (HAFA-like) short sale program, and Fannie Mae is participating in the game changing top-down / lender initiated short sale initiative with default servicing giant ServiceLink.
What does this mean for Tom Agent from Tempe Arizona who has been in the real estate business for 4 years, closed 15 transactions in 2010, and specializes in helping his clients complete short sales? Or what about Nancy Agent from New Jersey who has just closed her second short sale and is feeling optimistic about helping more homeowners avoid foreclosure. Most agents don't really care about all this rhetoric being published regarding the goings on at the depths of their own industry. Should they be interested? Should they be concerned? Do they even have a voice? Or should they just put their head down and work, rolling with the punches as they occur. Does it really matter if servicers are scorecarded to them?
Absolutely!!! Tom and Diane need to be interested in and aware of all these things. Market intelligence is how I have edged out the competition in my own real estate business. Knowing what is happening in the industry that helps me to put food on my table is mandatory for me to be the best "me" I can be. Many agents have an "ehh, who really cares" mentality to excuse their lack of interest and inquisitiveness. When I speak in front of groups of real estate agents, I always advise that they get up in the morning and do their default devotion. What is that? It is a 30 minute quiet time focused on reading the latest news on DSNews.com, Housingwire.com, Yahoo's real estate section, the Huffington Post's real estate section, and the Wall Street Journal's real estate section if you are really fancy. A 30 minute daily investment a day will have a net effect that cannot be understood until you experience it for yourself. It will feel like the feeling you have after a good run, or a good workout. Then you can crack your knuckles, and start your day...wiser than you woke up. Knowledge is power, and power produces wealth.
At PartnerFirst we constantly strive to be the best of the best in the area of education and training. Even this weekly blog post is offered as a resource and tool for our members to stay sharp and informed. It is the high level of training and experience our agents have that has opened the doors for us to work with many of the top servicers and component servicers in our industry. Our agent management services (AMS) offering is unmatched. That is one of the reasons that PartnerFirst has made national headlines with the recent Fannie Mae - ServiceLink Short Sale Initiative, which is connecting distressed homeowners with our agent members all over the country.
As a coach to many in this industry, let me coach you a little. It is time to get serious about education and information. Be the best "you" that you can be. We are here to help guide and support you, but ultimately, it is you that has to put in the work.