I was recently given a list of contacts in REO departments of banks. I was told that I should contact these contacts and get on their lists of approved vendors. Has anyone out there done this and does it really work?
I am spending a great deal of time marketing to real estate agents and mortgage brokers for business. Although many know me and pledge their business to me, most of them don't have it to give. Short sales make up at least 50% of my business now. Who else is marketing? I know title reps are and I know that every Realtor wants to be the agent the lenders go to to dump their REO's. Is this a real opportunity or not?
While I'm at it, what do you all think of the new proposals that the DOI is proposing regarding putting the screws to title companies, by further restricting their affiliated business relationships and tightening their ability to crack down on kickbacks? Is this going to be good for the consumer or deadly for the industry? Even the DOI acknowledges that this may cost up to $725 million to comply and that some companies will be put out of business by these new rules. Obviously it'll be the smaller guys that are killed. The giants will just lose some more of their profits. Is putting businesses out of business good for business? I wonder!
So with lender's REO departments being so busy and the title industry about to be further consolidated and then new RESPA reforms that threaten every little settlement service provider in the country, I am starting to see a pattern. While the country is in a slump and people are losing their homes, let's blame it on the little guys and take this opportunity to shut em down and increase already ballooning market share for the big guys.
Is consolidation really good for consumers? At what point do we recognize that in order to be consumers, we must have jobs. You won't have many consumers left if you are putting them all out of busienss.
So how about those REO lists, anyone have any idea how to get on them?
Comments(4)