Fifty Shades of REO Servicers Share Pain Points and REO Secrets

© 2017 Equator, an Altisource Business Unit. All rights reserved. & Present: Fifty Shades of REO © 2017 Equator, an Altisource Business Unit. All rights reserved.

© 2017 Equator, an Altisource Business Unit. All rights reserved. Session Overview Mary Best Brill Director Social media and other new ways to affect Cash for Keys…! Repair strategy tips and tricks Be mindful of what you’re recommending to the Servicer—they are literally banking on your opinion! © 2017 Equator, an Altisource Business Unit. All rights reserved.

© 2017 Equator, an Altisource Business Unit. All rights reserved. Agenda Our Asset Management Experts share their secrets: “Pain Points”—what to STOP doing now What We’re Looking for REO Realities © 2017 Equator, an Altisource Business Unit. All rights reserved.

Introduction Mia Semo Agent Relations & Marketing Manager © 2017 Equator, an Altisource Business Unit. All rights reserved.

Moderator George Roletter Vice President, Digital Products & Marketing Expectations have changed! Market the way you would any other property © 2017 Equator, an Altisource Business Unit. All rights reserved.

© 2017 Equator, an Altisource Business Unit. All rights reserved. Sharon Bartlett Principal Consultant and Owner, Sharon Bartlett Consulting No industry standard…pay attention to the Servicer’s specific requests Develop and foster relationships with ALL vendors (ESPECIALLY the Servicer’s vendors!) Lower volume = Servicers are paying more attention to each property Know what you’re signing up for (REO reality) © 2017 Equator, an Altisource Business Unit. All rights reserved.

Carla Ulufanua Vice President Default Management, Guild Mortgage REOs are not what they were 10 years ago—no more “turn & burn”! If you recommend repairs, OWN and manage that repair, verify and validate quality and completion Play an important role - Stay informed of regulatory compliance, local ordinances (i.e. VPR) and code enforcement Know your market – Home values, down payment assistance, buyer pool, what fuels your economy Check your properties weekly © 2017 Equator, an Altisource Business Unit. All rights reserved.

Molly Merchant REO Director LRES Different clients, different procedures – read the instructions THOROUGHLY Spreadsheet to keep track of Investor requirements Inspect/Check in REGULARLY to move properties into Pre-Listing © 2017 Equator, an Altisource Business Unit. All rights reserved.

Linda Seale Portfolio Manager, 24 Asset Management Corporation Read the materials you’re provided Be aware of a client’s specific guidelines and timelines Personal communication goes a long way Know your saturation point “Luck occurs when preparedness meets opportunity.” Be aware of YOUR client’s specific timelines: Inspections Re-Key Utilities 1 - Even though the current era of marketing REO's comes with the new technology of computers and system generated tasks/automated emails, etc. don't lose the touch of old school REO with personal communication.  Agents need to pick up the phone when being called upon and reach out if any questions arise that just can't be explained in an email.  Our team works on reciprocating by being available when an agent calls!   2 - Agents need to know their saturation point.  We understand that may brokers have assistants but it is just as important for the broker to know and understand the property personally.  3 - Importantly also is reading thoroughly any materials that is distributed upon new assignments. These distributions will generally outline client specific guidelines which could avoid common mistakes made from just not knowing the procedures, i.e.: rekeying a property and knowing the allowable costs / submitting invoices within a specified timeline along with supporting documentation, etc. I am sure this is common across the board with many of our colleges and can be the topic of conversation many different ways but all the same underlying issues.  One of my mottos in life and work is the following: Luck occurs when preparedness meets opportunity.  Yes, as some say REO assignments can be luck with being at the right place at the right time but being prepared and when given the opportunity, performance is what keeps you ahead of all others! © 2017 Equator, an Altisource Business Unit. All rights reserved.

© 2017 Equator, an Altisource Business Unit. All rights reserved. Christian Etienne Vice President – Operations REO Management Solutions, LLC Assist with possession; accurate occupant identification, utilities in servicer or agent’s name & push for vacancy via Cash for Keys, when allowed. Obtain HOA/Condo Association identification and contact information for servicer to maintain accounts. Obtain an accurate as-is REO value for quick marketing and sale. Help servicer think outside of the box where possible. Don’t hesitate to suggest appraisers or field techs if servicer’s network is lagging. Assist with getting buyers, their agents or attorneys to the closing table. Many of us don’t get paid until escrow closes. © 2017 Equator, an Altisource Business Unit. All rights reserved.

Mitch Oringer Senior Vice President REO Operations Selene Finance Understanding the roles of the servicer and the investor in the REO process Always take instruction from the Servicer Be prepared to step up your non-sales related REO responsibilities to maintain favored status Be aware of the reality of repair timeline & expectations Stand out from the pack. Have a list of QUALITY contractors / vendors in your back pocket! Social media and other new ways to affect Cash for Keys…! Inspection of the property is the inspection of the Agent! Inventory is still there, it’s just not showing up from the same sources © 2017 Equator, an Altisource Business Unit. All rights reserved.

Katie Anderson Asset Manager iServe REO Don’t expect Servicer messages to be the same each time, for each property Provide accurate and detailed BPO’s Know your lending guidelines, especially about “financeable” properties Auction properties: Don’t expect the Auction company to take care of everything In an environment that changes frequently and quickly, BE NIMBLE! *Read the messages, don't expect them to always be the same, processes change and updates occur frequently.   *BPO accuracy & details... don't give us junk. Agents are the front line, we don't know what we're selling if they don't paint an accurate picture. *Be familiar with lending guidelines especially when stating that a property is financeable. Not all banks and/or investors will agree to repairs if a lender calls for them in escrow. *Auction properties, don't expect the auction company to do everything. Know what's going on in escrow & communicate with your AM any problems or delays you foresee. Be part of the transaction! *BE NIMBLE.  We work within an environment that changes frequently and quickly. We need our agents to be able to adapt to these changes with us.  © 2017 Equator, an Altisource Business Unit. All rights reserved.

© 2017 Equator, an Altisource Business Unit. All rights reserved. Top Five Pain Points: 5. Check your properties regularly 4. Build/maintain good relationships with Vendors 3. Accurate BPO’s 2. The market has changed; be prepared to do more to sell the property 1. Read Servicer’s Instructions! This slide is where the panelists will interact more—with each other and the Agents attending—about the five biggest recurring themes in the discussion of REO Servicers’ expectations. © 2017 Equator, an Altisource Business Unit. All rights reserved.

© 2017 Equator, an Altisource Business Unit. All rights reserved. Questions? Feedback? Solicit agent feedback for what has worked for them… © 2017 Equator, an Altisource Business Unit. All rights reserved.

© 2017 Equator, an Altisource Business Unit. All rights reserved. Thank You! & Mary, George and Mia thank everyone for attending! © 2017 Equator, an Altisource Business Unit. All rights reserved.