1. Fifty Shades
of REO
Servicers Share
Pain Points
and REO Secrets

2. © 2017 Equator, an Altisource Business Unit. All rights reserved.
&
Present:
Fifty Shades of REO
© 2017 Equator, an Altisource Business Unit. All rights reserved.

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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.

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Agenda
Our Asset Management Experts share their secrets:
“Pain Points”—what to STOP doing now
What We’re Looking for
REO Realities
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5. Introduction Mia Semo Agent Relations & Marketing Manager
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6. 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.

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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.

8. 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.

9. 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.

10. 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 s, 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 .  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!
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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.

12. 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.

13. 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. 
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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.
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Questions? Feedback?
Solicit agent feedback for what has worked for them…
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Thank You!
&
Mary, George and Mia thank everyone for attending!
© 2017 Equator, an Altisource Business Unit. All rights reserved.