Why training is important to REO Asset Managers
An REO Agent is a professional player on the front line. They are the one who comes in contact with the public and other real estate agents to represent the buyers' interests.
In many cases the Servicer is one of the large banks, such as Countrywide, Wells Fargo, Bank of America, Wachovia, Washington Mutual or any one of a number of financial institutions that should be familiar to you. The Servicer is typically tasked with the day-today operations of managing a loan portfolio for the investor which is often an anonymous entity from a private individual to a large pension fund. In REO transactions, it is often for the Servicer who is calling all for the shots, within the guidelines which is established by the Owner of the property. With rare exceptions, the Servicer will not directly handle the disposition of a REO Asset but will refer, or assign it to an Asset Manager.
REO Asset Managers will manage the portfolio of defaulted properties for interested buyers. Knowing instructions and guidelines in this process is an asset manager's responsibility. Different tools exit to aid asset managers: training programs exist that will teach asset managers the ins and outs of the process and various REO online Foreclosure information’s, like www.REODailyNews.com, can also help.
REODailyNews.com understands the complexities of the industry. With the level of technology available today, most Asset Managers work on one of several industry recognized platforms that allow them to communicate in real time in both directions, from the Servicer down to the REO Agents as well as vendors along the lines of escrow and tile companies, attorneys, property preservation vendors and others involved in the default asset disposition process. It is important to understand the process and have the most up to date information about REOs in your area. That’s where having the most up to date information and training is invaluable. REO Daily News can provide asset managers will helpful information in these areas.
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