breaking into the reo
TRANSCRIPT
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Fannie, Freddie & HUD
Sales MeetingOctober 13, 2010
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List From Last Weeks Video• Fannie Mae- AMN• Premiere- PAS• AssetLink- ALS• Litton- LIT
• Security National Mortgage- SNM
• Fidelity- 3524 or FID• Atlas REO- 8590 or CMB• Nationwide- 5234 or
NWR
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Video
How Banks Can Fix the Foreclosure CrisisFeaturing Joe Weisenthal
And Daniel Gross
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Feedback from Banks
• Sent out emails & made phone calls– Only Talked to Tony
Shaw
• Will follow up more until we get feedback
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REO Kits
• $97.00• http://www.reokit.com
/GREEN/?hop=0
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Fannie Mae: Minimum Supplier Requirements
• Your company must:– have been in business for at least one year
• be able to demonstrate revenue for this period. (You may not obtain more than 70 percent of your revenue from Fannie Mae)
– have a professional place of business outside of Fannie Mae, and be able to provide that business address to Fannie Mae
– provide a completed W-9 form to Fannie Mae – provide a certificate of insurance evidencing the
insurance coverage appropriate for the level and type of business to be conducted with Fannie Mae
– have and maintain a minimum of three W-2 employees
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Fannie Mae: REO Broker Supplier Registration
• Completed W-9 form • Insurance Certificate(s) • Real Estate Broker License • Legal Company Name • Federal Tax Identification Number or Employee • Identification Number (EIN) • Full contact information for the Primary Vendor Contact,
and Ordering and Payment Remit to Addresses • 3rd party diversity certificates (if applicable) • Certificate of membership to a professional organization
(optional) • Resume (optional)
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• Does your company have a Corporate/REO Department? • If so, how many years has it been in operation? • What percentage of your business (by revenue) has resulted from Corporate/REO business over
the past 12 months? • Is your company a franchise? • If so, what is the name of your franchise? • How many sales agents do you have? • What is the average sales price in your geographic coverage area, for the past 12 months? • Do you provide non-traditional market support (e.g. auctions, bus tours, internet marketing) for
your listings? • If so, please provide examples. • Is MLS membership available in your area? • If so, is your company a MLS member? • If not, does your company cooperate with outside companies in the sale of your listings? • Please provide information regarding your company's management team. (i.e., name, title, years
of experience, years with company) • Please list professional organizations in which you hold membership. (i.e., organization, date
joined) • What is your sales volume (by revenue and by number of units sold) in the past 12 months, per
market area? (Market area may be defined as a county, a city, part of a city, a town, a region, a Metropolitan Statistical Area, etc.)
Fannie Mae: Example of Questions Asked
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Fannie Mae:REO Repair Contractor Registration
• Our registration process requires that you upload the following documents:
• Completed W-9 form • Insurance Certificate(s) • Legal Company Name • Federal Tax Identification Number or Employee Identification
Number (EIN) • Full contact information for the Primary Vendor Contact, and
Ordering and Payment Remit to Addresses • 3rd party diversity certificates (if applicable) • Certificate of membership to a professional organization (optional) • Contractor's License (as required by local ordinances)
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HUD• Fill out: – SAMS1111 Broker Application– SAMS1111A Selling Broker Certification– Mail to Denver Homeownership Center
• Receive NAID (Name Address Identifier)• Show, Advertise and Submit offers on HUD
homes• Upon Close, HUD pays up to 5% commission
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HUD: Different States• Principal brokers: – Can register in more than one state using a single
NAID, but must have a valid broker's license for the states in which you are registering
• Selling agents or associate brokers: – Can register in multiple states, but will need a
separate, valid NAID for each state
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HUD: Brokers & Agents• Principal broker must
first register as a Bidder on the website (the link is in the upper right corner)
• Then the associate brokers and selling agents can register on the website using the principal broker's NAID
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Making offers on HUD Homes• Submit Offers online• Check status by logging in to
HUDHomestore.com• Counteroffers: Cancel original bids, response
necessary• Acceptance: – Email will be sent to you, but must check the
website– deliver signed contract and addenda to asset
manager within 2 business days
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Making offers on HUD Homes• Bidder Functions:– Open: The bid has been submitted and is awaiting
review by the asset manager. The bidder can modify or withdraw their bid.
– Accepted: The bid has been accepted by the asset manager.
– Withdrawn: The purchaser or their bidder has withdrawn the bid, and it is not longer under consideration by HUD.
– Cancelled: The bid has been cancelled.– Under Review: The bid has been opened and is being
reviewed by the Asset Manager (AM).
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Freddie Mac
• Homesteps.com• No phone calls—just
send them your name and what zip codes you want to work in, and hope they contact you
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Events
• OABR: Free Event– Oct 21, 2010: The Process of Setting up REO’s and
Short Sales– Speakers: Peg Maloney, Paul Vojechehoske,
And Judi Anding• Buy the Big O! Show- Today!
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Questions/Comments