20 comments for “BofA REO Outsourcing to Old Republic REO (application)

  1. June 26, 2012 at 11:55 am

    I am an experienced residential real estate broker and investor that just started my own company. Bank of America is one of the leading lenders in my area and from what I can tell give most if not all of their business to one broker in my area. I am really looking to tap into the REO market, I was told the key to getting business from vendors is to get a hold of the asset manager for your area. My problem is I lack REO experience. My question(s) are as follows:

    1) What is the very best way of getting the contact name of my local Old Republic asset manager and assuming I am actually able to get a hold of my local Asset Manager; exactly what do I say or do I simply send them marketing material followed by a phone call and/or e-mail.
    2) I am now in the prelim stages of getting accepted as a broker for Vendor Resource Management (keeping my fingers crossed). Assuming I am able to get work with them and establish myself as a reliable broker, will this likely be good enough to catch Old Republic’s attention and send some business my way. I have applied with them about a month and a half ago, but haven’t heard anything.

    Thanks in advance.

    Posted by Justin Tibble
    Founder & CEO of Reozom Real Estate Services LLC
    Greater Detroit

  2. June 25, 2012 at 10:17 am

    Hi Poncie, I like your way on the internet, It’s great.
    Click and find out the value of your Home

    Warmest Regards, Robert Bloodgood

  3. Chrisha Mitchell
    June 25, 2012 at 9:42 am

    Hi Poncie,

    Was on your site yesterday and I love what you are doing for REO newbies! I am anxious to get signed up on your site. I want to attend the The Five Star Conference in Dallas this September. Do you know where and how I can obtain a promo code to register for this even?

    Kind Regards,

    Chrisha Mitchell

    Prospect Equities – Infiniti
    Email: Chrisha@chrishamitchell.com

  4. June 23, 2012 at 10:39 am

    Unless it’s changed, you also have to do “X” amount of BPOs for them before you’ll be assigned an REO.

    Ciao ya’ll….

    Posted by Realtor Lisa Savage
    Owner, Realty Savage
    Dallas/Fort Worth

  5. Holly Christopulos
    June 22, 2012 at 5:01 pm

    I have been an approved Broker for ORDMS for almost 2 years. I have never been assigned an asset. Besides filing out the application you must be invited to take their Defalt school which costs $600. Your Broker approval is managed through REO Vendor Manager who you need to sign up with as well.

    Posted by Holly Christopulos
    Shoreline Real Estate Corp
    Discovery Bay, CA

  6. Anita Holt
    June 22, 2012 at 1:32 pm

    Hi Poncie,
    Great video!
    I guess the background to be The Simpsons.

  7. Ruth Perez
    June 21, 2012 at 2:32 pm

    Thank you!

    Posted by Ruth Perez
    Broker Associate at C21 Discovery Real Estate
    Orange County, California

  8. June 21, 2012 at 2:09 pm

    Poncie, thank you for all info provided to sign up as a prefer REO Broker. You are the best.

    Tony Castellon
    Real Estate Broker at Premier Brokers Inc.
    Torrance, California

  9. Ashley Rasmussen
    June 21, 2012 at 9:48 am

    Your team is so up to date with everything. I LOVE IT!

    Ashley Rasmussen
    Sales Agent, Team Manager / VA & FHA & SFR Specialist
    Glendale, AZ
    Atlantic & Pacific Real Estate (US), LLC

  10. June 21, 2012 at 9:36 am

    I am a faithful subscriber to your site which is very informational. Just now you indicated that one can apply on line with Old Republic Default Management Service. All the pages are in pdf file. There is the hand tool. I cannot type in the information requested. Can you help? Looking forward to your prompt assistance.
    Sylvia Wong
    Stockton, CA

    • June 21, 2012 at 9:38 am

      Hola Sylvia,

      Unfortunately, the application is old school. You have to fill it out the old way – Manual entry, lol.

  11. Pauline Fernandez
    June 21, 2012 at 9:33 am

    Thanks Poncie.

    Posted by Pauline Fernandez
    real estate agent at Century 21 M&M and Associates
    Fresno, California

  12. Frank Popeleski
    June 21, 2012 at 9:29 am

    Thanks Poncie, I was with them a few years back now and have been looking to get back on board. They lost the Fannie contract for this area, but they may well get B of A.Thanks.

    Posted by Frank Popeleski
    Broker at Schooner Properties, Inc.
    Tampa/St. Petersburg, Florida

  13. June 21, 2012 at 9:24 am

    Does Old Repu lid still make you take their $600 class to join? I’ve done dozens of their BPOs.

    Let me know if we can get a call about reo warrior at your convenience.

    Have a great day!

    Matt Armstrong
    Remax Ability Plus

  14. Eloise Wexler
    June 21, 2012 at 9:22 am

    Thank you so much for your wealth of information!

    Posted by Eloise Wexler
    Experienced REO Listing Agent
    West Palm Beach, Florida

  15. Mark Stevensen
    June 21, 2012 at 9:02 am

    ORDMS will only use BofA approved agents which makes them an outsourcer that can bring nothing new to the table than what BofA already has. I cannot break through the BofA curtain, but I have worked for ORDMS back when they were working out of Ohio. Any suggestions?
    Thank you,
    Mark Stevensen, Broker

  16. Jack Wolfs
    June 20, 2012 at 7:18 pm

    I have had it with BOA outsourcers
    2% payouts and fighting to be reimbursed sucks!!!

    Sent from Jack Wolfs

  17. June 20, 2012 at 6:22 pm

    Peeps, I received my first ORDMS (BofA) listing a fews days ago. They’re coming! ~PONCIE

    • June 21, 2012 at 9:06 am

      How long have you been signed up with ORDMS and how many low paying BPO’s did you have to do to get an REO listing?

      Please let us know if it is worth the BPO work to get approved in their network? Thanks, SAM

      • June 21, 2012 at 2:02 pm

        I am a preferred BofA agent and that’s how I got into ORDMS. ORDMS does not assign BPO – they are first come first serve BPO. Therefore, you do not have to do any. Is it worth doing BPOs? If your team cannot handle the little things about REOs (such as BPOs), how do you expect to do the big REO things. All work is worth attempting. God blesses efforts.

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