According to the “Bank of America REO 2013 Year-End FAQ,” Bank of America’s REO marketing and closing department had a busy year and is making a few changes in 2014.
The change that will most likely have the biggest effect on your business is the outsourcers that secured (or did not secure) Bank of America REO outsourcing contracts. The outsourcing companies given 2014 contracts are Atlas REO Services, iServe Real Estate Operations, Skyhill REO, Carrington Mortgage Services, Stewart, and Old Republic. According to Bank of America REO executive Hattie Sharp, the outsourcing of Bank of America properties to asset management companies increased to 80 percent of inventory in 2013. That being said, a partnership with one of the six asset management companies is more valuable than ever. See the contact chart for information on each company’s website and the correct method to apply for the individual agent networks.
In the document, Andra Adams, REO marketing and post-marketing executive for Bank of America, states, “Asset management companies increased management and oversight of agents, including E&O and broker insurance.” This increased oversight is enforced due to new compliance rules in the industry including those implemented by the Consumer Financial Protection Bureau (CFPB).
Also within the pages of the “2013 Year-End FAQ,” Bill Demers, REO premarketing executive for Bank of America, writes that the bank will enhance its current cash-for-keys program and increase its use of alternatives to eviction.
REO Agents can click here to apply with Bank of America directly.
View Bank of America’s 2014 REO Outsourcers: