BANK OF AMERICA’S 2015 REO Asset Management Partnerships
According to the “Bank of America REO 2014 Year-End FAQ,” Bank of America’s REO marketing and closing department will be making a few changes in 2015.
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 2015 contracts are iServe Real Estate Operations, Skyhill REO, and Stewart Lender Services.
It has not been the best year for Bank of America REO and bank held REO inventory has fallen 44% since 2011. In turn, Bank of America has dropped it’s number of partnering asset management companies from 6 to 3 over the course of 2014.
That being said, a partnership with one of the three asset management companies is more valuable than ever.
Bank of America does not maintain its own REO preferred agent network. Instead, they work with following asset management companies to handle all REO needs. Agents may contact these asset management companies directly to inquire about becoming one of their agents.
Click here to see Bank of America’s 2015 REO Outsourcers and Asset Management Partners.