CNN just confirmed what we've been saying for the past month. Today they reported that Bank of America, Wells Fargo, Citibank, Chase and Ally Financial all expect a rise in foreclosures after a dip in February due to delays in foreclosure proceedings, adding that "the foreclosure pipeline was beginning to unclog" and they expect "a climb in the number of homes repossessed". (Source: CNN Money) This news means more REO agents will be getting listings soon. How quickly or slowly the REOs are dripped on the open market is up to the banks, but one thing is for sure; they are coming! Find REO Agents.Read the complete article on CNNMoney.com.
According to Lender Processing Services Inc., both foreclosure starts and sales spiked in the first month of 2012, both up approximately 29%. We know one month of data doesn't neccesarrily qualify as a "new trend", but this surge could definitely suggest that the backlogged forecolosure pipeline is beginning to finally get on a move this year. Other stats reported by LPS:
According to a recent report by CNNMoney, "Even as the $26 billlion mortgage settlement helps hundreds of thousands of troubled homeowners, it will bring a wave of new foreclosures."With complex negotiations having taken place between 49 state attorneys general and federal officials, it's no surprise that many lenders have been holding off on releasing their assets until further notice. Daren Blomquist, Vice President of Realty Trac and online marketer of foreclosed properties, agrees that "much of last year's 34% drop in foreclosure filings was likely due to the uncertainty involved in the negotiations". They are estimating that new filings will climb as high as 2.5 million this year, compared to 1.9 million last year. That's a 31% increase! meaning theoretically that the banks will require 31% more reo agents to work with. And the number of new REO Agents needed can definitely be much higher than that taking into consideration all of the new regulations being set forth on the assignments of these foreclosed properties (ex. radius limits, monthly assignment limits, etc...).
REO Industry Directory is an online directory network of real estate agents, brokers and vendors that specialize in the REO and default servicing industry. Members must be familiar with the bank foreclosure process, evictions, cash for keys, and other related needs. It’s recommended you become certified and receive some REO training in order to know the best ways to market yourself to REO bank departments, and lenders.The best way to become an REO agent is to complete BPOs for bank asset managers. Asset management companies are spread all over the United States, but they may be located in California and handle assets in Florida, it doesn’t really matter so make sure you apply nationwide. People can compare REO agents and find them by location. They can review their experience, associations and more. Many sites have reo broker sign ups on their website as well.