🎯 Training Objective:
This training is designed to help real estate agents identify and connect with potential REO clients, including banks, servicers, and asset management companies. Agents will learn:
✅ Where to find active REO listings & trends in their market
✅ How to research lenders and loan servicers that handle foreclosures
✅ How to track down asset management companies assigning REOs
✅ Strategies to position themselves as the go-to REO agent in their area
By mastering these skills, agents can break into the REO space, win more foreclosure listings, and build relationships with key decision-makers.
📍 Module 1: Understanding Where REOs Come From
Before searching for REO clients, it’s essential to understand who controls these properties.
🏦 Lenders & Banks – Issue mortgage loans and initiate foreclosures when homeowners default. Some service their own loans, while others sell them to investors or transfer servicing rights to another company.
📜 Loan Servicers – Manage the day-to-day operations of loans, including collections, loss mitigation, and foreclosure processing. Some lenders also act as servicers, while others outsource this task.
🏢 Asset Management Companies – Once a foreclosure is completed, the property goes to an asset manager, who hires real estate agents to list and sell the REO property.
🎯 Your Goal: Identify which lenders are foreclosing, which servicers handle distressed loans, and which asset management firms are assigning listings in your area.
🔎 Module 2: Researching Active REO Companies in Your Market
1️⃣ Use Tax Records & Public Data
- Search county tax assessor records for properties owned by banks, lenders, or LLCs tied to servicers.
- Look for properties that have gone through foreclosure but are not yet listed for sale.
✅ Best tools for this:
- County Tax Assessor Website
- Realist (MLS add-on for property data)
- PropStream (Nationwide property search tool)
2️⃣ Find Active REO Listings in Your Area
Search the MLS for properties owned by banks or asset managers.
- Look for sellers listed as "Owner of Record," "Corporate Owner," or "Bank-Owned."
- Identify patterns—which banks, servicers, or asset management companies have the most REOs?
✅ Best tools for this:
- MLS (Search by seller name: “Fannie Mae,” “Freddie Mac,” “Wells Fargo,” etc.)
- Foreclosure.com (Aggregates REO & foreclosure data)
- Auction.com (Tracks distressed sales & upcoming auctions)
3️⃣ Identify Loan Servicers Operating in Your Area
Not all banks service their own loans! Some sell loans to servicers, who handle foreclosure proceedings & REO sales.
How to find active loan servicers:
- Use HMDA (Home Mortgage Disclosure Act) Data to see which lenders are originating loans in your market.
- Look up mortgage servicing rights (MSRs) transfers—this reveals which companies are handling loans after origination.
- Monitor foreclosure filings—servicers listed on foreclosure notices often handle REO sales later.
✅ Best tools for this:
- HMDA Explorer (Find which lenders originate & service loans)
- MERS Servicer Lookup (Check who is servicing a specific loan)
- County Clerk Records (Find recorded foreclosure notices)
🎯 Your Goal: Identify which banks are still servicing their loans vs. which ones transfer them to third-party companies.
🏢 Module 3: Connecting with Asset Management Companies & REO Departments
Once a property becomes an REO, it’s assigned to an asset management company that handles the sale. These firms hire real estate agents to list and market bank-owned properties.
1️⃣ Major Asset Management Companies to Contact
🏢 National Asset Management Firms
✔️ Altisource – Works with large lenders & investors
✔️ Dakota Asset Services – Manages REO & distressed sales
✔️ Green River Capital – REO & short-sale asset management
✔️ ServiceLink Auction – Oversees REO sales for major banks
✔️ VRM Mortgage Services – Assigns REO listings nationwide
🎯 Your Goal: Get on their approved agent lists and sign up for REO training & certification programs they may offer.
2️⃣ Contact REO Departments at Banks & Servicers
Many major banks have in-house REO departments that assign foreclosure listings to real estate agents.
🏦 Major REO Departments to Contact
✔️ Wells Fargo REO – Wells Fargo Asset Management
✔️ Fannie Mae REO – HomePath
✔️ Freddie Mac REO – HomeSteps
✔️ Bank of America REO – BofA Foreclosures
✔️ HUD Homes REO – HUDHomestore
🎯 Your Goal: Introduce yourself, ask about their REO agent application process, and express interest in future assignments.
📞 Module 4: How to Reach Out & Get Noticed
📩 Email Template to Contact Asset Managers & REO Departments
Subject: Experienced Agent Seeking REO Listing Opportunities in [Your Market]
Hi [Contact Name],
I hope you’re doing well. I’m a real estate agent specializing in REO & distressed properties, and I’d love to explore opportunities to work with your company.
With [X years] of experience in the foreclosure space, I have successfully:
✔️ Completed BPOs & managed bank-owned listings
✔️ Handled cash investor offers & “As Is” sales
✔️ Worked with asset managers & servicers on REO dispositions
I’d love to know more about your REO agent requirements & upcoming opportunities. Please let me know the best way to apply or connect with your team.
Looking forward to hearing from you.
Best,
[Your Name]
[Your Brokerage]
[Your Contact Info]
🎯 Action Item: Send this email to at least 5 asset management firms & REO departments in your market.
🚀 Next Steps: Join KW Default Solutions & Dominate the REO Market
Want to fast-track your success in the REO industry? Join KW Default Solutions, where we provide:
✅ Exclusive training on REO outreach & client acquisition 📊
✅ Scripts & templates to contact asset managers & banks ✉️
✅ Access to REO BPO & listing strategies 🏡
✅ A powerful network of real estate professionals in the distressed market 🤝
📩 Join Today! KW Default Solutions Community
📞 Call 888-870-0443 for expert coaching & REO training
💡 Master the REO space, build your client list, and start winning foreclosure listings! 🚀
Made with Bullet