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Bank owned bob lachance debt negotiating foreclosure auction foreclosure class foreclosure course foreclosure mortgage foreclosure property foreclosure training foreclosures investing in real estate loss mitigation patrick precourt Preforeclosure Real Estate real estate foreclosure investing real estate investing real estate investing beginner real estate investment real estate investors real estate short sales REO short sale mortgage short sale training Short Sales
This week’s Preforeclosure Tip of the Week is about the latest and greatest on what Fannie Mae is allowing 2nd mortgages when they are in the 1st lien position, what Ocwen is doing with real estate commissions and much more. Visit ShortSaleDailyNews.com or PreforeclosureDailyGrind.com for more real estate related news and video.
Hey Bob and Chris,
Great video – thanks.
I heard that AHMS is now requiring all short sales to be handled by a certain loss mitigation company out of Florida they have teamed up with. The agent has to pay a $100 registration and give up 2.5% of their commission to this company….. However, we’re still handling several AHMS files without much problem, but they have gotten funny, trying to charge their own LMS fees, etc.
Have you seen any other servicing companies start outsourcing like this?
I wanted to respond to Peter’s question about lenders outsourcing their short sales to 3rd party LM companies. It is happening more and more. I have also heard of AHMS outsourcing to a company that requires a registration fee up front. My experience with other 3rd party LM companies hasn’t been that severe.
I myself own a 3rd party LM company that works for sellers and buyers. We have seen several lenders outsource- National City, GMAC, etc. So far they have been fine to deal with, required no up front fees, did charge fees on the seller side that the lender of course agreed to, and didn’t take from the agent’s commission. BoA is apparently starting to outsource now to a company called Equator- although I don’t think they have officially broken the news yet.
So far the short sales have been more expedited through these 3rd party companies– never a bad thing.
I am so glad I did my Ocwen SS Deal in July! It was accepted in 3 days and closed iwthin a month. Lynne
Hey Bob, Watch your shirt, The camera doesn’t like it, your killing my eyes. Thanks for the info.
Bob and Chris
love the info. I am 0/3 with Ocwen. How can the servicer dictate to the investor 4% commissions when both fannie mae and Freddie Mac have published acceptable commissions to 6%? At 4% it makes it difficult for a third party company to process and get paid. Look for buyers to bring negotiation fee to the closing table and get a upfront fee agreement signed.
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0903.pdf
http://www.freddiemac.com/sell/guide/bulletins/pdf/bll0922.pdf
chapter B65
I called Freddie Mac and he said when calling Ocwen talk to Florida dept not India and ask for on site Freddie mac representative to get clearance for 6%. I have not tried this yet but will on my next Ocwen deal should I choose to accept the file.
JB Beyer
Coastal Mitigation Partners LLC
It’s also interesting that on Ocwen’s site under the “fee schedule”, they cite that they follow Fannie and Freddie industry standards for setting foreclosure attorneys fees. Why don’t they use Fannie and Freddie standards for Realtor commissions as well?
JB,
Thanks for the great feedback!
Bob
Bob and Chris,
On the BOA 2nds and 5% rule, what happens when BOA is in 1st and 2nd position? Also, try submitting a HUD with a BOA 1st and put 5% of the net to the 2nd, different lender, and see how much they like their rule. They won’t even discuss it.
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