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post #1 of 8 (permalink) Old 04-25-2012, 02:37 PM
barrickgroup
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The Nationals

First time posting to the forum...

I have been in PP/REO for years. However, I have always worked for the Nationals and large firms that take 25-35%. Anyone here have a way to avoid the nationals (working directly for BOA, WF, etc).? It would be great for everyone in the biz if we could do the work without them involved.


If not, what will it take for contractors nationwide to stand up to the nationals and demand a better % of the pay? I'd consider taking the issue up with NMFSA, but they are all headed by the nationals.
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post #2 of 8 (permalink) Old 04-25-2012, 02:40 PM
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Quote:
Originally Posted by barrickgroup
First time posting to the forum...

I have been in PP/REO for years. However, I have always worked for the Nationals and large firms that take 25-35%. Anyone here have a way to avoid the nationals (working directly for BOA, WF, etc).? It would be great for everyone in the biz if we could do the work without them involved.


If not, what will it take for contractors nationwide to stand up to the nationals and demand a better % of the pay? I'd consider taking the issue up with NMFSA, but they are all headed by the nationals.
What's NMFSA?
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post #3 of 8 (permalink) Old 04-25-2012, 02:41 PM
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My fault. Misspelled: NAMFS (National Assoc of Mortgage Field Services)
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post #4 of 8 (permalink) Old 04-25-2012, 02:48 PM
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It really depends on your location. I am <25%. If you're in a highly competitive urban neighborhood then you probably have a higher discount, simply because they can. If you have more rural areas and such like me you will get a better discount.

I have no experience in working directly for the banks, but if you are covering a portion of a state I would imagine they would prefer not to work with you. From their standpoint, paying a ~20% premium to manage a couple of large nationals as opposed to thousands of vendors is worth it.
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post #5 of 8 (permalink) Old 04-25-2012, 09:46 PM
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Nice Intro
post #6 of 8 (permalink) Old 04-26-2012, 10:27 AM
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And next, let's stand up to the oil companies and stop buying their gasoline!

Really?

You think 25% is high to manage all these stuff?

What's your overhead to sales ratio? Mine is 20%, which I think is high. So if the banks decide to run everything in house, who is going to manage you and all the other vendors? You think your still going to get the same amounts with no discount because their costs are going to be the same?

You are trading one cost for another.
post #7 of 8 (permalink) Old 04-26-2012, 08:28 PM
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Point to remember " the banks don't want (1) realestate (2) or management hassles of this mess. The banks FUND these outfits that generate the mortgages. Then the mortgage is "serviced" by another company that gets say 2% of the payment for their hassles, making sure the payment is on time and insurance is current ETC. The mortgage servicer is the one who hires SG, FAS, MCS ETC. When the property goes into default it is the servicer that has to pay out of pocket for all the associated forclosure costs then once the property sells they are reimbursed. Bottom line as I see it NO ONE wants this mess and all wish it to disappear. Look at this article http://www.cbsnews.com/video/watch/?...in;contentBody Could explain the slow down.

Woof
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post #8 of 8 (permalink) Old 06-26-2012, 07:40 PM
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Sorry- you are going to be stuck with the nationals- for quite awhile I'm afraid.

Banks don't have the time or the patience - and they do not speack construction. They want it done as cheap as possible and they want it sold. They want it gone with no complaints.

The nationals have the $$ to set up T1 lines and security- and they are available (to clients) 24/7. They also carry larger insurance policies- and give the banks piece of mind.

If one of us screws up- the national gets another contractor- and backcharges us- the bank doesn't have to. They don't have to do the legwork (they cant) and they know who is running the job.

That's all they want. They know the nationals are making profit, they know they could get it done cheaper. They like the one point of contact and nationwide coverage.
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