REO Property Preservation Forum banner

Wells Fargo Work

6K views 10 replies 8 participants last post by  JDRM 
#1 ·
We do Wells Fargo work in Indiana for Corelogic and we do it for LPS in Illinois. We have done some for NFR as well.

The Wells work seems to have slowed dramatically. Is there a new player in the game?

Does anyone have any solid info?
 
#2 ·
REALTORS. We dont do the P&P work for realtors besides lockchanges and remediation work BUT we are asked weekly. WFHM is moving more & more work to the realtors. Problem is finding the realtor for your area that is financially capable of paying the invoice and being reimbursed 30-60 days later. Our Realtor friends pay us every week for jobs completed THAT week.

WFHM at Hdqs in Des Moines stated several months ago that their goal is to have 80-85% of their properties serviced locally by realtors.
 
#5 ·
I do a lot of WF work state wide here in SC and i haven't seen drop of work at all,I do it for LPS and NFR,matter a fact a Well Fargo bank rep showed up on a re-conveyance job we're doing and commented on the fine work we're doing.We're rehabbing a home that was improperly conveyed.

Here's the problem with letting Realtors do the work direct,liability,liability,liability.

Realtors will never be able to convay property's back to HUD.

Maybe Conventional loans but not HUD homes.matter a fact WF just did a Audit of NFR and LPS is next.WF was forced to break their account between 3 servicer's,Government mandate.If work slowes down in some areas it more likely because of Tax Filings.Look for it to pick back up after April.
 
#6 ·
Zuse... you are partially right..especially on the HUD or Government backed homes.

What you did not take into consideration is the Government is forcing the banks to stop transferring the bulk of the loans in foreclosure to HUD, Fannie, Freddie (it has been such a huge transfer of liability to the taxpayer that they should all go to prison..imo)

The Service Companies will still service the ones that do transfer/convey but those numbers will be going down drastically over the next year.
 
#8 ·
I signed up with Premier directly a little over a year ago. I used to get the WF rehab jobs thru the brokers, now the calls come directly from Premier, and the brokers call me to find out what is happening.
 
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top