Docstoc

REO_Broker_Manual_Broker_Maintenance

Document Sample
REO_Broker_Manual_Broker_Maintenance Powered By Docstoc
					                              12650 Ingenuity Drive
                              Orlando, Florida 32826

                      REO Broker Manual
To be valid, payment requests for any property must be received by Ocwen within 15 days of
the sale date (closing date) of that property. Please submit all bills promptly!
Please note:   The Pre-Marketing period can extend 30-45 days from assignment.
               To open the attachments, you will need Microsoft Word, Excel and Adobe
               Reader. If you need to download Adobe Reader, please click link below:




                                 Table of Contents
Within 24 Hours ----------------------------------------------------------------------- 2
Vacant Property ----------------------------------------------------------------------- 2
Other Responsibilities ---------------------------------------------------------------- 3
Occupied Property         ------------------------------------------------------------------- 3
Documents Related to Listing and Closing Property -------------------------- 4
Payment to Vendors and Agent Reimbursements                    ---------------------------- 5




                                                                               Page 1 of 6
   Upon Receipt of this message, please complete the following:
I. Within 24 Hours
Determine the occupancy status and transmit an Occupancy Status Report to the
Pre-Marketing Specialist at their E-mail address as soon as possible. DO NOT
FAX THIS DOCUMENT. It can only be received by e-mail.
Read the Broker Instructions document to become familiar with Ocwen’s
                  occupant interaction procedures.
                  W-9 form – click on link and it will open the IRS’ website form to be filled in
                  online and printed for your signature. (For clearer and easier-to-read document
                  so there are no mistakes when we are inputting company’s information, please
fill out electronically, print document and sign.) It may be required for payment to you, the
occupant for Cash for Keys, and to any vendors.
For properties in the city of Memphis, TN please read enclosed for new
Ordinance Number 5091 procedures.

II. Vacant Property
If the property is vacant, you are authorized to spend up to $1,000 in total to accomplish the
six (6) following actions as soon as possible. For total expenditures over this amount,
approval from Pre-Marketing Specialist is required. Do not begin work on property until
you have approval from your Pre-Marketing Specialist
  a. Have the property re-keyed by a locksmith. Install a lockbox (with an alpha or numeric
     code only) on front door. This is for the Appraiser. This is in addition to and does not impact
     any MLS multilock or other lockbox you may wish to install. If you do not have a lockbox that
     can be set to the OCN combination, you may use any alphanumeric combination box.
     Advise the Pre-Marketing Specialist of the lockbox code and location as soon as it is
     installed. If you do not have such a lockbox, let the Pre-Marketing Specialist know, and
     one will be ordered for you. The appraiser will not have access through a MLS multilock.
  b. To the extent possible, secure windows and doors, including having them boarded up if
     necessary.
      Once you have established that the property is vacant and has been
         boarded, please fill in your information in the enclosed Property
         Sign document and post on the front door / window, or staple to
         home.
  c. Check for any safety hazards in and around the property and have them fixed
     immediately.
  d. Secure pool, if applicable, to avoid liability issues.
  e. Turn on electricity and water (cannot be in Ocwen’s name and must not be mailed to
     Ocwen directly). Do not turn on gas. Please have all utility bills sent to your mailing address.
     All utility bills must be in broker’s name. Submit the utility bills to REALRemit with
     supporting documents (see below in Payment to Vendors And Agent Reimbursements,
     page 5).
  f. Determine if a Trashout is needed for inside and/or outside. Obtain two (2) bids to
     complete the Trashout and submit to PMA for approval. Before and after pictures are
     required for Trashout and their subsequent payment. Email pictures to asset manager and
     reopics@ocwen.com. You must alert your PMA if Trashout is not required.

                                                                                   Page 2 of 6
   Please complete this Property Checklist and return to PMA.


III.   Other Responsibilities Include the Following
   1. Obtain three (3) bids from a licensed contractor reflecting repairs
      required to bring property to a lend-able condition. Include any
      repairs / rehab recommended to enhance marketability. When
      recommending repairs, be sure to consider the type of potential
      buyer(s) for the property. Items on competitive bids should be identical. Bids should be
      prepared on the Ocwen Repair Bid Form. Fax or e-mail all bids to the Pre-Marketing
      Specialist. Do not fax invoices to the Pre-Marketing Specialist. Ocwen does not pay for
      Estimates.

   2. Complete the CMA (also called a BPO) on the Ocwen BPO Form (attached) and include
      photos of the interior and exterior of property. Be sure to include photos of
      recommended repairs.
           a. E-mail these photos to your asset manager and reopics@ocwen.com. Mailing
              BPOs and photos is not preferred. If you do have a digital camera, please
              request digital media when developing photos.
           b. E-mail complete BPO package including photos and repair bids to the Pre-
              Marketing Specialist WITHIN 7 DAYS of gaining access to property. You will
              need to complete BPO Word and BPO Amendment, and Insurance Claim Form.




   3. The Pre-Marketing Specialist will order an appraisal of the property.        Appropriate
      installation of a combination lockbox will expedite the appraisal process.
   4. Once the CMA package and appraisal have been received and reviewed by Ocwen, a
      marketing strategy will be developed and the property will be listed for sale. At that
      time, the property will be assigned to a Residential Sales Manager (RSM). This asset
      manager will then List the property with you and remain the Ocwen contact through the
      successful sale of the property.
IV.    Occupied Property
   1. Inform occupants that the property is now bank-owned and that you will be the local
      representative of the bank. Find out name(s), phone number(s), and intentions of
      occupant(s), and include on Occupancy Status Report. Fax or email the Pre-Marketing
      Specialist, who will immediately start the eviction process.
   2. Negotiate relocation assistance (“Cash For Keys” or CFK). Start with offering an amount
      equal to approximately one month’s rent on the property, up to $1,000. Any offer above
      this amount must have prior approval from the Pre-Marketing Specialist.
   An approvable agreement requires that the occupant(s) vacate within two (2) weeks and
      leave the property in a broom-swept condition. As a condition of the agreement, require
      that the occupant(s) provide access to you to start the CMA process and to the appraiser
      to start the appraisal. Notify the Pre-Marketing Specialist by fax or email immediately if
      occupants agree to relocation assistance.
                                                                               Page 3 of 6
     3. If the occupant agrees to relocation assistance, have occupant sign the
        Occupancy Termination Agreement. Also fill out a W-9 with Occupants
        information for payment. Submit all forms to REALRemit for
        processing (see page 5). Mailed invoices are rejected and will be
        discarded. A check made payable directly to the occupant from Ocwen will be sent to
        the agent for distribution upon vacancy of premises. Allow at least seventeen (17)
        business days for receipt of check. Do not give occupant the funds until you have
        physically verified that property is vacant. Please notify the Pre-Marketing Specialist as
        soon as asset is vacated.
     4. If occupant(s) does not accept relocation assistance, we request that you check on the
        occupancy status of the property every two weeks. You may continue to offer Cash For
        Keys until 30 days prior to the eviction date. Update the Pre-Marketing Specialist every
        two (2) weeks on the occupancy status and Cash For Keys offer via email. Remind
        occupant(s) that the owner has initiated eviction proceedings.
     5. You are requested to be present at the eviction as Ocwen’s local representative. You will
        be contacted by phone or email with the actual date and time. If you expect debris
        removal to be necessary, please coordinate the service for the time of eviction.
     6. Once a property has been vacated, either from Cash For Keys or eviction, please notify
        the Pre-Marketing Specialist via email that the property is vacant and secured. Follow
        steps listed above for vacant properties.
V.        Documents Related to Listing and Closing Property
Below are five documents with which you will need to be familiar. Your Ocwen Asset Manager
will discuss these with you at the appropriate time in the sales process.
     a. Addendum A is a five-page addendum to the Offer to Purchase. This must be submitted
        with any offer. Offers will not be processed without the following:
             - Ocwen Addendum (Addendum A), Title company name, contact,
          phone, and fax on cover sheet of the offer (Title company must be
          Ocwen approved).
     b.    The Closing Agreement and Affidavit will be sent by the Ocwen Closing
          Coordinator to the closing agent. It is an affidavit that you will sign
          confirming that all utilities have been removed from Ocwen’s name at /
          prior to closing.
     c.   Ocwen’s Commission and Referral Fee Schedule.

          The Listing Agreement is provided only for your review. It will be
          submitted to you for listing when the property is cleared for sale and
          transferred to Ocwen’s Asset Manager.
     d. The Contract Summary Sheet2, which your Asset Manager may
        ask you to submit with all contracts.
     e. It is required to email MONTHREP to asset manager by the 25th of
        each month for previous month’s activities.


At Ocwen, all assets are identified most efficiently by the Asset Number.
Please provide this number in all communication and documentation.


                                                                                   Page 4 of 6
                 Payment to Vendors and Agent Reimbursements




Ocwen has converted to a new system – REALRemit™, which provides our REO vendors and
brokers with electronic invoice submission and direct deposit of payments. This system was
designed in part to allow brokerage firms to have the 3rd party Vendor paid directly, eliminating
the need for the brokerage firm to carry the financial responsibility of up-front expenses
associated with an asset. The fee for this service is 2.5% of the total invoice amount, or a
minimum of $2.00 and a maximum of $25.00 which covers the cost of processing and wire
transfer.
Ocwen recommends that the Broker encourage Vendors to sign up for
REALTrans through the Ocwen website (www.ocwen.com, please see
instructions enclosed Broker Guide to Vendor Additions.pdf) in order to receive
payments directly for work completed on behalf of the Brokerage firm. Alternately the broker
can collect the information from the Vendor and submit it through the RSM or PMA.
To receive reimbursement or payment for any property-related expenditure, the Brokerage firm
or Vendor must have a REALTrans account and executed the REALRemit agreement; you must
contact your asset manager to have a work order created, then submit the required documents,
converted to digital format. Once the Invoice has been created, the supporting documents are
attached and the invoice is submitted for payment. Please submit all bills for reimbursement
within 10 days of completion of the respective work. For services where expense amount is
greater than $1,000.00, we require two (2) contractor estimates and the before-and-after pictures
in order to approve the service. (Ocwen does not pay for Estimates.) Once a particular estimate
is approved, we need the approved contractor’s W-9 sent to the property’s asset manager in
order to facilitate the work order creation.
All Invoices submitted for reimbursement should be submitted on a monthly basis;
additionally, Ocwen must receive all final reimbursement documents WITHIN FIFTEEN (15)
CALENDAR DAYS OF THE PROPERTY’S CLOSING DATE. We understand final invoices
for utilities takes longer to receive from the utilities – this is the only exception to receive invoice
after 15 calendar days of the property’s closing date. All other invoices will be rejected if
received after the 15 calendar days of property’s closing date. In addition, Ocwen will not pay
for late fees if Ocwen is not at fault for late payment.
   1. Login to REALTrans (as in instructions in Broker Guide to Vendor Additions.pdf above),
      locate the “open work order” for that asset; create an invoice for that expense; attach the
      supporting documents; and submit them for approval. See the REALRemit Procedures
      Guide in REALTrans under “Helpful Info” for further details.
   2. Supporting documents must be scanned and converted to a digital format using a
      flatbed scanner, or similar, with a resolution of 300 dpi or better, then uploaded and
      attached to the invoice when submitting the invoice for approval. Invoices submitted
      without supporting documents will not be processed. Supporting documents must
      include the following:
       a. Ocwen Work Order Number – Ocwen must authorize each service performed by
          issuing a Work Order. You must contact the Asset Manager (do not email through
          REALRemit) in order to receive an approved work order. Work orders issued by the
          Ocwen PMA or RSM will be transmitted to REALTrans where the Broker/Agent can
                                                                                     Page 5 of 6
           review them prior to submitting the invoice. In no instance will the broker be able to
           submit an invoice for more that the Total Confirmed Price listed on the Invoice
           Details screen. The Broker/Agent should make every effort to assign payments to
           Vendors and utility companies to avoid the transaction fees.
       b. Broker/Agent Invoice Number – the invoice number is the Broker/Agent’s unique
          identifier for reimbursement; if the Broker/Agent does not supply one when creating
          an invoice, REALRemit will create one for you in the system. This will be how you
          identify what invoice was paid when you receive payment.
       c. Address of the property, including the Asset Number.
       d. Payment Method – If the Broker/Agent has paid the vendor by check, a copy of the
          invoice with Check Number, Date and Signatures of Both Vendor and Broker/Agent,
          with the statement “PAID BY CHECK” is required. If the Broker/Agent paid by
          credit card, a copy of a valid receipt, dated and signature is required. If paid by cash,
          the invoice must be state “PAID BY CASH” on the invoice and have a signed receipt
          by both the vendor and Broker/Agent. Any payment by cash should not exceed
          $500.
   3. A properly completed W-9 Form for the vendor or Broker/Agent to be paid. This
      requirement is not applicable for government entities, utilities, etc. Consult with the
      Asset Manager if you have questions on how to set up a Vendor for direct payment.
   4. For all trash-outs and all repairs over $500, before and after photos are required. Verify
      each work order you are assigned for details on required pictures or consult with the
      PMA or RSM.
   5. All invoices must be submitted WITHIN FIFTEEN (15) CALENDAR DAYS OF
      CLOSING. Ocwen will not pay any invoices submitted after that time, except utility
      bills as mentioned above.
Required “before” pictures must be emailed with work approval request to the asset
manager (you must also email reopics@ocwen.com); “after” pictures must only be submitted
through REALRemit when you are submitting an invoice.
Making false and misleading reimbursement requests will result in termination of the
Ocwen-Broker/Agent relationship, reporting to the state licensing board and legal action.
REFERENCE RealRemit PROCEDURE MANUAL OR HELPFUL INFO IN REALTrans USER
GUIDES for information regarding direct payment received into your account.
            Please do not contact your asset manager about Accounts Payable issues.
                              Please email REOAP@ocwen.com
    Invoices will only be accepted if submitted through REALRemit. Any submission to
                    REOAP@ocwen.com or faxed to 407-737-6270 is rejected.
Upon property sale and closing, please request a final utility bill (utilities should not be opened
under Ocwen’s name – please see above in Vacant Property (II. e.) for more information on
utility bills).
TO BE VALID AND PAYABLE, ALL INVOICES MUST BE RECEIVED BY OCWEN
BY THE 15TH DAY AFTER CLOSING. INVOICES RECEIVED PAST THIS DATE
WILL NOT BE PAID. PLEASE SUBMIT ALL INVOICES PROMPTLY.




                                                                                 Page 6 of 6

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:31
posted:5/17/2012
language:English
pages:6
fanzhongqing fanzhongqing http://
About