1. REO OPENING (Title Activities):
- (FIRST 2 HOURS) Within two hours of receipt of the order, we will have i) placed
the title ii) logged the order into our internal tracking system and iii)
checked the res.net or REOTrans platforms for open tasks.
- (DAY 3-5) Title Commitment will be sent out. (In the event there is a delay, you
will receive daily status updates advising the reason and an estimated time of
- (UPON RECEIPT OF TITLE COMMITMENT) We will immediately begin working on title
clearance. We will advise the title coordinator of any title issue discovered as
well as the estimated time frame to cure the issue.
2. REO PROPERTY UNDER CONTRACT (Settlement Activities):
- (FIRST 24 HOURS) Upon receipt of notice there is a prospective buyer
and/or signed binder, we will immediately contact all parties involved
and send out contracts within 24 hours.
- (FIRST 24 HOURS) We will confirm if title is clear and begin working
on any necessary settlement clearance. We will update the platform
directly to maintain constant communication.
- (24-48 HOURS) We will work with the attorney and broker to obtain
the buyer signed contract by fax or email so they are immediately
uploaded to the platform and signed by the Seller.
- (48-72 HOURS) We will follow up with the escrow coordinator/asset
manager assigned to the file to obtain the seller-executed contract.
- (UPON RECEIPT OF CLOSING INSTRUCTIONS) We will immediately draft the
deed and seller documents and forward to the escrow coordinator/asset
manager for signature.
- (UPON RECEIPT OF SIGNED SELLER DOCUMENTS) We will schedule the
closing on or before the date provided in the contract.
- (UPON SCHEDULING CLOSING) We will draft the preliminary HUD-1 and
send to the escrow coordinator/asset manager for signature.
- (UPON CLOSING) The proceeds will be sent by wire within 24 hours of
- (UPON WIRE CONFIRMATION) We will send the escrow coordinator/asset
manager a copy of the wire confirmations as well as the fully executed
HUD-1 confirming the exact proceeds received.