REO EXPOJune 15th, 2011

THANK YOU

Agenda

• Partnership• Bridging the Gap• Building Excellence

Partnership

An arrangement where individuals agree to cooperate to advance their

interest. In the most frequent instance, a partnership is formed

between one or more businesses in which partners co-labor to achieve

SUCCESS!

Partnerships

PMH &

Clie

nt PMH & AgentPMH & Field Service

Field Service & Agent

Escrow & Agent

PMH & Escrow

Agent & Neighbors

Agent & Attorney

PMH & Attorney

Dictating versus Partnering

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Partnership & Decision Making

Participants share power through the partnership. The process seeks to create a zone of agreement among

participants where workable solutions can be reached

Key Characteristics of Partnership

• Partnering identifies what participants agree on and then seek to grow that space.

• In this way, partnership is more like problem solving than decision making.

Key Characteristics of Partnership

Effective partnerships incorporate the following key ingredients:

Meetings that are civil and open to different groups

Deliberations that are thoughtful, and that take EVERYONE’s needs into account

A sense of trust within the group

In other words

It’s all aboutBuilding relationshipsManaging expectationsRespectful consideration of everyone's

interests

WhyPartner?

Benefits of Partnership

• Effective Outcomes– Partnership frequently results in innovative

ideas that help sell PMH Financials assets.

Benefits of Partnership

• New Perspectives– Conventional decision-making can bring

about change through new ideas, but only partnership can truly…..

Shift people’s attitudes

Benefits of Partnerships

• Mutual Learning– Partnership allows participants to learn

from each other and work towards a deeper understanding of important issues and constraints.

Benefits of Partnership

• A sense of shared ownership– Problem-solving power is shared in a

partnering process, and this often translates into a sense of shared responsibility for the asset

• Reduced Conflict– Meaningful involvement can lead to less

disagreements in the future

Partnering is the understanding that in spite

of our different responsibilities we are all in

this together.

Successful Partnering Processes

• Agree upon guidelines early• Encourage participation and

communication• Give control as much as possible• Communicate and build support• Trust

Final Thoughts

• Partnership has many benefits– Effective outcomes– New networks– Reduced conflict– Longer-lasting solutions

Questions

Bridging the Gap

We want to transform the isolation within our businesses into connectedness and

caring for the REO community.

How

• You bridge the gap by learning about and doing as much as possible for each other

Community

Community

2 QuestionsWhom do we want in the room?

What is the new conversation that we want to occur?

Engagement

• There must be partner to partner engagement

• We must want to talk to others in the community without any fear, without self-interest, without assigning blame.

Transformation

Transformation

• Large-scale transformation occurs when enough small groups shift towards the larger change

• Individual changes add up to company change

Ownership

• There needs to be a distinction between ownership and blame– How valuable an experience do you plan for this to be?– How much risk are you willing to take?– To what extent are you invested in the well-being of the

whole?– What have I done to contribute to the very thing I complain

about or want to change?

Ownership

• What is the story about the community that you hear yourself telling most often?

• The one you possibly take your identity from?• What do you get personally from holding on

to this story?• What is your attachment to this story costing

you?

Dissent

• Creates an opening for commitment– When dissent is expressed, just listen. Don’t try to solve it,

defend it, or explain it.– What doubts or reservations do you have?– What is the NO or refusal that you keep postponing?– What have you said yes to that you no longer mean?– What resentment do you hold that no one knows about?– What forgiveness are you withholding?

Commitment

• A promise with no expectation of return.• The enemy of commitment is “lip

service”.• The commitments that mean the most

are the ones made to peers.

Commitment

• What promises am I willing to make?• What price am I willing to pay?• What is the cost to others for me to keep my promises or to fail at my

promises?• What is the promise that constitutes a risk or major shift for me?• What is the promise I am postponing?• What is the commitment I am willing to make?

The power is in the asking, not in the answers!

Change

• We begin by realizing that we need a new conversation.

• Powerful questions are those that evoke a choice for accountability and commitment.

Final Thoughts

• Bridging the Gap has many benefits:– Builds the REO Community– Creates Engagement– Develops Transformation– Establishes Ownership and Commitment– Produces Change

Questions

How Can We Have a Partnership Built on

Excellence?

10 Minute Call

10 Minute Call

• What are the Asset Manager’s expectations?– Open the lines of communication– Phone or Email– Who is the Client?

• What are the Clients Initiatives?

– What are the timelines

Client Initiatives

• HomePath• Chase Financing• Bank of America

HomePath

Success

Chase Financing

• Chase Loan Officer– Contact the Chase Loan Officer– Marketing Materials– Contact the selling agent

Chase Retail Mortgage

• Each agent is assigned to a specific chase REO Loan officer• The approved MLS verbiage is Required• The marketing materials are required to be placed inside each listing• It is expected that the Chase REO LO will have an opportunity to

discuss the benefits of financing through Chase with all potential buyers• Each agent/LO relationship is being monitored, and tracked using the

reporting.

Bank of America

• A BANA pre-qualification/denial is required on all offers with the following exceptions:– List price less than $50,000– NSP & First Look Programs– Cash Offers– Certified NACA Buyers– Joint Venture Partner *Bank of America determination– Select Investors *Bank of America determination

Good Neighbor Program

Good Neighbor Program

• Door TagsAgent’s informationIs Property SecuredIs Lock Box Still PresentIs Porch CleanedIs Lawn/Pool MaintainedFree of Vandalism

Good Neighbor Program

• Property Inspections– Property Secured– Signage– Lock Box– Condition of Property

Broker Price Opinion

• Follow the Standard Guidelines

• http://www.nabpop.org/BPOSG-V4.pdf

Broker Price Opinion

Broker Price Opinion

• Comments– Anything outside the standard guidelines?– What comp are you giving the most weight?– What are the market trends?– What is the unemployment rate?– Any new companies coming into town?– Any companies going out of business?

Broker Price Opinion

• Updated BPO– Use the original listed comps on all

updated BPO’s

7 Day Status Report

Closing

• Weekly Status Reports• Attend the Closings

Closings

• Weekly closing Status Reports– Inspections are completed on time– Appraisals Completed on time– Verifying with buyers/lender/title company that

closings are on track– Buyer has submitted all financial documentation