The 2022 Five Star Conference and Exhibition opened Sunday in Dallas at the Hyatt Regency Dallas, debuting with FORCE Membership Group’s New Member Mixer, welcoming agents and brokers new to the OBLIGATE. The FORCE Advisory Board was available to meet and welcome these new members, and network in person to discuss the state of the REO market and what lies ahead.
The afternoon FORCE Rally featured relevant content and exclusive information, designed for participants to take their business to the next level in today’s economic landscape.
James HastingsPresident of Hastings Brokerage, Ltd. and President of FORCE, welcomed participants to the FORCE Rally and provided an overview of the agenda for the afternoon. Hastings has specialized in helping mortgage managers and residential real estate portfolio managers with their comprehensive REO process since 1984, and has closed over $1 billion in residential REO.
Following the keynote, a panel of experts discussed foreclosure trends and provided insight into foreclosure processes and best practices during “The Flow of Foreclosures” session. Steven PaganoBroker with First Hawaiian property; Rick Sharga, Executive Vice President, Market Intelligence at ATTOM; and Nolan Turner, CEO of Carrington Holding Company LLC discussed current changes in foreclosure volumes and how these changes will impact business.
“I don’t think we’re looking at a big wave of foreclosures, but we should be back to normal around August next year.” Charged Noted.
Hastings returned to the stage, this time joined by Rande Johnsen, Manager of the Body of Trustees for the “Most Interesting Man in the Industry” session. Johnsen is a veteran of over 35 years in the foreclosure, trustee, escrow and title industries. Beginning with flagship company Trustee Corps, which he founded in 1992, his business group includes securities and escrow services and has become a leader in auctioning services to clients in most Western countries. with regard to non-judicial seizures.
When asked what types of loans are entered on at present and what he thinks is the following, Johnsen replied “At the moment we are working on the inventory of two more years ago. We still have people on forbearance plans and change plans. BUtah This is principally starting with reverse mortgages.”
Asset managers have been particularly hard hit over the past two and a half years, and Everything Asset Management has explained how to become the best REO agent possible, from initial assignment to repairs and closure. Gregory Jacovini, COO of Pro Capital; Andrew Oliverson, Vice President of REO for Homegenius; and Aaron Zweig, REO Asset Manager for Fannie Mae shared their thoughts on the state of REO.
Jacovini is COO of Pro Capital, while Oliverson is vice president of REO at Homegenius, a division of Radian. He brings to his role over 17 years of REO asset management experience, having worked in mortgage finance in 2003 at Fairbanks Capital. Zweig has over 20 years of experience managing default services, 15 of which have been in REO asset management. He joined Fannie Mae in 2010, where he worked on all different types of REO portfolios, including traditional vacant assets, occupied tenants, high touch portfolio loans and auctions. Prior to joining GSE, Aaron worked at Countrywide as a Pre-Entry Specialist/Team Leader and at GMAC Finance as a Team Leader.
“One of the things I look for in an agent is someone who’s not just looking to list the property and get rich. Anyone can do that,” Jacovini said. if that’s what you offer as something you offer you are setting yourself up to fail there are things we can’t do without eyes and ears in the local market and that’s the service you can provide that no one can ever replace.
And while some REO stocks remain low, many different opportunities remain for businesses. For example, HUD is running 11% default on its current loan portfolio, and you can hear directly from one of its few contractors. The Force Rally featured the “Government REO Opportunities” panel, offering insights from representatives who manage USDA REO and VA REO. Laura Dietz, Broker/Owner of Summit Realty Group Inc.; Labrescia Dawson, CEO of Dawson’s Realty & Mortgages; Tiffany Fletcher, Senior Vice President of VRM Mortgage Services; and Machelle Redmon, director at Raine & Company shared their experiences with the public, offering solutions and options to keep the pipelines full.
“It’s really hard to break into government contracts, and I understand that, but there’s a reason it’s hard to break into government contracts, because it’s a whole new world,” he said. said Redmon. We speak in acronyms. We just do things differently because it’s done in the real world and you have to understand that there’s a lot of paperwork and certain things need to be done.
Asked about the qualifications a potential new agent might need, Dawson said all that’s needed in a new agent is a willingness to work.
“So basically I like new agents because somebody gave me a chance back then,” Dawson said. “If they hadn’t given me the opportunity, I wouldn’t be here today, so I like to take risks with people.”
And with a number of the industry’s top experts in one room, those in attendance had the opportunity to pick and choose these people’s brains during the “Ask Them Anything: Questions and Answers with the FORCE advisory board” of the rally. The FORCE Advisory Council is responsible for expanding FORCE’s influence by guiding all members in building productive and meaningful relationships with distressed lenders, managers, REOs and asset management firms, and Investors.
Moderated by Gina Gallutia, Executive Director, Five Star Institute Membership, seven members of the Advisory Board took the floor to address the concerns of those in attendance.
Dietz, Hastings and Pagano were joined by Thomas Bohlmann of Bohlmann & Bohlmann LLC; Sarah Richards of Spring Mountain Realty LLC; and Jeff Russell of Russell Realty Group|eXp Realtyresponding to inquiries on a number of topics related to the REO space.
The moderator started the panel by asking the most frequently asked question he received from submissions from the public: “When are the listings coming and what are the signs?”
“I believe we will have increased foreclosures in America through 2026,” Hastings noted. “When you look at the data, that shouldn’t be a surprise, so I think we’re going to have a good five years.”
The FORCE Rally Reception brought the 2022 FORCE Rally to a close, followed by the Opening Reception, presented by Auction.comoffering the opportunity to connect with professionals, clients and potential new partners all under one roof at Monduel within the confines of the Hyatt Regency Dallas.
Stay tuned DS News for continued coverage of the 2022 Five Star Conference and Expo.