Can anybody confirm Countrywide/BOA got the new contract? I heard a rumor of a different company receiving the contract.

No, however it would be nice to know what to do with my GROSSLY overpriced VA (Ocwen listing) had it not been for this forum. I never would have known...Continue to pay bills that I wouldn't get reimbursed for. Never heard from the asset manager! Nothing

Mine is under contract, and I asked the AM specifically if we would be allowed to close under the current contract. His response "nothing has changed as far as this property is concened" He would not elaborate. But he may be in the dark as much as we are.

He is the third asset manager in 4 months, and the only one who responds to email.

Maybe whatever's in escrow or currently listed might just be allowed to progress normally until it's sold and closed.

I havn't seen or heard any news about other than on here. Media's been hush-hush, no news on Ocwens site.

I've research the VA websites and verified that Countrywide is on the receiving end on all future assets. All current property with Ocwen will remain until sold. Future assets will go to Countrywide. My asset manager at Ocwen has given me the impression, though, that their department is going to be merged with Countrywide (aka takeover). This could be a good sign that we current Brokers with Ocwen will still be online for future inventory.

It won't be Countywide for much longer. I cannot conceive that BofA would allow a merger for any reason between Countywide VA's new contract and OCWEN. Did anyone actually read the GAOs report? Even a portion of it? In the states which were audited OCWEN didn't seem to have a handle on their properties, not at all. I know that OCWEN claimed that the reimbursements from the VA didn't amount to a hill of beans but still....

OklaHome, Can you post a link to that news?

Here's VA regional link (Cleveland) which says it is indeed Countrywide...

http://www.vba.va.gov/ro/cleveland/REO_sales.htm

and then there's this

http://www.homeloans.va.gov/new.htm

Specifically, this

http://www.homeloans.va.gov/circulars/26_08_10.pdf

My AM at Ocwen said that OCWEN didn't bid on the contract? They still owe me HOA dues and other items on one closed VA asset, insisting that I give them service dates which are clearly posted on the invocie their closing attorney gave methis has been going on since end of MAY! it's a freeking nightmare to get re-imbursed, I don't understand why HOA dues cannot be put on the HUD 1?

I just learned from the VA that Countrywide is reviewing all the current listing Brokers with Ocwen and their track records. We will each be notified should they wish to continue our services. In the meantime, he gave me the following email address to address questions and concerns to Countrywide... GOOD LUCK TO EACH OF US!

RemBrokerCommunication@countrywide.com

In addition.... My state, Oklahoma, was amoung the states audited. I assume that each of you are currently serving Ocwen properties, thus it won't be any surprise to you that it isn't the Broker that doesn't have a handle on the asset(s) in keeping maintained. There is no way we can pay for work that needs to be done without a work order in the system or at least a paper trail stating that a work order was approved. I had been bitten on the xxxx more than once for sticking my neck out on work. WITH OCWEN, SHOULD YOU PAY FOR WORK/INVOICES PRIOR TO ACTUALLY HAVING A WORK ORDER IN REALTRANS, YOU'VE GOT YOURSELF A LONG JOURNEY TO GETTING REIMBURSED.

With the ice storms we suffered from in 2007 the damage was unsurpassable. Thousands of dollars were needed for clean up and they very easily could have gotten funds from FEMA to assist in the task.

Perhaps I am sounding a little defensive since Oklahoma was amoung the states audited, but truth be told, its just as bad in every state. We were just used as a slight example.

Interesting thread; just further ratifies my decision to have declined any further work from Ocwen. In spite of their multiple requests I have consistently refused to be a listing agent for them (I won't give them my credit card or bank account with routing numbers and I won't use their web site and software). More recently I have also refused to do BPO work for them.

If VA awarded to Countrywide then I assume that will be part of the BofA takeover of Countrywide. Good Luck!

Thanks CanDo.
We'll it looks like it's official. I'm sure half the forum has already bombarded CW.

I'm going to sit this one out, being careful what I care not to wish for.

I just hope it means more BPOs through CW. I could do BPOs for CW all day long.

You're right OKlaHome, I never got reimbursed for HOA dues on invoices ocwen AM received from the HOA, sent to me for payment and never entered workorders after repeated requests!

I just received another Condo list assignment from them and I refuse to pay the HOA dues. I'm going to try and set the Association up with realtrans, hope it works!

Also, since BofA and Countrywide are one in the same, why is Countrywide not mentioned on the First Preston Management Contract subrogation clause? There is only First Preston, Fannie Mae and Bank of America. Or maybe First Preston only handles Fannie Mae Properties handled by Bank of America, Hmmm!

Good question. It is my understanding, through research, that althought BOA is now parternered with Countrywide, Countrywide REO Department is 'stand alone'. Their program is very successful and will not 'change over'.

As far as new assignments with Ocwen, just ask for an HOA work order at the same time as requesting utility invoices. I actually tell the asset manager that there is a lien threatend and they have always authorized a work order.

Thank you for the information. Ocwen appears to be the only bank that requires agents to pay HOA. I could be wrong.

A heads up. I know a vp in the real estate division of boa. He states that he is heading up some plan to handle the 45,000 reos that countrywide is bringing to the table.
But that plan is 9 months away from being instituted. I was trying my damndest to get in with Boa once I found out about the contract going that way. I just cant imagine that they wont use the agents already familiar with the rules, regs, systems and such. I am hoping since I cant get this guy to give me an "in" that they will be using experience agents with good scores from ocwen.

Just found out all VA Ocwen files going to CW next week.

Anyone know the current status? I'm not a REO broker/agent but am representing buyers who made an offer on a VA-owned property last week. The listing broker says he has no one to submit the offer to. Is there any way to get an offer submitted right now? The buyers are on a tight time frame. Thanks for any input.

I just got a VA listing from CW this week. It was foreclosed on in February 2007, and the roof weas leaking at that time. It was reported on the appraisal to Ocwen, and that the roof needed attention ASAP. They did nothing. It never even hit the market. Now the roof is so bad most of the floors are badly damaged and just about every room has part of the ceiling on the floor. It's a shame they didn't at least get the roof tarped. i hate seeing tarps on my listings, but it would have protected the VA's asset a little, anyway.