I just received an e-mail from IndyMac indicating they want existing and new agents to take three courses with Default School. Here's an excerpt.

"Dear Indymac REO Agents and Brokers,



On August 11, Indymac is introducing a mandatory formal education initiative for new and existing network REO brokers and agents.



This initiative includes a curriculum of multiple training courses.

1. The first course is REO Best Practices. This course provides an in-depth overview of how to manage an REO property.

2. The second course is Advanced Evaluations. Advanced Evaluations provides substantial video training that will increase your understanding of property valuations.

3. The final course is Indymac REO Policies and Procedures. This course offers a vehicle for Indymac to detail our unique REO processes and business practices.



We hired Default School to provide our online training. We believe this training will improve our service levels, reduce expenses and timeframes, and enhance our relationship with you. Indymac considers completion of this training as a differentiating factor in our broker and agent selection process"

------

Note: This is going to cost agents $897.

seasaw, where did you find the price? I was just approved at Indymac last week, and haven't handled an REO yet, although I was offered one that I referred to another broker who was closer. I haven't paid money yet to get BPOs or REOs. Wonder if it will be worth the cost????

I found this information when searching for training courses they conduct in my state.

Here's the breakdown

REO Best Practices - $249
Advanced Evaluations - $249
Indymac REO Policies and Procedures - $399
-----------------
I haven't even been approved by IndyMac yet. My application is still pending and I received the e-mail.

Seesaw - same here, my application is pending too and received the email. My question is, are they the same classes WF requires and if so, once one takes them will that improve one's chances of getting approved by WF too? It would be a little more worthwhile if they are applicable to more than one company, $897 is a lot to cough up.

Got it. Not payin it. .

Gotta pay to play!

I love how they say "we hired Default School" when WE are the ones paying for the classes.

How do you check your application status? I got the email also. Not so sure I want to pay that much money without any guarantee of a listing.

You can check status on their website. You need to enter your application ID, name, and e-mail address.

I applied last November, finally was approved just last week.

I just looked mine up. Says "pending". I applied in November, do they call you when you're approved? Neudot I assume you're taking the courses.

I just received my notice as well and almost screamed when I saw the prices. I am in a rural area and handle most of IndyMac's properties in this area and even so, I'm lucky to get 5 a year. I am already paying over $2,000 a year for the required enhanced Realtor.com that Indymac came out with last month. I'm okay with the 'pay to play' but I wish they were
willing to give me some sort of reassurance that they will continue to give me the 3-5 listings a year they have in this area if I'm going to spend $3,000 completing all their requirements. This is just as frustrating as the Premiere asset/wells fargo situation: we pay to get the training as required and then they announce they are going to get rid of a huge number of their agents. (I sell a lot for PAS so I had no problem with completing the training). Just venting I guess....somedays it just seems like its costing more and more to do this wonderful line of work..

I don't think I'll be paying $900 to list properties that would net me $300 in this area. Burger King isn't charging for their training classes (yet).

I had handled Indymac for my previous sponsor but hadn't approached them yet since being on my own. A referral, thanks to another forum member, triggered my application. It was finally (a lot of things to look up for their required fields) completed last night and this morning's e-mail indicated it was approved. No mention of any Default School and will not incur that cost if it comes up, I see references to Default School being required for Wells Fargo too. Never did it for them either but closed my most recent listing from them last month.

Mr. Foreclosure, your application was approved overnight?