About Our Company
Network Mortgage Servicing is a national asset management company specializing in the
effective disposition of financial institutions’ Real Estate Owned (REO). Its experience includes
over 200,000 REO sales nationwide and its real estate agent and appraiser network includes over
30,000 real estate professionals. In conjunction with its REO services, Network focuses on
related default management efforts, including loss mitigation, due diligence and broker price
opinion and appraisal services.
NMS takes pride in customizing its services to best suit the needs of its clients and to always
produce an end result that is of the highest quality and in a timely manner. its team is dedicated
to minimizing the costs associated with non-performing portfolios and ensure its clients the
highest possible returns. The Network staff is a group of experienced real estate and mortgage
servicing professionals that understands the needs of its clients, agents and appraisers.
NMS has developed strategic alliances with several e-commerce entities to offer a host of real
estate information products and services to increase productivity and efficiencies.
NMS specializes in these services:
• Broker price opinions
• REO sales and servicing
• Loss mitigation services
• Property inspections
For each, NMS offers full customization to meet the needs of its clients. It offers several
additional services to meet the needs of its clients for unique circumstances.
Working with Us
NMS is always welcome to doing business with new appraisers and real estate agents. If you are
interested, simply send us your company’s information and zip code service area and we will
contact you when we have an order in your area.
Presently, NMS specializes in complex or challenging REO disposition, include high and low
value homes, damaged properties, partly unfinished properties, poor markets and long term
holdings. In addition to direct listings and real estate agent referrals, NMS brokers sales of REO
portfolios between financial institutions and offers customized services, including the
management of property repairs and blind customer inspections of listed properties.
NMS can successfully dispose of a difficult to market REO holding through long-term
commitments to bringing a property into a marketable condition. NMS will work with its clients
and with local real estate brokers to identify solutions and implement them with minimal hassles
and expenses for its clients.
If you are assigned an REO listing by NMS, please refer to our separate REO manual for
instructions, procedures and forms. In the event that our client has its own REO manual, a copy
will be forward to you at the time of the assignment.
Loss Mitigation Services
NMS brokers loss mitigation negotiations between lenders and delinquent borrowers, helping
them reach such agreements as deferred payments, refinancing, short sales, assumptions and
Universally Beneficial Solutions
NMS considers each case individually, analyzing the financial needs of its clients and of the
borrowers, and it strives to reduce the stress and hardship that are a part of the loss mitigation
process. NMS works to preserve home ownership in as many cases as possible, while working
to reduce losses to investors, preserve servicing income, collect fees and expedite any legal
proceedings. NMS works to ensure that all parties benefit from a simpler, gentler process.
NMS offers many appraisal services, standard and customized. For most appraisals, NMS
subscribes to general industry standards and requires appraisals to be completed in accordance
with them. In the event that an appraisal order carries special requirements, they will be
communicated to you at the time of the order.
Property Inspection Services
NMS provides custom property inspection services, including inspections by licensed inspectors
and real estate agents. Presently, NMS specializes in servicing special cases, such as cases where a
lender has lost contact with a borrower or occupant and cases involving substantial property
damage. If you are assigned an inspection order, precise requirements will be forwarded to you at
that time. NMS’ general guidelines for completing inspections orders are as follows:
General Inspections Requiring Exterior or Interior Inspection
These standard inspections generally require photographic and written documentation of all
structural defects and hazards, in addition to a description of the property’s physical and
These are general inspections performed at stated intervals.
Occupancy Status Inspections
Simple inspections to determine state of occupancy.
These require attempts to contact a borrower or occupant with whom the lender has lost contact
or who is not responding to lender correspondence.
Bankruptcy and Foreclosure Inspections
These focus on the potential marketability of the property, in addition to critical safety hazards,
in anticipation of potential lender ownership of the property.
Performed after a property has suffered major damage, these are to provide lenders with
information affecting decisions on potential property foreclosure and marketing, as well as to
calculate monetary damage for insurance and repair purposes.
Broker Price Opinion
The broker price opinion you are about to provide will be an important tool for a nationwide
lender. Whether for a foreclosure proceeding or for the sale of a portfolio of non-performing
loans, it will be critical in allowing the lender to complete its transaction within its deadlines and
budget. As such, it is important for you to keep in mind some simple things when doing your
BPO, to ensure that the lender will receive the information it needs.
Receiving an Order
When NMS places an order with you, the paperwork will list the name and contact information
of the Account Manager handling the order, form and photograph requirements, deadlines and all
information about the subject property. If the Account Manager did not speak with you when
placing the order, it may be canceled without notice if you do not confirm it by e-mail, fax or
phone. If you need any additional information to complete the order or cannot complete it by the
deadline, notify the Account Manager promptly.
Inspecting the Property
You are required to inspect the property. Any required photographs must be taken at the time of
inspection, not from a file.
Completeness and Accuracy of Data
It is necessary for you to provide all of the information available that pertains to the
marketability of the subject. This includes square footages, room counts and exterior features of
all properties. If information is not available electronically, use your drive by inspection and
knowledge of the market to ascertain probable information, noting your reasoning in the
provided spaces on the BPO form.
Selection of Comparable Properties
Comparable properties should be similar to the subject property in size, location and
construction. If recent sales and listings do not closely match the subject, use older or less
comparable listings, making appropriate adjustments and notes in the spaces provided.
Valuation of the Subject Property
The value you provide for the subject must be within the range of those of the comparable
properties. Use the provided spaces for value adjustments and notes to make it so and explain
any deviant values.
It is important that all repairs that you observe the property to require be listed on the form or an
addendum, with a description and estimated cost.
Comments and Notes
These are very important to the lender. Use the form to provide as much information about
marketability of the subject property as possible. Addenda may be attached if you require more
Sending a Completed Order
NMS accepts completed orders through its Internet site. See the relevant section of this manual
for instructions. Although orders can be accepted by fax, overnight mail and e-mail, use of the
Internet site helps ensure timely and quality delivery and processing of your BPO. If a faxed or
e-mailed BPO is illegible or not in the required format, a handling fee may need to be deducted
from your bill. BPOs lost or delayed in overnight mail will need to be sent again.
Be sure to provide us with a social security or employer identification number if we do not have
one on file for you. NMS will remit payment within sixty days of receipt of your BPO or when
the lender approves it, whichever is first. If the lender rejects or requires resubmission of a BPO,
NMS cannot remit payment for it.
Do not disclose your BPO to the property owner or occupant or to other companies. If you have
done a BPO on the property for another company within the last six months, notify us before
proceeding with the order. If the lender receives a BPO from you by way of two companies,
only copy will be payable.
Broker Price Opinions and REO Listings
Broker price opinions are a crucial part of the REO process. Presently, NMS primarily handles
special or difficult REO cases and regularly does not assign listings for standard properties.
However, the lender might assign the REO listing to you directly. If it does, NMS will not ask
you for a referral fee. Since competition for listings is high, providing a BPO that is accurate,
timely and of good quality is necessary for you to be considered for a listing.
Assistance with a Broker Price Opinion
If you need assistance, contact a NMS Account Manager or refer to the sample BPO on the
Using our Internet Site
To use fully use NMS’ Internet site, you will need a user name and password. These will be
provided to you when you begin doing business with NMS.
Organization of the Internet Site
NMS organizes the functions of its Internet site by product. To obtain instructions and forms
and to submit a completed order, select the service you are providing from the main page of the
Internet site, as here:
All of the forms that NMS uses are in Microsoft Word format. To download them, go to its
Internet site and select the type of order that you have been assigned, as above.
Locate the form you require and click on its name, as here:
Depending on your browser settings, the form will open in your browser window or you will be
prompted to save the form to your computer.
Submitting a Completed Order
When you have completed the required form, save it to your computer in a place that you can
remember and prepare all photographs that you intend to submit to NMS.
Return to the Internet site and select the type of order that you are submitting, then select Submit
a Completed Order.
You will be prompted to enter your user name and password in this dialog:
If it is your first time, you will be prompted to select a new user name and password:
You will be given a list of active orders that are assigned to you. Select the one you are
submitting. The next screen will ask you to locate the form and photographs on your computer:
Press the Browse button next to the field and use the window that opens to locate the form on
your computer. After doing so, do the same for each photograph you want to submit by pressing
the Browse button next to each field.
For each photograph, please enter a description into the field to the right. Once you have located
all the photographs, press Submit. If you have more photographs, press Submit Additional
Photographs instead and continue on the next screen.
After pressing either button, your computer will submit all the files you selected. Depending on
the speed of your Internet access, the submission might take several minutes. Do not close
your browser window or use it to access other web pages until the submission is complete,
since doing so would cancel the submission. When the submission is complete, a
confirmation will appear that will state the number of files that were successfully uploaded.
It is not necessary to submit all of the files at the same time. The forms and photographs can be
sent at different times or not at all. The confirmation will state the cumulative number of files
that have been submitted for the order.
When sending photographs, please use a compact and standard graphics format, such and JPG or
GIF. Other graphics formats might increase submission times or be unusable. The Internet site
cannot accept files that are compressed or executable; this includes ZIP files, self-
extracting compressed files, files with extension EXE or COM and script files, such as VBS
If you have any problems, please contact a NMS Account Manager.
Submitting Orders by Fax, E-Mail and Overnight Mail
NMS can accept completed orders by fax, e-mail and overnight mail. However, the Internet site
is much preferred, since it helps to ensure that submitted orders are correctly filed, recorded and
organized and that they are in the required formats.
If you cannot use the Internet site and need to submit a completed order by any of these methods,
please speak with a NMS Account Manager. If a faxed or e-mailed order is illegible or not in the
required format, a handling fee may need to be deducted from your bill. Orders lost or delayed
in overnight mail will need to be sent again.