12650 Ingenuity Drive
Orlando, Florida 32826
REO Broker Manual
As a Broker assigned to the property, below are the list of functions that
you would be expected to perform- Please read the broker instruction
manual on Page 3 for more information.
• Property should not remain in Pre-Marketing for more than 21 days
• All Property maintenance functions will be handled by you.
• Confirm and complete the CMA on REALTRANS once order is
• Market the Property
You are also expected to-
• Turn on the Electricity and the Air-conditioning to prevent mold.
• Ensure you Winterize if the property experiences Freezing
• Confirm for HOA and pay all HOA dues on time. Communicate any
ordinance required by the city.
• Ensure Landscaping is maintained to avoid Code Violations.
• Notify the PMA if a Vacant Property needs to be registered.
• All payment requests for properties must be received by Ocwen
within 15 days of the sale date (closing date) of that property. You
are requested to submit all bills promptly
• In case there is No/Delayed response from the Pre-Marketing Analyst
do not hesitate to contact their supervisor mentioned in their email
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Table of Contents
Within 24 Hours ----------------------------------------------------------------------- 3
Vacant Property ----------------------------------------------------------------------- 3
Other Responsibilities ---------------------------------------------------------------- 4
Occupied Property ------------------------------------------------------------------- 5
Documents Related to Listing and Closing Property -------------------------- 6
Payment to Vendors and Agent Reimbursements ---------------------------- 6
To open the attachments, you will need Microsoft Word, Excel and Adobe Reader. If you
need to download Adobe Reader, please click link below:
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Upon Receipt of this message, please complete the following:
I. Within 24 Hours
Determine the occupancy status and transmit an Occupancy Status Report to the
Pre-Marketing Analyst at their E-mail address as soon as possible. DO NOT FAX
THIS DOCUMENT as it can only be received by e-mail. Occupancy Status
Read the Broker Instructions document to become familiar with Ocwen’s
occupant interaction procedures.
W-9 form – click on link and it will open the IRS’ website form to be filled in
online and printed for your signature. We request you to fill out the form
electronically as it is legible and there are no mistakes. We need this to
reimburse you, the vendors or the occupant who accept Cash for Keys
For properties in the city of Memphis, TN please read enclosed for new
Ordinance Number 5091 procedures.
II. Vacant Property
If the property is vacant, you are authorized to spend up to a total of $1,000 to
accomplish the seven (7) actions mentioned below. For other contingencies you would
have to take prior approvals. For total expenditures over $1000, approval from Pre-
Marketing Analyst is mandatory. Do not begin work on property until you have prior
approval from your Pre-Marketing Analyst.
a. Have the property re-keyed by a locksmith. Install a lockbox (with an alpha or numeric
code only) on front door. This is for the Appraiser. This is in addition to and does not impact
any MLS multilock or other lockbox you may wish to install. Advise the Pre-Marketing
Analyst of the lockbox code and location as soon as it is installed. If you do not have
such a lockbox, let the Pre-Marketing Analyst know the alternative way to access the
property. The appraiser will not have access through a MLS multilock.
b. To the extent possible, secure all windows and doors, and have them boarded up if
Once you have established that the property is vacant and has been
boarded, please fill in your information in the enclosed Property
Sign document and post it on the front door / window, or staple it
wherever it is clearly visible.
c. Check for any safety hazards in and around the property and have them fixed
d. Secure pool, if applicable, to avoid liability issues.
e. Turn on electricity and water (they cannot be in Ocwen’s name and must not be mailed
to Ocwen directly). Do not turn on gas. Let the Pre-Marketing analyst know if it is really
needed. Please have all utility bills sent to your mailing address. All utility bills must be in
broker’s name. Submit the utility bills to REALRemit with supporting documents (see
below in Payment to Vendors and Agent Reimbursements, page 5).
f. Determine if any repairs or Trash out is needed for interior and/or exterior. Obtain two
(2) bids to complete the Trashout and submit to Pre-Marketing Analyst for approval.
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Before and after pictures are required for the repairs & Trash out and their subsequent
payment. Email pictures to the concerned asset manager and firstname.lastname@example.org.
Remember to notify your PMA if Trashout is not required.
g. Please determine if there is an HOA on the property. If yes, pay all the dues till current
and inform the Pre-Marketing Analyst to reimburse you and to setup recurring payments
for future bills.
Please complete this Property Checklist and return to PMA.
III. Other Responsibilities Include the Following
1. Obtain two (2) bids from a licensed contractor reflecting repairs
required to bring property to a Marketable condition. Include any
repairs / rehab recommended to enhance marketability. When Contractorbidform.xl
recommending repairs, be sure to consider the type of potential
buyer(s) for the property. Items on competitive bids should be identical. Bids should be
prepared on the Ocwen Repair Bid Form. E-mail all bids to the Pre-Marketing Analyst.
Do not fax invoices to the Pre-Marketing Analyst. Ocwen does not pay for Estimates.
2. Complete the CMA order placed in your account on the REALTrans web site and
include photos of the interior & exterior of property as per ORA guidelines. Be sure to
include photos of recommended repairs & comparables for subject property.
3. Once the order is placed you would have to confirm the order within 24 hrs and submit
the completed CMA on REALTrans within 5 business days from the date of assignment.
If you face any issues with the REALTrans website you may call 1800-804-9496 for
REALTrans customer support or write at email@example.com
4. An Appraisal will be ordered for the assigned property. To expedite the appraisal
process and to prevent access issues, appropriate installation of a combination lockbox is
5. Once the CMA package and appraisal have been received and reviewed by Ocwen, a
marketing strategy will be developed and the property will be listed for sale. At that
time, the property will be assigned to a Residential Sales Consultant (RSC). This asset
manager will then List the property with you and remain as the Ocwen contact
throughout the successful sale of the property.
6. Equal Housing Opportunity -In conjunction with the National Fair Housing Alliance,
Ocwen supports the achievement of equal housing opportunity throughout the nation.
Ocwen encourages and supports an affirmative advertising and marketing program in
which there are no barriers to obtaining housing because of race, religion, creed, color,
age, sex, marital status, disability, familial status, or national origin. All approved
Broker/Agents are required to abide by and conform to fair housing policy. Any
violations of equal housing opportunity laws should be reported to Ocwen immediately.
Violations of fair and equal housing policies will result in discontinued use of the
Broker/Agent. This includes, but is not limited to, the selection and use of contractors,
subcontractors and vendors who are hired to perform work on REO assets
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7. Advertising Policy- Advertising methods and practices must comply with all applicable
rules and regulations of local, state and federal governing authorities. The Equal
Housing Opportunity logo, slogan, or statement must be used in all advertising, and all
IV. Occupied Property
1. Inform occupants that the property is now bank-owned and that you will be the local
representative of the bank. Find out name(s), phone number(s), and intentions of
occupant(s), occupants mortgagor/tenant and include on Occupancy Status Report.
Email the Pre-Marketing Analyst, who will immediately start the eviction process.
Remember to provide the status of the Eviction to the Pre-Marketing Analyst.
2. Negotiate relocation assistance (“Cash for Keys” or CFK). Start with offering an amount
equal to approximately one month’s rent on the property, up to $1,000. Any offer above
this amount must have prior approval from the Pre-Marketing Specialist.
An approvable agreement requires that the occupant(s) vacate within two (2) weeks and
leave the property in a broom-clean condition. As a condition of the agreement it is
required that the occupant(s) provide access to you to start the CMA process and to the
appraiser to start the appraisal. Notify the Pre-Marketing Analyst by phone or email
immediately if occupants agree to relocation assistance.
3. If the occupant agrees to relocation assistance, have occupant sign the Occupancy
Termination Agreement. Also fill out a W-9 with Occupants information for payment
and send it to REO Dept by email- orl_5780_REO@ocwen.com or Fax 407-737-5780. A
check made payable directly to the occupant from Ocwen will be sent to the agent for
distribution upon vacancy of premises. Allow at least seventeen (17) business days for
receipt of check. Do not give occupant the funds until you have physically verified that
property is vacant and in broom-clean condition (both interior & exterior). Please notify
the Pre-Marketing Analyst as soon as asset is vacated.
4. If occupant(s) does not accept relocation assistance, we request you to check on the
occupancy status of the property every two weeks. You may continue to offer Cash for
Keys until 30 days prior to the eviction date. Update the Pre-Marketing Analyst every
two (2) weeks on the occupancy status and Cash for Keys offer via email. Remind
occupant(s) that the owner has initiated eviction proceedings.
5. You are requested to be present at the eviction as Ocwen’s local representative. You will
be contacted by phone or email with the actual date and time. If you expect debris
removal to be necessary, please coordinate the service for the time of eviction.
6. Once a property has been vacated, either from Cash for Keys or eviction, please notify
the Pre-Marketing Analyst via email that the property is vacant and secured. Follow
steps listed above for vacant properties [ Step II ]
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V. Documents Related to Listing and Closing Property
Below are four documents and a hyperlink with which you will need to be familiar. Your
Ocwen Asset Manager will discuss these with you at the appropriate time in the sales process.
a. Addendum A (accessed through hyperlink below) is an Addendum to the Offer to
Purchase. This must be submitted with the accepted offer. Offers will not be
processed without the AddendumA duly signed by the buyer and the Selling Price
as per the Acceptance. AddendumA can be downloaded from the Ocwen website or
from the link
b. The Contract Summary form
c. The Listing Agreement is provided only for your review. It will be submitted to you
for listing when the property is ready to be listed on Market.
REO RLA.doc (53
d. Update the Asset Manager with the MAR [Monthly Activity Report] by 25th of each
month for previous month’s activities.
VI. Broker Re-imbursements
Invoices need to be submitted through your REALTrans account using a work order
issued by your Asset Manager. Reimbursements need to be submitted within 10 days of
service completion. If you are not reimbursed 15 days after you submit the invoice
Detailed procedure for submitting invoices and reimbursements given below.
At Ocwen, all assets are identified most efficiently by the Asset Number.
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Please provide this number in all communication and documentation.
Payment to Vendors and Agent Reimbursements
REALRemit Quick REALRemit Broker
Start Guide.pdf Manual V2.5.pdf
Ocwen has converted to a new system – REALRemit™, which provides our REO vendors and
brokers with electronic invoice submission and direct deposit of payments. This system was
designed in part to allow brokerage firms to have the 3 rd party Vendor paid directly, eliminating
the need for the brokerage firm to carry the financial responsibility of up-front expenses
associated with an asset. The fee for this service is 2.5% of the total invoice amount, or a
minimum of $2.00 and a maximum of $25.00 which covers the cost of processing and wire
Ocwen recommends that Brokers encourage Vendors to sign up for
REALTrans through the Ocwen website (www.ocwen.com) please see Broker Guide to
instructions enclosed Broker Guide to Vendor Additions. PDF) in order to
receive payments directly for work completed on behalf of the Brokerage firm. Alternately the
broker can collect the information from the Vendor and submit it through the RSM or PMA.
To receive reimbursement or payment for any property-related expenditure, the Brokerage firm
or Vendor must have a REALTrans account and executed the REALRemit agreement; you must
contact your asset manager to have a work order created, then submit the required documents,
converted to digital format. Once the Invoice has been created, the supporting documents are
attached and the invoice is submitted for payment. Please submit all bills for reimbursement
within 10 days of completion of the respective work. For services where expense amount is
greater than $1,000.00, we require two (2) contractor estimates and the before-and-after pictures
in order to approve the service. (Ocwen does not pay for Estimates.) Once a particular estimate
is approved, we need the approved contractor’s W-9 sent to the property’s asset manager in
order to facilitate the work order creation.
All Invoices submitted for reimbursement should be submitted on a monthly basis;
additionally, Ocwen must receive all final reimbursement documents WITHIN FIFTEEN (15)
CALENDAR DAYS OF THE PROPERTY’S CLOSING DATE. We understand final invoices
for utilities takes longer to receive from the utilities – this is the only exception to receive invoice
after 15 calendar days of the property’s closing date. All other invoices will be rejected if
received after the 15 calendar days of property’s closing date. In addition, Ocwen will not pay
for late fees if Ocwen is not at fault for late payment.
1. Login to REALTrans (as in instructions in Broker Guide to Vendor Additions. PDF (above),
locate the “open work order” for that asset; create an invoice for that expense; attach the
supporting documents; and submit them for approval. See the REALRemit Procedures
Guide in REALTrans under “Helpful Info” for further details.
2. Supporting documents must be scanned and converted to a digital format using a
flatbed scanner, or similar, with a resolution of 300 dpi or better, then uploaded and
attached to the invoice when submitting the invoice for approval. Invoices submitted
without supporting documents will not be processed. Supporting documents must
include the following:
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a. Ocwen Work Order Number – Ocwen must authorize each service performed by
issuing a Work Order. You must contact the Asset Manager (do not email through
REALRemit) in order to receive an approved work order. Work orders issued by
the Ocwen PMA or RSM will be transmitted to REALTrans where the
Broker/Agent can review them prior to submitting the invoice. In no instance
will the broker be able to submit an invoice for more that the Total Confirmed
Price listed on the Invoice Details screen. The Broker/Agent should make every
effort to assign payments to Vendors and utility companies to avoid the
b. Broker/Agent Invoice Number – the invoice number is the Broker/Agent’s
unique identifier for reimbursement; if the Broker/Agent does not supply one
when creating an invoice, REALRemit will create one for you in the system. This
will be how you identify what invoice was paid when you receive payment.
c. Address of the property, including the Asset Number.
d. Payment Method – If the Broker/Agent has paid the vendor by check, a copy of
the invoice with Check Number, Date and Signatures of Both Vendor and
Broker/Agent, with the statement “PAID BY CHECK” is required. If the Broker/
Agent paid by credit card, a copy of a valid receipt, dated and signature is
required. If paid by cash, the invoice must be state “PAID BY CASH” on the
invoice and have a signed receipt by both the vendor and Broker/Agent. Any
payment by cash should not exceed $500.
3. A properly completed W-9 Form for the vendor or Broker/Agent to be paid. This
requirement is not applicable for government entities, utilities, etc. Consult with the
Asset Manager if you have questions on how to set up a Vendor for direct payment.
4. For all trash-outs and all repairs over $500, before and after photos are required. Verify
each work order you are assigned for details on required pictures or consult with the
PMA or RSM.
5. All invoices must be submitted WITHIN FIFTEEN (15) CALENDAR DAYS OF
CLOSING. Ocwen will not pay any invoices submitted after that time, except utility
bills as mentioned above.
Required “before” pictures must be emailed with work approval request to the asset
manager (you must also email firstname.lastname@example.org); “after” pictures must only be submitted
through REALRemit when you are submitting an invoice.
Making false and misleading reimbursement requests will result in termination of the
Ocwen-Broker/Agent relationship, reporting to the state licensing board and legal action.
REFERENCE RealRemit PROCEDURE MANUAL OR HELPFUL INFO IN REALTrans USER
GUIDES for information regarding direct payment received into your account.
Please do not contact your asset manager about Accounts Payable issues.
Please email REOAP@ocwen.com
Invoices will only be accepted if submitted through REALRemit. Any submission to
REOAP@ocwen.com or faxed to 407-737-6270 is rejected.
Upon property sale and closing, please request a final utility bill (utilities should not be opened
under Ocwen’s name – please see above in Vacant Property (II. e.) for more information on
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TO BE VALID AND PAYABLE, ALL INVOICES MUST BE RECEIVED BY OCWEN
BY THE 15TH DAY AFTER CLOSING. INVOICES RECEIVED PAST THIS DATE
WILL NOT BE PAID. PLEASE SUBMIT ALL INVOICES PROMPTLY.
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