Introduction to: REO Property Management for Asset Owners and Asset Managers
The System is a Shared Application <ul><li>No Software to load on your PC </li></ul>Asset Owners and Managers Appraisers Realtors Clean Up Repair Rekey Escrow Notary New Lender <ul><li>All parties access the same files, forms and data </li></ul><ul><ul><li>Users can see, edit only what the administrator allows </li></ul></ul><ul><ul><li>One database where all information resides </li></ul></ul>
Key Benefits <ul><li>Complete Visibility --Of property status, workflow and user activity </li></ul><ul><li>Easy to use —Just an internet connection, login and password needed </li></ul><ul><li>Flexibility —Work from anywhere with an internet connection </li></ul><ul><li>Scalability —Number of users, transactions and data stored can grow </li></ul><ul><li>Easy to Update —User requested reports or changes done quickly </li></ul><ul><li>One System —All data, files and records of communications in one place </li></ul><ul><li>Peace of Mind —Data and records are secure </li></ul>
Technical Requirements <ul><li>To use the system, users only need; </li></ul><ul><ul><li>Microsoft Internet Explorer, login and password </li></ul></ul><ul><ul><ul><li>Some functions do not work with Firefox internet browser </li></ul></ul></ul><ul><li>Recommendations for best performance </li></ul><ul><ul><li>Operating system should be Windows 2000 or more recent </li></ul></ul><ul><ul><ul><li>System runs slowly on older versions </li></ul></ul></ul><ul><ul><li>Most recent Adobe versions </li></ul></ul><ul><ul><ul><li>When asked if you want to upgrade to latest version, click “Yes” </li></ul></ul></ul><ul><ul><li>Save Often </li></ul></ul><ul><ul><ul><li>For security, system will “time out” after 30 minutes of no activity </li></ul></ul></ul>
REO Property Management Process The following Pages will show how each Step of the REO Property Management Process is done in the System. A summary description of other system capabilities, such as reporting, is included at end.
Login and Password Go to www.channellogin.com , Enter Login ID and Password
Add New Property to the System Go to Orders, New Property Add the Property information and SAVE Once created, authorized users can access this file to add other vital property information such as; Client ID #, Lockbox combo codes, BPO notes, MLS description and current status
Assign Property to Vendor(s) Select the property, go to Contact Manager Tab Under the Contact Manager Tab, select the vendor types from the left side of the page e.g Asset Manager, Mortgage Company, etc. and add the vendor company information and SAVE. Doing this gives the vendor access to work on this property with you.
Assign Account and Property Managers Also under the Contact Manager Tab Assign the individuals responsible for managing this property. Select them from the dropdown menu, or add their contact information.
New Property Status Updates Go to the Property Tab In most companies, the individual assigned to this property know what specific information they are responsible to gather, e.g. HOA, Utilities, Sewer, etc. Once information is obtained, they update the Property info here.
Viewing Field Inspection Reports and Assigning Tasks Go to Tools Tab , then Field Inspection Reports Detail of each FIR, by date appears here. If an FIR item answer is negative, it shows with a Red Flag. On the same line, a Task can be created and assigned with a due date
Tracking Tasks Go to the Tasks Tab All Tasks for this property are shown along with their status and if approved. Users can also add New Tasks here. Select who it is assigned to and give any specific instructions that may be required to complete the task. All persons assigned tasks get email alert.
Bids and Work Orders Go to the Work Orders Tab Select Add New Bid Request or Add New Work Order. Select Vendors from directory link, add relevant Work Order information and Send. Status of all Work Orders are tracked.
Listing and Selling Go to the Tracking Tab Account Manager updates the status of the property to “Listed” and puts a copy of the MLS listing into the File Cabinet
File Cabinet Go to the File Cabinet Tab Users upload all relevant files into the File Cabinet: Weekly inspection reports, photos, MLS listing, Escrow instructions, contingencies, etc.
Closing Go to the Tracking Tab Once the status of the property is changed to Closed, then the Closing activities commence, e.g. Transfer Utilities, terminate maintenance services, remove lockbox, create trailing invoice, etc.
Con Log Supports the team through the entire Transaction Cycle Go to the Con Log Tab Here important dialogue between all parties working on the property that doesn’t fit neatly into forms and reports is recorded.
Pipeline Report Click on Pipeline button at any time Pipeline is sortable by multiple categories, including, State, Status, User, etc.
Customized Reports Select Reports from Menu on left of page Various data sorting methods are available. Select View Report. Can print and export all reports.
Summary <ul><li>A Shared Application between Asset Owners, Asset Managers and the Vendors assigned to work a property through the REO process </li></ul><ul><li>Superior to using multiple systems and rekeying data </li></ul><ul><li>Customizable to your specific business processes and reporting requirements </li></ul><ul><li>Easy to add new users, branches, partners and vendors </li></ul>