Preservation Keeps REO in the Sales Market.(Managing REO)(Real estate owned)(Conference news)

Byline: Jennifer Harmon

Tampa, FL-REOMAC is gearing up for it's fall conference in Hollywood, Fla., where economist Christopher Thornburg will provide cutting-edge information and predictions regarding the economics of the country and the world.

The organization, which was founded in 1985, continues to stay in tune with the needs of the industry. Shelley Kaye, president of REOMAC, says the nonprofit trade association, which has 1,400 members, remains dedicated to offering unique education and networking opportunities.

The membership of REOMAC, which includes a balanced mix of mortgage lenders, servicers, attorneys, title representatives, asset management outsourcers, real estate brokers and a wide variety of associated vendors, has seen a huge change in the marketplace over the past few years.

"It's mind-boggling to see the transition in the industry," observes Ms. Kaye, who worked at Option One for 11 years as coordinator of REO before becoming a consultant at ACC Capital. "I remember [at Option One] in the beginning assigning 300 files. When I left in May there was 17,000 files."

The issue of rising foreclosures has touched everyone in REOMAC and in the mortgage market as a whole, including every lender no matter how cautious they were with their loans, she says. "It's hitting every aspect of the economy. You only have to read the paper and understand."

With foreclosures fresh on everyone's mind, during a special town hall session at the upcoming conference, panelists will get to interact and discuss the latest in the important topics of loss mitigation, pricing REOs and effective marketing strategies.