Titanium Solutions & Can I say WHAT?
Replies to This Discussion
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Permalink Reply by Janice MacMillan on
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I have looked into them. Even sent them an email that they never responded to. Yes, they are a 3rd party negotiator and your fees will be a 25% referral fee. Here is one website that I looked at with some information on them. http://reopro.ning.com/forum/topics/titanium-solutions-now-doing
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Permalink Reply by Eric Mieles on
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Hey Robyn. I work as a Titanium Rep here in the Orlando area. They basically have agreements with lenders to help restablish communication with borrowers by hiring local Realtors to go knock on the doors and get the borrower to make contact right there and then with the servicer.
You get assignments and based on your performance you get paid higher if you get them borrower to make contact then your pay decreases if you make contact but not with the bank or no contact at all.
You really are not doing it for the small fee you get once you make contact, the smart ones continue to follow up with the clients and there able to get the listing if the servicer tells the borrower they don't qualify for a loan mod or something else. So they send you assignments, you try to make contact and get them in touch with the bank and then follow up to see there progress. If there comes a time when they think a short sale will be better for them then your right there to assist.
That's basically how it works. Hope it helped.
Eric
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Permalink Reply by Sherry Beattie on
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Yes I signed up for Titanium a few months ago. You go through their training on line and then they assign you assignments, basically the lenders hire Titanium, to go out to Homeowners that are usually behind on there payments, and try to make contact with them about a workout solution. I have only gone out on a few assignments, the pay is extremely low and have not worked enough assignments to lead to a short sale. I am too busy with my own workload, I honestly dont have time to work them, however for those agents who need more business, it may be a way to get short sale leads and to help homeowners. You are suppose to identify yourself as a Homeowner Retention Counselor with Titanium and at no time are you to give out your real estate card. Basically the initial appointment is to try to get the homeowner in touch with the lender and you are the messenger.
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Permalink Reply by Steele V. Propp on
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Titanium Solutions (TS) has been around a number of years. I work with them as a Home Retention Consultant (HRC) and have for a number of years. So this is my viewpoint.
TS started as a pre-foreclosure contact service for the lending industry. They had found that when a person started missing payments and was contacted by the lender to see what was what, often the borrowers would not answer the phone or letters sent. TS recruited local Realtors to makean in person contact with these people on behalf of the bank. Basically set up a telephone contact with the bank to see if something could be worked out. The HRC does not solicit listings and is forbidden to do so. They and TS act as a third party to bring the bank and borrower together to see if foreclosrue can be avoided.
Now recently TS has also added shortsale services and the lender may recommend TS to provide an agent to list a property. However, if a property is already listed they will not make such a recommendation.
If you have listed this property I think this was a typical contact. And your client may have misunderstood or the HRC may have not described her role very well. She probably said or meant to say that she was not acting as a Realtor in contacting your client. And we would normally say something to that effect so there was no thought that we are trying to list a property. Again, that is not allowed in the normal contact situation. Any solicitation can get you canned as an HRC.
If you go and google TS you can get a complete info package as well as application to be an HRC.
Last year the parent company of TS started an asset management company called Excellen and those HRCs with REO experience were placed on a list for possible listings. Well, nothing so far. But the shortsale end may be getting some listngs.
So check out the site and I wouldn't be worried about the HRC contact. Actually it shows the lender is open to alternatives and wants to talk to this person to discuss alternatives.
Good luck with the listing.
Steele
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Permalink Reply by Scott Korbin on
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I too am a Titanium Solutions HRC. I highly recommend the relationship for anyone who has a passion for helping people who are fearful of dealing with banks, and who need both direction and confidence to make the best decisions with their distressed sifuation. The compensation is sufficient to cover travel expense, and provides long term oppotunities to act as a Short Sale consultant and Listing Broker.
Perhaps it should be understood that when working as an HRC for Titanium Solutions, Agents become ad hoc representatives for the Loan Servicer, and therefore must carefully comply with the Fair Debt Collection Protection Act and convey the Mini-miranda like warning during each contact. Sign up for the HRC training and learn more.
I recommend that if you are very busy with your real estate practice, that you limit your zipcode assignment requests to those areas that are part of your everyday farming and traffic pattern.
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Permalink Reply by Leslie Neiss on
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Titanium Solutions are Realtors? I can't believe I am reading this.
These are the people who have been hounding my short sale clients with mailings, phone calls and visits to their home? Clients who are already in the middle of the incredibly frustrating dealings with BOA and their internal employees, are, in addition, being harassed by Realtors. Seriously?
"You are suppose to identify yourself as a Homeowner Retention Counselor with Titanium and at no time are you to give out your real estate card." Did you ever consider why that is?
"TS recruited local Realtors to makean in person contact with these people on behalf of the bank. Basically set up a telephone contact with the bank to see if something could be worked out. The HRC does not solicit listings and is forbidden to do so. They and TS act as a third party to bring the bank and borrower together to see if foreclosrue can be avoided. Really? You think you've been providing a helpful service. Isn’t that your job as a Realtor where you actually identify yourself as such?
Now recently TS has also added shortsale services and the lender may recommend TS to provide an agent to list a property. However, if a property is already listed they will not make such a recommendation." So this is why, after hundreds of non-stop calls, the "Home Retention Counselor" -- who has NEVER identified themselves as Realtors come to the door and see my "Under Contract" sign, leave written note stating they had no idea the house has been under contract, and if they want to discuss to call. My clients call and are told no one will contact them further, NO MENTION THEY ARE TALKING TO A REALTOR, only to have a new "HRC" begin the calls again the next day.
Now this all makes sense.
And to think we thought they were some low paid call center just spewing out the calls. . . This is quite enlightening, folks.
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It's not about listing a property. You are a Realtor and not identifying yourself as one in these dealings with the public.
Steele V. Propp said:
Titanium Solutions (TS) has been around a number of years. I work with them as a Home Retention Consultant (HRC) and have for a number of years. So this is my viewpoint.
TS started as a pre-foreclosure contact service for the lending industry. They had found that when a person started missing payments and was contacted by the lender to see what was what, often the borrowers would not answer the phone or letters sent. TS recruited local Realtors to makean in person contact with these people on behalf of the bank. Basically set up a telephone contact with the bank to see if something could be worked out. The HRC does not solicit listings and is forbidden to do so. They and TS act as a third party to bring the bank and borrower together to see if foreclosrue can be avoided.
Now recently TS has also added shortsale services and the lender may recommend TS to provide an agent to list a property. However, if a property is already listed they will not make such a recommendation.
If you have listed this property I think this was a typical contact. And your client may have misunderstood or the HRC may have not described her role very well. She probably said or meant to say that she was not acting as a Realtor in contacting your client. And we would normally say something to that effect so there was no thought that we are trying to list a property. Again, that is not allowed in the normal contact situation. Any solicitation can get you canned as an HRC.
If you go and google TS you can get a complete info package as well as application to be an HRC.
Last year the parent company of TS started an asset management company called Excellen and those HRCs with REO experience were placed on a list for possible listings. Well, nothing so far. But the shortsale end may be getting some listngs.
So check out the site and I wouldn't be worried about the HRC contact. Actually it shows the lender is open to alternatives and wants to talk to this person to discuss alternatives.
Good luck with the listing.
Steele
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First of all I think you may either be a little misinformed and/or possibly dealing with an unethical HRC. I for one do assignments with Titanium and my sole job is to reestablish communication between the borrower and the bank. That's it. If I make contact with the borrower my job is to tell them that their servicer has been trying to contact them and we have been hired to put them in contact right away to discuss possible foreclosure relief services.
If they state that they are attempting a short sale, are working with a Realtor or whatever I will politely tell them how great that is and that all they should do is update their servicer on their intent. That's it!! If there servicer tells them that based on their financials there's no way they will qualify for a modification they will recommend possibly trying to shirt sale their home. That's where the HRC can be a great resource because they are licensed and can help facilitate the short sale request.
Now if the home is already listed than in no way should the HRC continue to solicit this borrower in an attempt to facilitate the short sale.
You mentioned "Clients who are already in the middle of the incredibly frustrating dealings with BOA and their internal employees, are, in addition, being harassed by Realtors. Seriously?
The only reason an HRC is there is because the borrower (your client) is not picking up the phone to tell the borrower what their intent is and/or the status of their situation. Please know Titanium is hired to reestablish communication so if the borrower has had regular communication and hasn't been dodging calls than why would Titanium get the assignment from the servicer??
I can see your frustration 100% if you have an HRC calling and trying to get your clients to do a short sale when they are already listed with you. That is 100% unethical and grounds for termination I’m sure. However there is great value in the business model I believe and as a licensed agent I'm able to HELP certain people who I would have never met or known are in trouble and are too scared to call the bank figure out some solution to their problem.
Leslie Neiss said:
Titanium Solutions are Realtors? I can't believe I am reading this.
These are the people who have been hounding my short sale clients with mailings, phone calls and visits to their home? Clients who are already in the middle of the incredibly frustrating dealings with BOA and their internal employees, are, in addition, being harassed by Realtors. Seriously?
"You are suppose to identify yourself as a Homeowner Retention Counselor with Titanium and at no time are you to give out your real estate card." Did you ever consider why that is?
"TS recruited local Realtors to makean in person contact with these people on behalf of the bank. Basically set up a telephone contact with the bank to see if something could be worked out. The HRC does not solicit listings and is forbidden to do so. They and TS act as a third party to bring the bank and borrower together to see if foreclosrue can be avoided. Really? You think you've been providing a helpful service. Isn’t that your job as a Realtor where you actually identify yourself as such?
Now recently TS has also added shortsale services and the lender may recommend TS to provide an agent to list a property. However, if a property is already listed they will not make such a recommendation." So this is why, after hundreds of non-stop calls, the "Home Retention Counselor" -- who has NEVER identified themselves as Realtors come to the door and see my "Under Contract" sign, leave written note stating they had no idea the house has been under contract, and if they want to discuss to call. My clients call and are told no one will contact them further, NO MENTION THEY ARE TALKING TO A REALTOR, only to have a new "HRC" begin the calls again the next day.
Now this all makes sense.
And to think we thought they were some low paid call center just spewing out the calls. . . This is quite enlightening, folks.
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So obviously Leslie is having some bad experiences with local HRCs who seem to be doing things wrong. Doesn't excuse the sarcastist attitude when fellow professionals explain the correct procedure and what should be taking place in these contacts.
I know of nothing from Titanium Solutions that forbids us from identifying ourselves as real estate agents. I do. But I give the caveat that I am working with TS. I am contacting the person(s) to facilitate communications with their lender. Not in a real estate agent capasity. And the card we normally leave behind is a TS card. And that is to assist with the non-solicitation rules from TS.
If anyone is having bad experiences with HRCs in their area and feel the Code of Ethics has been violated then that person has a duty to report it to the local Board. But sadly most will just complain and do nothing. And that is part of the problem.
Final thought. Don't shoot the messengers who are trying to help. And don't stereotype a group based on the actions of a few.
So Leslie, could you give us a specific example you have run into? Be happy to pass it on to TS.
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"It's not about listing a property. You are a Realtor and not identifying yourself as one in these dealings with the public."
Again, don't generalize. You are suggesting that all HRCs don't identify themselves as real estate agents. Not true. In fact, in most states such identification is required by statute which makes this just as important as the Code of Ethics. Now thta doesn't mean that any contact with the public requires identifying yourself as a real estate agent/Realtor. But if it does deal with the subject of real estate one is usually expected to do so.
So I don't see an HRC not doing this. Does it happen? Appears so with the experiences given here. But I think these are a few doing things wrong. Not the group as a whole.
If this is a problem in anyone's area then TS should be told.
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You are missing the point. This isn't about someone trying to get my clients. This isn't about a company trying to be of so-called service to them. You are a Realtor who is contacting the public and not identifying yourself as a Realtor in your dealings with them. It's difficult enough for agents working a short sale, without finding that companies who are interjecting themselves into the process for their own financial gain are hiring Realtors to make that public connection.
FYI, my clients are represented by attorneys and asset managers who are dealing with the lender on a daily basis. There's plenty of communication going on. My clients aren't "dodging phone calls" and my clients' "status" is clear to all the parties that matter.
You are being sold a bunch of BS from Titanium. And you are putting your Realtor license at risk.
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Permalink Reply by Stella Lane on
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An assignment must be completed within 10 days so there should be no on-going activity to contact the property owner after the 10 days unless they are trying to take a short sale listing. In this case, having already been listed, the Realtor is in violation of our Code of Ethics! Also, we are not allowed to call a property owner. We must make contact in person. If we don't make personal contact, there is a procedure to leave a sealed envelope on the door with the return address of Titanium Solutions. What you describe is not allowed by Titanium and Titanium should be notified of the violations.
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