Has anyone heard of thse people?  I have just been contacted by a local Realtor asking me for a copy of the listing agreement I have an Eclsive Right of Sale on.  She said she was hired by Titanium a 3rd party vendor to the lenders to do document collection.  She said she has contacted my seller and acquired all the documents she needs ie; tax returns, oys stubs and bank statements....I'm a bit taken back that a fellow realtor would contact my seller to acquire these documents.  I personally think it is an ethics violation....I can understand BPO agents being hired by a third party vendor but they do not contact the seller they contact me, the listing agent.....the Board seems to think you cannot wear 2 hats and I am inclined to agree...anyone have any thought on this?.....

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I'm familiar with Titanium Solutions.  I'll let some others chime in on this.  But I can say this, a Realtor can NOT contact a home owner regarding the same service that is currently being offered by another Realtor.  If YOU as a Realtor are performing the short sale of the property, which includes negotiation of the short sale, then another Realtor can't contact them.   Either way, Titanium Solutions has been around for some time, and most on here are familiar with them.  If you have the property listed, if I'm not mistaken their agents are supposed to contact YOU first by Titaniums own guidelines. 

Thanks...Nefar has encouraged me to file an ethics complaint....I wish there were others out there that could comment and get behind the complaint....thanks!
In the  Midlothian Virginia area, Titanium assigns REO properties to usually a Keller Williams agent to handle their REO listings.  Sounds like the property went to foreclosure status and the seller no longer is the rightful owner. As a listing agent their is nothing to my knowledge that can compel you to put your client at an unfair advatage by disclosing the seller's personal financial information to anyone other than the Seller's bank with their written 3rd party authorization.  It is considered unethical under the National Assoc. of Realtors Code of ethics for any agent to contact your client. I am assuming you are a REALTOR member.

I am a Real Estate Broker that works with Titanium Solutions.  One of the questions that is asked on the form regarding the Titanium assignments is whether or not the property is currently listed.  The other Realtor SHOULD NOT be contacting your seller.  They could ask you for the document collection but that would be up to you and your buyer as to whether or not you comply.  Personally, I work with Titanium for the short sale referral leads and not the $50-$100 they pay for the document collection, so if the property was already listed, I would pass.

I am a current HRC for Titanium, although I've not been particularly active with them recently. They are hired by various lender for several purposes, including helping the homeowner work through paperwork for possible loan modifications. Currently, BOA has put out a large number of orders relating to homeowners who have been behind in payments for a significant period of time, first sending the owner the paperwork for a possible modification, then asking the HRC to follow up and collect and deliver the financial documentation back to the lender. The HRC is representing they are affiliated with Titanium, acting on behalf of the lender. Technically there is no conflict as the HRC is not acting in their capacity as a Realtor. So far I've simply not taken any assignments which are on listed properties which avoids the issue.

titanium has many products out there .... the agents that work for them represent themselves as working for titanium and not as real estate agents working for their own companies ... they are not breaking realtor ethics rules because they are not acting as realtors when they are contacting the homeowners ... bofa right now is making a big push to contact people so they can work with them .... the titanium reps are expected to pick up the necessary paperwork for whatever they homeowner is trying to work out with bofa ... hope this helps 

 

re: they are not breaking realtor ethics rules because they are not acting as realtors when they are contacting the homeowners ...

 

My board does not agree with you. " You cannot wear two hats" you are one or the other....NO REALTOR should contact a homeowner it the property is listed....they should contact the listing agent for the documents as that is what the listin agent has to do for the short sale anyway....

I also am a HRC (Home Retention Consultant) for Titanium. And recently I've also gone to homes that are Listed to get some documents. But the process begins with a Fedex to the homeowner from the Lender,  with a letter and documents and forms to be filled out by the homeowner. My purpose is to get the homeowner to fill out and return these papers to the bank.

I know that BofA implies that if we talk about the homeowners situation with anybody else without permission, including his broker, that is a violation of Federal Law!

However the homeowner can fill out an authorization form, which is part of the package, allowing you to talk with the bank. Also the homeowner can find out if he is eligible for a short sale or a deed-in-lieu, with over $4000 cash given to him at closing.    

Not to worry, BofA only sent out 335,000 packages to FHA homeowners in the last month.  If you have the listing, and the 3rd party authorization, it's your property to sell.  If someone from Titanium tells you different, they are wrong.  Here is what you are up against.  It's an election year coming up!  All of the homeowners who are behind are being offered either $7500.00 for a deed in lieu or $4500.00 to do a short sale through BofA or to see if the homeowner qualifies for a new loan modification.  The property has to be listed for a few months without being able to be sold to get the deed in lieu.  So, read between the lines, request for your seller's, $$4500.00 moving expenses back from the bank on your hud1, and see if they approve.  Don't even worry about HAFA, just ask. 

If you don't have a purchase agreement in place the seller may opt to try another loan mod.  I know, stupid.  However, they get to live in the house even longer for free.   I wish any of this made a lick of scense.  Until the seller cancels, it's your listing!  I think.....

The bank has hired Titanium to contact the borrower to advise them of their options and collect documents to see if they qualify for any programs.  Titanium is an outreach company contacting the borrowers because they have not responded to numerous phone calls and letters from the mortgage holder.  It is not a vilolation of ethics, but the Titanium HRC should have reported that the property was listed with your contact information.

I juat lost what I wrote so hopefully can get my message across here again. I am a home retention consultant and a Realtor. We do not and cannot request the listing or identify our local brokerage affiliation. As one other commenter stated it is against the law to discuss this matter with anyone but the owner because we are acting on behalf of the lender and must disclose that and that anything they say could be used in an attempt to collect a debt. It is more efficient to use one company to get all this paperwork processed than to attempt to contact each listing agent if there is one. Our job is to help people avoid foreclosure. They cannot discuss with the seller anything about themselves other than the fact that they are working as a Home Retention Consultant for Titanium who is working on behalf of their lender. If we contact the listing agent that would be like a collection agency contacting your hairdresser and telling them your personal business. This is not about the sale of the home. The law requires each HRC to be licensed and we must follow policy and procedure and talk only with the homeowner about the business t hand. It is to your benefit that this work is done because it allows you to keep it for sale longer and you do not have to waste your time dealing with this and focus instead on getting the property sold. If the Realtor attempted to gain a listing then that would be a different story and Titanium has strict rules against that. She is acting according to policy hopefully. She should not discuss any business she is doing as an HRC unless it is the homeowner. She may call you to verify the listing status but may not disclose anything else. Depends what she did but she is protected by the laws for her work if she adherred to written procedure.

Hi Anita!

I "moonlight“ as a field rep for Titanium Solutions about twice a week. I compare it to an interior BPO assignment when it comes to length of time to complete the assignment and a drive-by BPO for the amount we are compensated for services rendered!  I am also a licensed managing broker who specializes in short sales and pre-foreclosure counseling. Most Titanium field reps are hired to help the homeowner keep their home first and foremost.  Our title is "HRC" (Home Retention Consultant)....Don't panic; we are not trying to take your listing away!!! Yes, we will attempt to be their preferred short sale agent only if the home in not listed and only after all attempts of foreclosure alternative programs have been explained, executed, or implemented-

 If the homeowner wants to attempt a short sale, we will hopefully be the listing agent! (In the real world, it rarely happens!) I do it mostly out of the goodness of my heart and to make a little extra income on the side- In one year of being in the field, only 1 of my assignments turned into a short sale listing.  (Let me add that the home is not in favorable condition as it was abandoned)

We are there to provide options mostly because the home owner has not been in contact with the lender for over 2 months.  Titanium requires us to go over all the homeowner's options.  If the homes are listed as short sales, all we do is document the record, take a picture of the home and collect the paperwork so it can be loaded into the lender's system.  As the listing agent, you may have already submitted a partial short sale packet but for many reasons likely caused by the lender or servicing company and no fault of your own, they send us there to make sure something is being done and the home is not vacant! Vacant homes cause big problems!!!!

I am finding that most files I have been given are for home owners who have tried to modify in the past (possibly several times) but have been unsuccessful. These folks are usually so drained from being on the “loan-mod hamster wheel" that they just want off! These appointments turn into hour long counseling sessions where I hear the same story almost every time- It's truly amazing how these lenders or servicing companies lose paperwork or deny loan modifications to folks who are perfect candidates for the Making Home Affordable Loan Modification Programs! These folks did everything right but are now moving on in their lives and have chosen to abandon their homes because they think that foreclosure is inevitable.  I had both a recent suicide and a heart attack fatality to report but for every sad assignment, I have a happy ending too… I recently received a thank you card from a home owner, telling me I was her guardian angel! There are many reasons why the lender has not been able to contact the home owner. Our job is to put the home owner in contact with their lender and educate them of the various programs in place to assist them in avoiding foreclosure. 

I guarantee we respect the position of the listing agent when the properties are already listed.  We are hired strictly to be a communication reporter, an educator of the foreclosure alternative programs, or lately as a "paper gatherer" for BofA and FHA backed loans- The primary reason they have us go out and door knock is to make sure the owner remains in contact with the lender and to report the condition of the property. Without this info, the lender has no way of knowing the home owners intention.  

Feel free to contact me directly at deniseorrico@comcast.net for further assistance. Perhaps there are Titanium assignments in your area that you can be considered for-?  The training is not difficult especially if you have a loss mitigation or short sale background- Tim and Julie Harris from the Harris Real Estate University suggested Titanium Solutions last year so that is how I heard about the company. They have BPO/inspection assignments as well. It does cost a small fee to join and there is a background check- Just wanted to give you that heads up in advance!

Best of luck!

Denise

 

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