finding the secondary dept at a bank - the decision makers

[Bonnie Kettler]

Hi all,

I have finally located and formed relationships with some hedge funds and private equity funds! A few of them purchase performing and NPN one-offs and a few purchase in small pools - again, both performing and NPN.

Beautiful! No problem with the local banks! Very easy to find the secondary department, servicing dept, wholesale marketing dept. residential servicing dept (whatever they want to call it) and go directly to the decision maker to discuss what they have and put an offer in.

The problem... since I have 'proved' myself to the investor groups I am working with - now they are wanting bigger pools that a lot of my smaller bank contacts just can't fulfill.

I am having problems finding the decision makers. I have LaneGuide, but most of the time, the bigger institutions only list their Special Asset/Loss Mit Dept or the REO dept.

Sometimes I am able to find the decision makers in the secondary via the REO dept. number, but most big institutions are listing REO brokers instead.

I know I can find out the law firms that are doing all the foreclosures in any region in the country and contact them. They have direct lines to the decision makers at all the banks they are working for.

But I just don't feel it is appropriate to call saying we are looking for an attorney to do any future foreclosings, just to really ask them if they will put an offer thru to the decision maker at whatever bank - when that is truly my only intention. Even thought the investment groups may very well need a FC attorney later on.

These attorneys are very busy and I just think it would be rather unethical to use them in this way.

There must be another way.

Am I missing something on LanesGuide where the contact info for the secondary dept is actually listed? I just started using this a few weeks ago and it is new to me.

Any suggestions from anyone using LG now for searching for Secondary departments?

Is there a much more seasoned veteran out there that would like to mentor a little apprentice in this area?

Thanks for your time,

Bonnie

[Ned Carey]

Then DON"T say you are looking for an attorney to foreclose. Tell them the truth! You represent a pool of buyers of notes and can the attorney refer you to clients who have NPN.

Remember the Attorney's job is to represent their client. They have a fiduciary duty to their client which could be interpreted to include referring potential buyers to them.

The attorney may benefit by earning a fee to broker the deal.