Banks and Real Estate Agents

[Brandon Gamblin]

Exactly what kind of relationship does the bank have with a real estate agent? How do they go about working with each other? Do banks hire RE Agents?

[Steve Osowicz]

@Brandon Gamblin yes to what @Curt Davis said. If it is an independent or small regional bank they might deal directly with agents. However a lot of large regional or national banks will have a third party basically go through the "vetting" process for them. Some of the information they will require is; company revenue, length of time in real estate, experience with REO's, copies of E & O insurance, copies of licenses, etc etc etc. The application is very extensive, even after completing it, there are likely agents who are already in the third party system that the banks have used previously and would continue to use. If you want to get an idea of the depth of the application process you can go to homepath.com (Fannie Mae) or homesteps.com (Freddie Mac), there is a section for agents. As a side note, you can also view Fannie and Freddie inventory from those sites as well.