Operational steps of buying non-performing notes?

[Konrad Utterback]

Hi, I was wondering if anyone can give me some color on the operational steps involved in purchasing bundles of non-performing notes, in broad strokes.

My idea so far is something along the lines of

Receive list of non-performing loans offered by a bank, Freddie Mac/Fannie Mae, some other source.

Underwrite each loan to determine the price we are willing to pay, given the info provided

Submit bids on each loan

Purchase the pool of loans

Reach out to each homeowner, determine whether new terms, deed in lieu, or foreclosure is best option

Sell newly performing loans or foreclosed property

Do I have it mostly right? Am I missing something?