Real Estate Owned or “REO” is a banking term used to describe a property that a bank, lender, or servicer acquired due to a foreclosure or deed-in-lieu of foreclosure. JPMorgan Chase Bank, better known as Chase Bank or Chase, ranks among the top holders of REO (Real Estate Owned) properties. If you are an asset manager or a real estate broker/agent, getting your business enlisted as an approved vendor will significantly improve your company’s bottom line.
Chase REO vendor application
Chase REO vendor application represents a procedure where JPMorgan Chase Bank chooses REO vendors. Bank follows a comprehensive set of norms that mandates a proper examination of possible conflicts of interest during vendors’ selection. As a result, the application process for vendors is quite simple, but the verification procedure can take several weeks.
Becoming an REO agent for Chase is a great way to get into the real estate industry. To become an REO agent with Chase, you must complete a training program and obtain your real estate license.
The first step is to find a training program that will give you the skills and knowledge you need to succeed as an REO agent. Many different options are available, including online classes, in-person seminars, and certificate programs at local colleges or universities.
Once you have completed your training, you must get your real estate license from your state’s licensing board. This typically involves passing an exam and meeting other requirements, such as submitting proof of work experience or continuing education credits.
Once you have obtained your license, you can begin looking for jobs as an REO agent with Chase or other real estate firms. Make sure to build up your network by attending industry events, meeting potential clients and business partners, and getting involved in online forums or social media groups related to the real estate industry. With hard work and dedication, you can become a successful REO agent and enjoy the many benefits that come with this exciting career path.
How to Become an REO Agent for Chase?
To become a Chase REO vendor, please follow these steps to start a Chase REO vendor application:
- Go to the REO webpage (Resources section) of Chase Commercial Bank and click on the ‘Vendor Application Form’ link. You need to open and then print this application form. This form is a specification list or checklist to help you gear up your package.
- Chase generally requires proof of liabilities of the employer and their automobile, fidelity bonds, workers’ compensation insurance, and similar certificates. So, make sure you have the evidence of bonds and insurance ready. The complete details are given in the application form.
- It would help if you had your business’s monthly report package sample, as this forms the core of your application. Besides, attach the required resumes and brochures, relevant license copies, and the business ‘Certificate of Good Standing issued by the state you wish to apply for. Usually, you will have to submit licenses related to sales and managing broker business. Fill out your application and attach the reference list and copies of the required documents.
- Change your application form and the attached documents into a digital format and email this package to REOproperties@Chase.com.
You will get a notification from Chase if they have approved you as their vendor. You may have to wait for several weeks since they need sufficient time to verify your credentials and documents in detail. After the approval, your business/company name will be added to the active vendor list of Chase Bank. They refer to this file whenever they need the vendors’ services on a contract basis.