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 result in a tremendous improvement in 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 probable 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.
How to become an REO vendor?
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 link for ‘Vendor Application Form’ present on the page. You need to open and then print this application form. This form serves as 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 that you do have the proof 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. Thereby, fill your application and attach the reference list and copies of the required documents.
- Change your application form and the attached documents into a digital form and email this package at [email protected].
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 services of the vendors on a contract basis.