PAS (Wells Fargo Asset Management) Fires REO Agents

As a sign of the times, PAS (The company that Wells Fargo outsources the majority of their REO Listings to). Has recently sent an email out, informing many agents that they are no longer able to work with their company.

From my understanding, they’ve trimmed back the herd in bulk , good and bad agents were both let go (Although I assume that more bad agents than good agents were let go).

Some are saying that this has to do with the USGOV bailout and purchasing bad debt, which would include large volumes of foreclosures, other say the volume is just down.

Whatever it is, one thing is certain – Getting into REO listings just got a little harder, as PAS was one of the best, well oiled companies to work with.

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