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1. Can anyone join the NRBA ?
No. Our selection process ensures a high-quality relationship between members and lenders. Years of effort have gone into promoting the NRBA brand with lenders around the country. We intend to continue promoting the brand. But, as you know, no slick advertising campaign can replace the effect of personal experience — good or bad. Only those who have a demonstrated track record of success and a desire to continue and improve on their success qualify for membership. It's that simple — but not necessarily that easy.
2. As an Attorney Affiliate member do I have the same rights and receive the same benefits as the "broker" members?
No, brokers and attorneys have different membership programs, and pay different fees for their memberships. Focus on what you expect to gain from membership, not whether brokers or attorneys get the better deal. Both have access to the resources they need to become more successful. For example, as an affiliate attorney member, you will have access to all of the materials, tools, and information on the NRBA web site — including: the monthly newsletter, the libraries, and the NRBA client database (currently, 1100 contacts and listings, and still growing), as well as listing in the exclusive database designed for lenders, a personal web page to provide your potential clients and prospects with more detailed information, and, of course, participation in our now somewhat legendary NRBA functions.
Attorneys do not have direct access to the "brokers forum" or access to our forms libraries.
We are constantly looking to expand the scope of services and membership benefits. We will soon announce two new member forums — for attorney affiliates and appraisers. As an attorney affiliate member, you will have access to both of these new forums, along with the broker members. Your networking opportunities will take an exponential leap.
3. What qualifications do I need to join?
A current NRBA member must nominate you for membership. Complete the application and submit it, and we will verify its accuracy, including the status of your license, your insurance, and, of course, your references. Experience in handling REO properties is a definite plus.
4. Why do you require that I have a recommendation from a current NRBA member?
For the simple reason that your qualifications may look great on paper, but that still doesn't mean that you are going to do a good job and/or behave with the level of professionalism that we require. Many of us make very good livings through our NRBA affiliations and we can't risk having the reputation of the NRBA damaged in anyway.
Therefore we require that an existing NRBA member, who knows you and is willing to vouch for your good character, sponsor you.
5. Will I get business if I join?
We are a trade and support group, not your employer. We exist for one reason: to assist members to make more money. We do that by providing information, and information is always the key to making more money. Whether you use that information is up to you. We don't grow unless our members see real improvement in their bottom line. That's our bottom line. You will find that membership will greatly multiply your contact opportunities, present you with a forum for finding answers to common or uncommon problems, and help you streamline your business process and save you money — if you use it.
6. So how will being an NRBA member help me to make more money?
The NRBA Client Database and the NRBA Members Directory are the first step. Your listing in the Members Directory insures that you won't be overlooked by the bank and corporate clients searching our database for their REO needs. Your listing and coverage areas open the door to the right type of prospects. Think of it as an exclusive Yellow Pages (tm) for a very exclusive audience. But unlike the paper directory, this database can be searched in several ways, including area listings.
But don't stop there. Use the NRBA Client Database to conduct your own direct solicitations of potential clients.
NRBA members and client exchange referrals all the time. The busy REO manager wants to delegate as much of this process as possible, but only if the REO manager can trust the referral source. NRBA members are all successful professionals, and this inspires confidence. You may see referrals from broker members as a result.
NRBA social events allow you to meet and interact with other members. Your effort in meeting them will yield results, if you are committed to it.
NRBA newsletters and updates keep you apprised of the latest trends, special issues, and most importantly, who is doing the business in this area.
7. Is there any special equipment or tools that I need?
Electronic business is the tool of today. A Pentium III or later computer, an e-mail account, and a high-speed Internet connection, and the skills to use them are the necessary business tools.
8. Is there any other special knowledge or training that will come with my membership?
Yes, there is.
In addition to all of the other features that you will have access to via the NRBA website, you will also be able to download and read all of the NRBA training materials including, "The Insider's Guide to REO," the most comprehensive book ever written about the REO process, from both a technical and a marketing viewpoint.
Although initially written for brokers, this manual will give you invaluable insights into the REO process, valuation techniques, processes, and timelines associated with REO. Furthermore, there are extensive sections on marketing for and capturing more business that apply equally to all members.
9. Are the fees any different or will I have to discount for REO clients?
Most of the time if you are dealing directly with an REO client, they will pay the going market rate for your area.
The only time that you may have to accept a discounted fee or possibly pay back a referral fee is if you accept assignments from one of the national outsourcing companies.
10. What are the advantages to working for REO clients?
A good, ongoing business relationship can result in multiple cases per month, every month.
11. What must I do as an NRBA Member?
Do your work in a timely manner. Do it in a professional manner, with clear explanations and communication with the client.
This is a deadline-driven business. The REO managers have their own deadlines to meet. If you are the cause of their failure to meet their deadlines, you can expect they won't send you the business.
12. What does it cost to join the NRBA and to be listed in the NRBA Member's Database?
The cost to be an NRBA Attorney Affiliate member is a very cost-effective $395 per year. A single case can cover the cost of your membership for an entire year.
We have different payment options, including one where you can pay by monthly charges to your credit card at $32.92 per month.
13. What happens if I try this for a few months and then find out that this isn't for me? Can I cancel?
Any member is free to cancel at any time. We will refund, pro rata, your membership fee. We neither need, nor want, anyone in the organization that doesn't believe he or she will not be a successful and productive member. We are looking to establish long-term relationships, and build a quality network, and expect to have our members for many years to come. For these reasons, we chose to offer a "pay-as-you-go" billing system. Even though our membership fee is based on an annual rate, if you are on monthly billing, and after a few months you find that REO is not for you, you simply have to notify us of your desire to cancel. At which time, you will be removed as a member and no further fees will be charged to you. For those members that elect to pay in full for the year, upon cancellation, we will refund the unused portion of your membership fee on a pro-rata basis.
14. How many other attorneys will be in my area? Can't I be the only one?
Exactly how many NRBA members will be in each area will depend on the size of the local market. We don't guarantee "exclusive" areas, but, then again, there is no guarantee of membership for any applicant.
15. Wouldn't I want to be the only NRBA Attorney member in my area?
NO. Let's explain another "secret" about REO and banks.
Most banks will maintain a list of several vendors in each area that they have foreclosures in—they don't believe in "putting all of their eggs in one basket." Lenders also don't want to overload a single vendor, because that leads to delay. For those reasons, the majority of the banks will only allow an individual vendor to have a few of their assignments at any one time; hence, they have several vendors in each area and divide the assignments up among them. So the way to get multiple new assignments each month is to be on 10 or 15 different banks' lists and get several from each.
16. Are there any other charges or referral fees that I have to pay to the NRBA?
No. - We are strictly a membership-based organization and all you will never be charged anything except the membership fee. We neither permit nor charge any referral fees. In fact, our charter prohibits it.
17. Are there any reporting requirements or any other information I will have to supply about my business or how much money I make?
Not unless we receive a complaint about your service from a lender or other corporate client. You run your business, but we will terminate your membership if the lender or corporate client has a legitimate complaint about your service.
18. Can a member be terminated from the NRBA?
Yes, at any time and at the
sole discretion of the NRBA. (See NRBA Code of Ethics
and Guidelines)
Attorney Application
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