The Distressed Property Institute LLC, hosted nearly 700 real estate professionals at its national convention, CDPE Momentum 2010 in Tempe, Ariz. Leaders from Bank of America, Wells Fargo, Prospect Mortgage, Fidelity National Title and RealtyTrac were on hand to provide industry updates and information to help agents better assist distressed homeowners. “Since 2008, the CDPEs nationwide have helped hundreds of thousands of homeowners avoid foreclosure,” said Alex Charfen, chief executive officer of the Distressed Property Institute LLC. “These efforts have transformed into a true movement to help homeowners, and the industry is paying attention.”
Diana Stauffer, Wachovia Wells Fargo’s vice president and group manager of short sales, provided updates on her company’s distressed property operations. Matt Vernon, Bank of America’s short sale and REO executive, also presented and provided additional staff to assist attendees with challenging short sale cases.
“We will be building a feedback loop between CDPE and Bank of America. We want your questions to go to Bank of America and have answers posted back into (the CDPE) forums to help the community understand, and to support you in the field and maximize our voice to the consumers,” said Vernon.
CDPE Momentum is the first-ever national convention for agents who have earned the Certified Distressed Property Expert (CDPE) designation, and made a commitment to assist homeowners facing foreclosure. According to the Mortgage Bankers Association’s first-quarter 2010 National Delinquency Survey, more than 14 percent of mortgages are delinquent, making apparent the need for more agents with specific training in short sales and foreclosure avoidance options.
“The movement of CDPEs to provide solutions to homeowners in distress has changed the lives of hundreds of thousands of homeowners across the country,” Charfen said. “CDPE Momentum 2010 was proof that agents with the CDPE designation are fostering a positive change in the real estate industry and our economy as a whole.”
Agents with the CDPE designation have undergone extensive training in foreclosure-avoidance options for homeowners facing financial hardship, particularly short sales. In a short sale transaction, the lien holder accepts the sale price of a property, even if that amount is less than the borrower’s mortgage balance. With more than 22,500 members added since its inception in 2008, CDPE is the fastest-growing designation in real estate industry history.
About the Distressed Property Institute, LLC
The Distressed Property Institute trains real estate professionals to engage with and assist homeowners facing hardships. The Institute has developed a curriculum to provide the tools and knowledge to handle distressed properties, including short sales, deeds-in-lieu, mortgage modifications, forbearance, refinances, reinstatements, government programs or other options. After completing a comprehensive live or online course, graduates are awarded the Certified Distressed Property Expert® Designation.
For more information, visit www.cdpe.com.