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Invoicing REO Broker |
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Invoicing REO Broker |
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Servicers can engage REO/vendor outsourcers to handle invoices from REO brokers. REO brokers, instead of submitting invoices directly to servicers, can submit invoices to REO/vendor outsourcers. The REO/vendor outsourcer can add or remove line items, add or remove images, approve the invoice, adjust the invoice, deny the invoice, pay the REO broker, and submit an invoice to the servicer for reimbursement. The REO/vendor outsourcer can also deny or adjust the invoice and send it back to the REO broker for resolution.
Step |
REO Broker |
REO/Vendor Outsourcer as Servicer |
REO/Vendor Outsourcer as Vendor |
Servicer |
Request Status |
Operation |
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1 |
Submits invoice to REO/vendor outsourcer |
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Submitted to REO/vendor outsourcer |
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Optional |
Creates invoice for REO/vendor outsourcer and places on Hold status |
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Hold |
Click Save and Hold when creating invoice. |
2 |
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Responds to a request - Approves (no further approval required) |
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Approved |
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Responds to a request - Accepts (further approval required) |
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Accepted |
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Responds to a request - Reduces amount |
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Responds to a request - Denies |
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Denied |
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Responds to a request by requesting additional info |
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Pending Review |
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3 |
Views response |
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Various |
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4 |
If requested by REO/vendor outsourcer, supply additional info. |
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You must complete this step if status is Pending Review. |
5 |
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Pays REO broker |
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Automatic process if invoice approved. |
6 |
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Submit invoice to servicer for reimbursement |
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7 |
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Approves or denies invoice from REO/vendor outsourcer |
If invoice is sent back to REO/vendor outsourcer when an adjustment or resolution is made, the status becomes Pending Outsourcer Review (broker) |
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8 |
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Reimburses REO/vendor outsourcer |
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Automatic process if invoice approved. |
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Copyright 2024 Intercontinental Exchange, Inc. All Rights Reserved
ICE | Privacy Notice
Confidential, Proprietary and/or Trade Secret
TM SM Registered Trademark(s) of Intercontinental Exchange, Inc. or a subsidiary or affiliate
Copyright 2024 Intercontinental Exchange, Inc. All Rights Reserved
ICE | Privacy Notice
Confidential, Proprietary and/or Trade Secret
TM SM Registered Trademark(s) of Intercontinental Exchange, Inc. or a subsidiary or affiliate
Copyright 2024 Intercontinental Exchange, Inc. All Rights Reserved
