Members in good standing can vote for up to three (3) Default / REO Management Member candidates, up to one (1) Affiliate Member candidates and up to one (1) Agent / Broker Member candidates. Voting will be closed on Friday November 8th.
Dorothy has been in Real Estate for over 30 years, primarily as a closing agent/escrow officer. She further extended her career into the government arena as a sub-contractor for FDIC, during the savings and loan crisis 1987-1995 (RTC) and this very last crisis 2008-2012. She has worked with several outsourcers, HUD and government agencies, closing over 700 escrow transactions a month.
My goal with REOMAC is to enhance the membership by bringing Diversity & Inclusion Division to cover all aspects in this industry. I would be responsible for adding government agencies to our educational panels to help our members to work with these government agencies. By doing this, I would arrange workshops on how to complete, register for these agencies.
Rick is the founder of CJ Patrick Company, a consulting firm that helps real estate, financial services, and technology companies develop a position of competitive advantage and use it to drive business strategy, marketing, and sales.
An accomplished executive with over 25 years of experience in consumer and B2B marketing, Rick was formerly an Executive Vice President for Carrington Mortgage Holdings, responsible for PR, Social Media and Corporate Communications.
Rick was previously the Chief Marketing Officer of Ten-X, the leading online real estate marketplace, where he started in July of 2013 as EVP of the company’s Auction.com business unit. Prior to that, Rick spent eight years at RealtyTrac, whereas SVP he was responsible for marketing, business development and data operations, and won the Stevie® Award for National Marketing Executive of the Year. Before RealtyTrac, Rick developed and executed sales and marketing programs for technology companies such as Fujitsu, JD Edwards, Toshiba, and Hitachi; start-ups like Tickets.com; and consumer brands including Pizza Hut, Acura and Cox Communications.
One of the country’s most frequently-quoted sources on real estate, mortgage and foreclosure trends, Rick has appeared regularly over the past 15 years on CNBC, the CBS Evening News, NBC Nightly News, CNN, ABC World News, FOX, Bloomberg and NPR.
Rick is a member of the Corporate Board of Governors of the National Association of Hispanic Real Estate Professionals, the Advisory Council of the Asian Real Estate Association of America and the Board of the Technology Council of Southern California, and was included in the Inman News Inman 100, an annual list of the most influential leaders in real estate in both 2013 and 2014.
REOMAC has a long, storied history of service within the Default Servicing Industry, and has garnered respect as an organization providing valuable education, support and networking to Mortgage Servicers, Asset Management Companies, Property Preservation and Field Services Organizations, real estate brokers and agents, and other professional service firms.
At the peak of the Great Recession, when loan delinquencies and defaults were historically high, REOMAC was almost overwhelmed by the unprecedented interest among all of its various constituencies. But throughout the crisis, the organization managed to continue to deliver value both to those companies tasked with managing the tsunami of foreclosures, and those professional service firms and individuals hoping to generate business from those companies.
What REOMAC didn’t do – and perhaps didn’t have a real opportunity to do at the time – was chart its future course for an environment with historically low levels of foreclosure activity. This is the challenge facing the organization today: how to remain relevant, and thrive, during an extended period of lower than average foreclosures.
This is a real challenge. Historically, foreclosures have been cyclical; bursts of activity are followed by periods of dormancy, but at a somewhat predictable level. In the post-crisis environment, where lenders have become extraordinarily risk-averse and regulatory constraints have made foreclosures more difficult and time-consuming to execute, practitioners find themselves competing for market share in an ever-diminishing pool. The industry is seeing an awful lot of consolidation, and many small firms are struggling to survive. Consequently, many of these practitioners need to diversify their services in order to survive – and this diversification has significant implications for REOMAC.
In order for REOMAC to maintain its role as an industry-leading organization, it seems likely that it, too will need to move beyond its core competency in the Default Servicing space. Fewer foreclosures mean fewer organizations and professionals focused on the segment; in turn, that can lead to fewer potential REOMAC members, sponsors, and business partners. I’m strongly of the opinion that the foreclosure crisis we just experienced was a once-in-a-lifetime phenomenon, and that REOMAC needs to find areas where it can help members expand their business activities and simultaneously draw new members and sponsors into its ecosystem.
That, in essence, is my vision for REOMAC: a metamorphosis that moves the organization from exclusively focusing on Default Servicing into finding new areas of real estate and mortgage industry practices (Commercial Real Estate is one such example). I believe my experience across a wide variety of businesses in these segments, and my 25+ years of working with a variety of clients effectively market their products and services are uniquely well-suited to helping REOMAC effectively accomplish this transition, and I ask the organization’s members for their support in the upcoming Board of Directors election.
Karen Trimble is an executive with multi-dimensional experience in complex commercial real estate transactions, including acquisitions, sales and lending; due diligence, negotiations, and closing team management; loan restructuring, workouts, and special assets/OREO portfolio management. Projects include luxury hospitality properties, LNG power plants, residential housing developments, office and mixed-use projects throughout the continental United States. Karen has been involved in over $2.5 Billion of real estate transactions with local and international companies including US Bank, San Diego National Bank, Latham and Watkins, and Jenny Craig International.