DS News

12 The Exchange THE EXCHANGE: FORCING CHANGE IN A NEW ERA Five Star FORCE Advisory Council Chair Jim Hastings and Vice Chairman Steven Pagano share their thoughts and insight on the state of the industry and how FORCE members are sharing their tips and talents for the greater good. By Eric C. Peck e Federation of REO Certified Experts (FORCE) is the Five Star Institute's REO member organization, comprised of certified and experienced REO agents, with the goal to focus on the improvement of REO agent performance through lender and servicer driven education. FORCE serves as a conduit of communication between the REO agent/ broker community, and the servicing shops in which they serve. rough investment in oversight, education, and communication delivery, the REO servicing industry can obtain tangible, bottom line benefits when using FORCE to address their brokerage needs. FORCE's Advisory Council is a group of leaders tasked with expanding influence guiding all Federation members in forging productive and meaningful relationships with lenders, servicers, REO and distressed asset management companies, and investors. DS News had a chance to chat with FORCE Advisory Council Chair Jim Hastings and Vice Chairman Steven Pagano to discuss the state of the industry, goals of FORCE for 2022, and what the Federation plans to bring to its membership. Hastings began selling real estate in 1983, and in 1984, obtained his first REO client, Fannie Mae. He earned a bachelor's degree in real estate from Arizona State University in 1988, and opened Hastings Brokerage Ltd. in 1993, first in Arizona, and then in California, Nevada, and Ohio. He is the Co-Founder of Broker Brain, a web-based REO tracking system. He has served on multiple FORCE Advisory Councils, REALTOR Professional Standards Committee, BOA Las Vegas Vendor Advisory Council, BOA National Short Sale Roundtable, Fannie Mae Vendor Advisory Board, Freddie Mac's SmartTank, Nevada Foreclosure Mediation Program's Advisory Panel, and is currently a Nevada Affordable Housing Assistance Corporation Board of Director. Pagano, Owner of Pagano Properties, has been a member of the Five Star FORCE Advisory Board since 2017. He has more than 20 years in the banking sector, and over 10 years servicing REO clients. Pagano specializes in all aspects of the default market transaction, including asset valuation and preservation, cash for keys, marketing, inspection, etc. In addition to working with REO, short sale, HUD, estate sales, judicial, and private equity firms, he is also a speaker for investment groups with a focus on real estate. How has the landscape been in terms of default marketplace so far? Has it been as bad as anticipated? Hastings: Do you know we had the higher default rates at the top of the COVID-19 pandemic than during the Great Recession? Fifty percent of the 90 days mortgage lates—when forbearance ends—have no plan. Often people think when forbearance ends, they get back on their feet and everything is fine. at's not always how forbearance ends. Sometimes they just ran out of time and it's over. But we do know that people exiting forbearance have, on average, 30% more equity than when they went into forbearance. Get to Know Industry Executives Beyond the Boardroom "What it comes down to, at the end of the day, is everybody who's involved with FORCE is looking for a new way to find business or reestablish their business. I've told people this in the past too, and it's worth repeating … it's a lot easier to keep the accounts you already have, than it is to go out and find new ones." –FORCE Advisory Council Vice Chairman Steven Pagano Jim Hastings Steven Pagano

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