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“Though a hundred crooked paths may conduct to a temporary success, the one plain and straight path of public and private virtue can alone lead to a pure and lasting fame and the blessings of posterity.”
— Edward Everett, American politician and orator, 1863
During this new year of 2010, REOMAC® celebrates its 25th anniversary. Founded in 1985, REOMAC® began as a networking group of Southern California asset managers. At that time, asset management was a relatively new field that began to evolve within the modern model of mortgage servicing. In its infancy in a new field of expertise, REOMAC® humbly began with a small group of asset managers who educated each other. These asset managers shared best practices, information, and friendship.
Now in its 25th year, REOMAC® has become the pre-eminent trade association of default industry professionals across the United States. As a non-profit association with asset management at its core, REOMAC® is dedicated to serving its national membership who work in all areas of default, whether it is foreclosure, loss mitigation, or REO. Much as it was in 1985, REOMAC®’s continuing purpose is to provide members with education, best practices, information, and friendship.
REOMAC® is privileged to enjoy industry leadership status. As many of you know from your own lives however, leadership comes with responsibility. This is illuminated today as we endure the most significant real estate downturn since the Great Depression. With the spotlight focused on us as default professionals, we must ensure that REOMAC® shines as the definitive leader. REOMAC® members have a responsibility to execute effective business practices, while treating people with respect and exercising the highest degree of morals and ethics.
Every day as default profes-sionals, we perform the important role of taking real estate tragedies, fixing them, and transforming them into opportunities. In that effort, we help real estate markets recover, which in turn brightens the economic condition of the U.S. At the same time however, unscrupulous individuals posing as default professionals currently have enormous opportunity to take advantage of the current foreclosure crisis solely for profit. These bad actors have a “hundred crooked paths” to follow. None of them will lead to a viable legacy for REOMAC® or the default industry.
As we look forward to the next 25 years and beyond, we need to ensure that REOMAC® and the default industry are held to the highest standard. As with the real estate profession in general, the default industry is fraught with potential indiscretions. We must ensure that REOMAC® rises above these potential indiscretions, and remains synonymous with the utmost professionalism, which includes impeccable morals and ethics.
As the incoming 2010 President, I am proud to be associated with you. Together with your Board of Directors, we are committed to ensuring REOMAC®’s long-term viability and success in the years to come. We are excited about the years ahead and the difference our association is going to make. On behalf of the Board, thank you for the opportunity to serve REOMAC®, especially in its 25th year. All my very best to our REOMAC® members, each and every one of you.
Ivan Choi
2010 REOMAC® President
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