Raine and Company, HUD’s Asset Manager for 12 of 18 Areas

What Does Raine & Company Do for HUD?

Raine & Company is a HUD Asset Manager, the contractor that markets and sells HUD-owned homes in its areas and chooses the brokers who list them. HUD’s REO management overview explains that it splits the work on its foreclosed homes among 3 kinds of contractors.

• Asset Managers such as Raine handle the marketing and sale of each home.
• Field Service Managers handle maintenance and preservation, such as securing the home, cutting the grass and winterizing.
• A single Mortgagee Compliance Manager checks that lenders convey homes to HUD correctly.

Raine’s FAQ page describes the split from a buyer’s point of view. It says listing agents are “utilized by the asset manager to put the sign in the yard and the property in the MLS,” while Raine manages the listing and reviews the bids.

Which States Does Raine Cover?

Raine covers 12 of HUD’s 18 asset manager areas, which take in all or part of 35 states and territories in every region but the Mid-Atlantic. HUD’s asset manager contact list, dated December 2, 2024 and revised January 16, 2025, names Raine for every area in the table below, and Raine’s federal task orders for 2026 match it.

Two other companies sell HUD homes everywhere else. KM Minemier & Associates is the asset manager for area 5P, which covers Delaware, Maryland, Pennsylvania, Virginia, West Virginia and Washington, DC. A-Team handles areas 6A, 7A, 2D, 3S and 5S, which include Georgia, Tennessee, Arizona and California. Raine’s own About page lists the same states it serves.

How Do You Buy a HUD Home Managed by Raine?

Buyers purchase a Raine-managed HUD home by having a HUD-registered real estate agent submit a bid on HUD Home Store, because Raine does not take bids directly. Raine’s FAQ explains that the Bids Open date on each listing is the day Raine reviews the bids received and awards the home.

These rules shape who can win:

• Owner-occupants go first. HUD gives buyers who will live in the home an exclusive listing period before investors can bid. An owner-occupant must live in the home for 1 year and cannot have bought another HUD home as an owner-occupant in the past 24 months.
• Listing agents cannot buy. HUD listing brokers, their agents, their relatives and their brokerage’s employees are barred from buying HUD homes.
• Good Neighbor Next Door. Raine also explains HUD’s Good Neighbor Next Door program, which offers eligible buyers a 50% discount in exchange for living in the home for 36 months.

You can search Raine’s homes on HUD Home Store, and once a bid is awarded, the listing comes off the site. Investors who want a heads-up can sign up for Raine’s free Investor Digest, a weekly email of Raine-managed HUD homes sorted by state. Contract forms, including the HUD-9548 sales contract, addenda and extension requests, are linked from Raine’s website.

Can Agents Become Raine Listing Brokers?

Agents cannot join Raine’s listing broker panel right now, because Raine has closed applications, saying it has enough brokers for its listings. Raine still invites brokers to apply and keeps those applications on file, so a broker who applies now may be considered when Raine needs more help in an area.

The Raine broker application shows what Raine looks for in a listing broker:

• License states and license expiration date
• A HUD NAID (Name and Address Identifier), the number HUD assigns to brokers who sell HUD homes
• Tax ID and any small business designations
• Errors and omissions (E&O) insurance and auto insurance expiration dates
• Whether you have listed homes for another HUD asset manager
• REO experience, the number of HUD homes you sold in the last 3 years and the share of your business that is REO

No application fee is shown. The closed panel does not stop agents from selling Raine’s homes to buyers, though. Any agent with a NAID can submit buyer bids on HUD Home Store. For the broader path into bank and agency REO work, see how to become an REO agent.

Commissions on HUD homes follow a federal rule rather than a Raine policy. Under 24 CFR 291.205, “In no event will the total amount for broker’s sales commission exceed 6 percent of the purchase price,” except for HUD cash bonuses on hard-to-sell homes. HUD also ranks bids by net offer, the bid price minus the commission and any closing cost help, so a bid asking for a lower commission nets HUD more.

How Long Does Raine’s HUD Contract Run?

Raine’s current HUD task orders run to September 29, 2027, under contracts HUD signed on September 27, 2024 after competitions that drew 12 to 16 offers each. Those contracts allow HUD to place orders until September 26, 2027, and the base year ran from September 30, 2024 to September 29, 2025.

HUD has since exercised 2 option periods. For option period 2, it issued 6 task orders dated August 13, 2026 and 1 dated September 30, 2026 (for 5A and 8A), worth about $22.35 million in total. That is about 5% more than the $21.2 million HUD ordered a year earlier. One example is the task order for areas 1P and 4P, Michigan and Ohio, worth $3.78 million.

Raine is not new to HUD work. Its federal award records go back to January 2011, when it held HUD closing agent orders in Alabama, and its HUD asset management orders start in mid-2021. Between 2021 and February 2025, it also held areas that now belong to other firms, including 2D, 6A and 5P.