As home prices rise, the agencies may find they do better executing through the retail channel than through pool sales.

Wilson says there is no reason to believe bulk sales are any more efficient than selling at the retail level.

"We do a pretty large volume through our retail channel. We sold 180,000 properties last year and 2,000 through pool sales. So we are pretty efficient. We have a robust process," he said.

-- Written by Shanthi Bharatwaj in New York.

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