I too have tried to break into the REO game. I have spent about $1000 and so far nothing.
I joined Equator, and paid for their Platinum certification. I joined a few directories and signed up with four asset management companies. I have concludes that most of the REO listings are going to a few brokers who have been in the REO business for a while and have well established relationships with the asset managers for the banks. Some bank asset managers assign one broker up to 100 listings at a time. In Orange county where I work we have two or three brokers getting most of the REO business! If you go on Equator and check listings you will see the same brokers/agents over and over. Some banks now claim to be trying to have listings assigned to agents closest to the property. I guess we have to wait and see if they apply this idea, and if so perhaps the door will open for some new REO agents.
Best of luck to you.