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Altisource New Insurance Requirement for Real Estate Agents

I'm curious what your thought are regarding this new requirement from Altisource?  General Liability Insurance is around $500/yr  +/-

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Greetings from Altisource!

To comply with one of our Client´s requirements, we request you to provide a General Liability insurance certificate with the following limits:

•             $1 Million each occurrence

•             $2 Million general aggregate

Either you or your Sponsoring Broker should be the “Insured” in the certificate.

General Liability insurance protects Altisource and its’ clients from third party claims for bodily injury, associated medical costs and damage to the properties. This certificate can be obtained at a nominal price from any insurance provider.

Please send us the certificate by January 31, 2015 to Broker.Admin@altisource.com

If you need assistance in either upgrading your current insurance or purchasing a new one and/or if you have any questions, please respond to this e-mail and we will assist you. We appreciate your cooperation and look forward to continuing our business relationship with you.

Broker Admin, Vendor Oversight

 

Altisource®

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All I can say Goodbye. I have been doing BPO for years and Altisource reduced fees and demanded more and more and now this!!! I wish Altisource good luck

This is pretty typical for majority of the companies I work for, not generally for BPO's but for REO listings.

I just told them Goodbye I have done the ringer with them constant hounding on status of their orders the work has gone down to a trickle they never ever give listings to anyone other than their own inhouse agents.. This request I plan on just ignoring and if they stop sending orders they stop .. Thats all I can say.. I was told the insurance they need costs around $1200 a year though .. Im out

A good number of REO/BPO Companies have reduced payments, took long times to pay and  some  almost had to be threatened in order to receive delinquent payment. One thing for sure I am not going to do is obtain insurance. Goodbye to any and all who will require it.  Lelia Holton

Agreed I cant afford to spend 1200 odd for insurance for one company if they still had the volume they used to have I would probably consider but it does not pay to get this for 1-3 BPOs at 40 bucks a week..

GOOD BYE, I stopped working for them 2 years ago.  I agree 100% with Justine

that is bullshit!  we need insurance to the tune of 500 a year to do bpo's for them?? i don't even like to deal with them on a sale!!  I have had two transactions, me, being the the buyer's agent, that both flipped AT closing, AFTER buyer had sent funds to escrow, because of their screw ups .. time to bring the 'customer service' back to the states!

More like 1200 my broker said

Anyone still working with this company is not reading the newspapers.

dont see the correlation Altisource has issues yes but they pay for the work we do .

Good chance they will be shut down in CA and that may spread to other states, these forums have no tone so let me interject some respect when I say the pay is not worth it for me; I would also say if you are working for Altisource then you are missing opportunities elsewhere.

There is no pay to play. Period. Ever.I have sold over 1000 REO the past 10 years and the only requirements are membership with res.net and Equator.

$40.00 for a BPO = $15 an hour. This is not selling real estate nor why we all got licensed.

Working for Altisource who will (according to the US Atty General) ignore laws and agreements that they signed, in order to confuse and cheat their own clients is not a company I want to be affiliated with.

Altisource has shipped most of their office work offshore so they don't even hire American. Further, they have cut commissions so low that you have to ask yourself if it is worth it: What could I be doing that I am not doing now, because I am so busy working for peanuts. Have I turned into a monkey?

I am speaking personally, please do not take offense, but I dusted off the business plan when REO went away and ran the numbers: other than being the least desirable client I had, they were not even profitable for me. And I have worked for them since they were Berkeley Federal, been to the home office in West Palm and count some of the execs I met then as close friends today. 

Time to retool.

I am just surprised it has taken them so long to ask for this again.  I submitted this once back in 2012.  My broker carries it.  

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