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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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Altisource/Ocwen just want to share the love of the law suits they have been hit with to realtors who keep doing business with them.  Unfortunately, bad business practices will land you in court.  It appears that Ocwen operates under too many umbrella's which is clearly a conflict of interest.

Altisource just announced 800 layoffs from overseas and in the United States citing the need to realign their business model and expand further beyond their Ocwen business which accounts for 65% of their business.   They did cite Ocwen's current legal problems.   See the MRReport.   

I sold several REO listings for Altisource last year where I was the 2nd or 3rd agent they had turned to and I was the only agent that could sell their junk and then one day got a notice that I was terminated and no longer qualified to sell their listings. I contacted all the asset managers I had dealt with and they either wouldn't or couldn't tell me why. Finally, I spoke to someone who told me, they had no reason they could give me but have the option to do whatever they want and they chose to no longer give me the business. 

I have to admit I wasn't sad, they were only paying me $800 GCI and paying themselves the rest of the commission to two companies they had listed on their listing agreement. I knew what I signed up for so I never complained and always looked at it as a resume builder but always had in the back of my mind that they were creepy, their properties crummy and their whole approach kind of dirty. 

Goodbye Altisource

Doesn't surprise my. Just wonder why it took so long. Many ask in their sign up applications if you have General Liability insurance and require annual updates, but never have come out and demanded that you carry it that I know of. 

Doesn't surprise me. Just wonder why it took so long. Many ask in their sign up applications if you have General Liability insurance and require annual updates, but never have come out and demanded that you carry it that I know of. 

for the amount of work .. its a big no .. there is no reason to carry general liability to drive by a house and take a picture and what some of these companies pay for interiors its not worth the paper the check is printed on

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