America's Largest Social Network for Default Real Estate Professionals
Trying to register on their site, but right off the bat there is the visa sign. Are they one in which you have to pay to play? If so, is this a good idea? Here is the page I am on in case anyone is wanting to know.https://ava.altisource.com/webtop/registration/default.asp
On March 11, 2009, President Obama signed into law the FY2009 Omnibus Appropriations Act that permanently prohibits banks from entering the real estate brokerage and management businesses.
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The problem is no one is doing anything about Altisource's blatant disregard to the FY2009 Omnibus Appropriations ACT.
I am surprised NAR has not put a stop to the insanity that we worked so hard and endlessly for 15 years to prevent. It is obvious that no one is "guarding the hen house and the fox are getting fat " with out worry or consequences.
It is now up to Realtors to say no more. We need to work together , contact our Representative and stop taking any assignments from Altisource . No BPOs, "inspections" or assignment of any kind.
Altisource is a lender/ Title company/ asset management/ Real Estate Brokerage company who sells not only their own assets but assets of many other lenders. This is banking in Real Estate no matter how they try and cover it up or slip though some small crack. We should be outraged not accomplices.
Where you are incorrect is that they are NOT in the real estate brokerage business. Technically they are the owners. Which means they can do whatever they want..
That is what I originally thought as well. Since then I have discovered they do "manage "assets for many other lenders. Also there is a little more to the law on banks selling their own assets than the simple "they can do want they want with their own property" thoughts.It is not quite that simple or all banks would do it in house instead of using outside agents. This is what NAR fought against for all of those years. In Altisource's case, they are a Brokerage AND a Management business as well. A Real Estate Brokerage and a management company that is. If you call their "Brokerage " the number is the same as all of their divisions of Real Estate. They now have changed a lot of their Brokerage names from Altisource to other less obviously related names. Same Brokers different company name. They now have hired a few agents (one or two) in each office who also list for the general public as well. So the law "prohibits banks from entering into brokerages and management business" but Altisource does both openly and blatantly If you read the bill you can see Altisource by their own affiliate addendum in each listing and sale is disregarding FY2009 to the extreme.
Altisource is not a bank or a lender. Ocwen stopped all lending activities years ago so that they could get out from under the lending laws. They have been strictly a servicer for years which allowed them to spin off Altisource as well as their real estate sales companies now called Home Servicing something or other. I am unsure how the new acquisitions position them in the market of lending and servicing but their goal has been to simply expand servicing.
I currently have one Wells pending sale/listing that came from Altisource. It has taken their foreclosure attorneys forever to get the deed filed so we can complete the deal. No real effort on my part so I didn't care much about the commission. I just put it in the MLS and have the buyer agents deal with the website. Ocwen was my largest source of listings up until about 2007-8. I currently do a lot of Altisource BPOs.
I know Altisource has a firm " mask or cloud" in place to make it seem like they are no longer in the lending end of things. I really question that. Their menu on the phone calls asking for the mortgage loan number and dept that you are calling about and some of the disclaimers on their calls leads me to believe other wise. If they are "servicing" current loans which they originated under OCWEN, then IMO they are still "dabbling" in the lending industry. They have just found a lope hole.My original mortgage loan was with Ocwen . They sold it in 2006. At that time I was also doing REO listings for them. I don't feel they are totally out of the lending end, but are using a sister company in that area. Most of their files when the name change went to Altisource were Ocwen files. They were already servicing other lenders as well at that time. Then suddenly the name change on their brokers offices from the Alitsource name. The affiliation with Going homes....auction site (and that is what it is) and the affiliate disclaimer included with every listing and sales package leads me to believe there is much more going on there then they care to discuss. Simply put I see it as a Foreign entity getting around the federal laws with a lot of questionable foot work to make it look like they aren't breaking any laws. If it quacks like a duck.....and walks like a duck...it most likely IS A DUCK.
As for their BPO, I turn down hundreds a month from them. They put them out there for any agent registered with them to do and the first agent who accepts gets the BPO . Then the follow up calls and e mails start. As many as 3 to 6 per day checking on progress. That wastes a lot of time just assuring them every couple of hours that I am working on their 45.00 BPO . Then there is the billing fee they keep from that . The entire reason they still let agents do BPOs is they have not found a way for their in house agent to do all of the YET.The same with the preservation. They pay 6.00 per trip for a person to go take photos for their agent who never even sees the property.
When you get a listing at the 800.00 commission you have months of trying to keep the sale together because they can not ever close on time or even 30 days after. The time and calls you have to deal with along with all the other crazy things they do or don't feel the need to do is just not worth my time. I have more self respect than that, ....sorry. I think all of these REO asset companies are beginning to treat Real Estate Agents like lower class required but unwanted people. Altisource has found a way to USE agents at will and when necessary while abusing them and devaluing them. For me I think we are valuable , knowledgeable and necessary professionals who should be treated that way. If I wanted a minimum wage job (or less even) I would go be a store greeter and forget the expensive dues, required education and all the mental and physical work required in an REO listing. I think it is time for all agents to stand up and regain the respect we deserve in this industry. But that is just my opinion.
I absolutely agree.....If you ask me, most of these asset management companies have become a joke.
Just get on Equator, they send us assets all day long.
I have been on Equator since it's inception. Equator is a platform not an asset management company. Some of the banks that have REO properties use Equator as their work platform. Equator does not assign listings to agents, the banks that use Equator do. You have to be an approved agent to get listings on Equator. Just signing up on Equator will not get you listings, sorry.
Do you have any idea how many new customers I got over the years just being on Equator? Lenders and servicers seem to find us just fine.
Yes I am not saying you can not obtain new clients on Equator. You do have to already have an account with at least one lender already established on Equator. I started with one and now have 11 . But if anyone thinks that they can just pay the Equator fee and get REOs assigned with out any previous experience or a client already on EQ , well that just does not happen.
Originally EQ charged 800.00 per year to be an agent on the EQ system. If you had a client who moved to EQ as their platform then that client could pay that fee for you and you could be assigned listing through EQ for that client. Recently, in the past 2 years a lot of REO company's left other platforms and now use Equator. They all can see your scoring and experience on EQ. They use this to decide which agents to assign listings to. But you can just pay to be on EQ and that will not do much for you unless you have a client on EQ and REO experience.