America's Largest Social Network for Default Real Estate Professionals
It seems like there is an epidemic of Servicing Co's and Bpo Co's that are just not paying.
This platform is a good source of information for agents to share their experience with others to avoid
loosing money and time on these companies that wish to deal in dirty business practices. If you complete an order based on agreed terms & price, there should be NO reason you should not be paid.
The names of a few companies that Pay on time and every month.
2. E Mortgage logic
3. Single Source
4. Specialized- sam
The names of some THAT DO NOT PAY !
1. IAS - Integrated Asset Services
2. Bpo.com Broker Price Opinion
3. Trans continental
5. Main Street Valuations AKA Bpo Fulfillment
6. Valuation Partner's
Thanks for the warning. I guess I'm in debt with all of you.
Letter from IAS attorneys arrived today to tell us they won't be paying their agents for past expenses. My team quit taking any work from them a couple of years ago. They took over a year to pay and ended up moving the asset. But, in past years we we're preferred agents for their properties.
Carrington was a slow payer too, so we don't do any of their business either. I don't have time to jump hoops to get repaid for their expenses. It's just wrong.
Take it as an expense for sure.
60 days to pay? Try 360 so far. I emailed again in December and a lady called me her name was Rose. She said my check was being mailed and I'd have it in time for Christmas. Never got it. That is the 6th time the call and say it is coming. I don't know how they sleep at night. I emailed the Realtor and attorney on the class action lawsuit. Maybe that will help.
Good Luck Jim on that... been through prior circumstances with "attorneys" in action suites and have yet to get a dime. The fraudulent Vendor Company just files for bankruptcy and opens up under a different name. What is needed is for some kind of "check and balance", and/or Realtor protection from these guys and utmost, that they be held accountable. This will never end as we "chase our tails" in the never ending fraudulent acts within REO. :( We need a representative to secure our case... we all should be writing and calling our Boards and asking for help in this matter. Attorneys come within our dues and are on Staff for our local boards (which we are mandatory to pay dues onto yearly) We should be joining together and contacting our Legal Aides which are already in place by our State Real Estate Boards. Enough attention is brought up regarding this matter by us we might get something done. "squeaky wheel gets the oil".
I would like to add Mark to Market to your list of no -pays. I received one check after several months for $200.00, but are still owed $300.00 from March.
Good pays add Corelogic, Old Republic
When I started in REO nobody did a BPO under $100. I received $1000-2000 for successful CFK's & my commission was never less than 2.5 per transaction side. I stopped doing BPO's after the standard became $65! I saw people doing them for $35-50 in the end! My last REO sale commission was 2% -25%. They even started charging me $5 per invoice to pay me back my expenses
I have almost stopped all REO work altogether! Except for NRT I have no REO work but am making more $$$! NRT actually eased up making the hold REO weekly check every 14 days instead of 7. They gave me permission to do a 1 per month on this property after I complained and stopped doing them at all! Since I can handle any type of home, debtor, repair & always close on time they decided I was worth it!! Those who are awesome at what we do so we don't need REO's! In fact it's a bad business model compared to retail sales! The smart companies will try and keep quality brokers! If your a good broker don't be afraid to throw your weight around. If you loose a service provider so be it! Sell retails! Work with investors & builders!
The service providers will all come around if the good brokers are acting like we are worth it! If they have to deal with the in experience & revolving door of new brokers for a while we will soon be in high demand. Selling houses with no discounts, service referrals, BPO's, CFK's, Repairs, utility management, & fighting with the payment dispatchers over how you uploaded the last electric bill is awesome! Damn.... why would we go back until they get back to the money they paid us before 2009!
Team Thayer Real Estate
I get offers to perform "discount" BPO's every single day. I always respond with my minimum fee, depending upon the company requesting the service... Sometimes I get the order, sometimes I do not.
If someone out there is willing to do BPO's for half price, spar with a company for several days after-the-fact because they don't like your estimate of value, have them try to reduce your fee because they say there is a QC issue, THEN wait for 60 days (or more) to get paid?? PULLEEEZ......
Having performed accurate, on-time BPO's for 27 years now, I am not at this point going to start wasting my very valuable time dealing with those sub-standard BPO companies. If you pay peanuts, you attract chimpanzees :-)
I agree Justin, I think this site is also a great resource not only for us agents to stay on top of things but to keep these companies honest. When they get a bad reputation for non payment or late payment on this discussion board, we stop doing business with them. Then they go out of business. We need to hold these companies accountable and/or stop working with them.
I saw the same thing happen with my business. No repayment of expenses (or months of fighting), reduced commissions. It's a joke what they expect us to do and for less money. Not anymore. Too many other opportunities out there to waste my time. I remember when a BPO was a few photos and a handful of questions about the subject and the neighborhood. Now they expect a full appraisal, done in 48 hours and for $40. No thanks. I put a minimum on my BPO's, anything less and I decline, then they call and I explain my new fee structure and funny thing, they get it "approved". We need to stop discounting our services. If you're good at your business, then you're worth the money.
Great post Justin- the companies got greedy when agents needed work and as more agents jumped in to d BPOs and REOs in bulk, prices went down. As more retail sales come back, those who do not want to do BPOs or REO will leave and it will normalize.
I totally understand Justin... So many newbies come in and quite frankly don't know any better. By taking the fees at the lower scale they hurt us all... not only that, but themselves! Once they start adding up the costs and "time" it will soon be clear they are running in the red at taking assignments at such a low value! It is sad and quite frankly for those of us who do this on a full time bases, very difficult. I refuse to take assignments at face value, if they want a quality report they contact me and will be charged for my time and expertize. Sadly more VMs now only look for the bottom dollar, which in time their reports will dwindle as the Clients soon look to other Vending Companies who are using experienced Vendors who give them quality report. But the damage i am afraid is already been done. :( Revision request can only "doctor" up a report, but an experience BPO Specialist... the report speaks for itself.
Here are some more BPO firms and some REO firms- if you are a connection on Linked-in- where ever I have a personal contact- I will send it over...
Ameritax BPO Inc.
Tax and Business Consulting
Learn how we can increase your business with our marketing help!
1 212 801 2390 Office Ext 888
1 516 881 0126 Direct Operations Floor Line
1 800 689 6028 Fax
1 917 859 4400 Cell
|Americas Info Mart||https://www.aimyourway.com/|
|ASG Mortgage Services||http://www.asgbpo.com/|
|Asset Management Holdings, LLC||http://www.AMHusa.com|
|Asset Valuation & Marketing, Inc||http://www.assetval.com/|
|BPO Pros||http://www.bpopros.com ( basically a sub contractor)|
|CoreLogic Appraisal Services||http://www.corelogic.com/default.aspx|
|Corporate Asset Management, LLC||http://www.camreo.com/|
|Corporate Valuation Services Inc||http://www.provalu.com/|
|Data Quick Lending Solutions||http://ls.dataquick.com/default.aspx|
|Default Servicing Technologies, LLC (DispoSolutions)||http://www.dst-llc.com/|
|Dinwiddie Property Services Company, Inc.||http://www.dinproserv.com/|
|ELAM REO Serivces Inc.||http://www.elamreo.com/index.htm|
|eMortgage Logic LLC||http://www.emortgagelogic.com/|
|Epic Real Estate Solutions||http://www.epicress.com/|
|Equi-Trax Asset Solutions||http://www.equi-trax.com|
|Financial Asset Services, Inc.||http://www.fasinc.com/|
|Fisk Properties Incorporated||http://www.fiskproperties.com/|
|Five Brothers Mortgage Servicing and Securing, Inc||http://www.fivebrms.com/|
|Freddie Mac BPO Direct||http://www.bpodirect.com|
|Goodman Dean Inc.||http://www.goodmandean.com/|
|Home Trust Nation||http://hometrustnation.com/registration/vendor.php|
|Infinity Valuation Services||http://www.ivsbpo.com/|
|Innovative Real-Estate Investment Services, LLC/Asset Mgt. Holdings||http://www.IrisVal.com|
|Inside Valuation, LLC||http://www.insidevaluation.com/|
|ISGN (Fiserv Lending Solutions / Golenders.com)||http://www.isgn.com|
|LandSafe, Inc. (B of A Valuation Services)||http://www.landsafe.com/|
|Lender Processing Services||http://www.lpsvcs.com|
|Lighthouse Real Estate Solutions (LRES)||http://www.lres.com/|
|LPS (LSI Division)||http://www.lsi-fnis.com/|
|Meridian Asset Services||http://www.masreo.com/index.html|
|MGIC Real Estate Valuations||http://www.mgic.com/index.html|
|Nations Valuation Service, Inc.||http://www.nationsvs.com/Home.aspx|
|Nationwide Management Services, Inc.||http://www.nationwidemsi.com/default.aspx|
|Old Republic Default Management Services||http://www.oldrepublicdefault.com/Default.aspx|
|Olympus Asset Management||http://www.olympusasset.com/|
|PCV Murcor Real Estate Services||http://www.pcvmurcor.com/|
|Phoenix Asset Management||http://www.assetonemg.com|
|Platinum Real Estate||http://www.platinum-realestate.net/|
|Premiere Assett Services (Wells Fargo Home Mortgag||http://reo.wellsfargo.com/|
|Pro-Teck Valuation Services||https://www.protk.com/public/Default.aspx|
|REO Real Estate||http://www.reore.com/|
|Residential Real Estate Review||https://www.rrreview.com/default.aspx|
|Safe Harbor Collateral Solutions||http://www.safeharborus.com/default.aspx|
|Secured Lending Services||http://www.irepvm.com/|
|Security National Servicing||http://www.snsc.com/|
|Sedgwick Management Group, LLC||http://www.sedgwickmg.com/|
|Single Source Property Solutions||http://www.singlesourceproperty.com|
|Southwest Financial Services, Ltd.||https://www.sfsltd.com/www/index.html|
|StreetLinks Lender Solutions||https://www.streetlinks.com/landing/bpo_agent|
|Trinity Real Estate Solutions, Inc.||http://www.trinityonline.com/index.html|
|Valuation Support Services||https://www.vss20.com/Pages/AboutUs.aspx|
|Vendor Resource Management||http://www.vrmco.com/products.aspx|