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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
IAS and NREIS, as well as Eval online have filed bankruptcy. NREIS, also known as Secured Lending, has gone out of business. I am owed money by Eval online and also IAS. I will not do bpos for mainstreet or Broker Price Opinion.
And, DEFINITELY stay away from Footprints RE!!
Two emailed and called this week. told them I do not work for deadbeats and take my name out of their files.
I was trying to update my info online with Valuation Partners as I have my own brokerage now and they are sending me a check on Friday for a BPO I completed over 2 years ago. WOW, just WOW. I wonder if I should charge interest on it. BTW, won't be doing any business with them again.
Anyone have any experience with AMS, AMS - Asset Management Specialists? I just got an email saying they are looking for agents to complete 100-200 BPOs a month $45-55 each.
Vivian I agree with you. I too had a check when I got my license and if I had done anything wrong between now & then I would not have a license. If they want to verify that we are licensed they can go to our state licensing site and verify that we have a license and also check to see if we have any complaints filed against us.
You are right about all the fees, RESNET is $700/year for their platform, free training & certification, LAMCO $700/lifetime, EQUATOR free but $500 traing fee, SERVICE LINK free but (they get 1% of 6% realtor fee plus #100 for every REO you get, (which leaves 3% to selling agent & 2% to listing agent, who is the one who is doing most of the work), OCWEN gets % of every bpo done, it goes on and on. The only one I have found that does not charge any fees is CORELOGIC, I did have to have a background check done for them but they paid half and it only cost me #12.50, LSI wanted one done and I said they could either use the one I had already had done or their client could pay for it, I did not hear back & I am still getting orders from them, not as many as I used to but I started weaning myself away from bpo's because of the low pay and too fast turn around time.I told Clear Capital the same and was still getting orders from them up until about 2 weeks ago.
I think that the AM companies & banks need to have background checks done on them (their CEO's CFO's to make sure that they are not criminals, I am sure that they would not pass).. I am sure that I am not the only realtor who has been cheated out of thousands of $$ owed to me by BPO companies that do not pay, and/or go bankrupt(do we think that their CEO & CFO gave up their salaries, certainly not) and then open under another name. Or have been cheated out of $$ paid for utility bills, repair bills, pool & awn care maintenance, HOA fees, re-key fees & trash-outs because they rejected the bills for one lame reason or another. This year alone I have been cheated out of over $15K, One company told me that in order to avoid bankruptcy that if I agreed to forfeit $905 of the $2905 that they owed me that they would pay me every 60 days as well as increase my fee$$ and the volume of my orders. I agreed solely on the basis that they promised to pay every 60 days. That was a year ago October and I have not been paid to date for any orders I have done since then. I emailed them in July and demanded my money (a little +/- $3000 without the $905 I agreed to forfeit) and told them I was demanding the $905 also due to non performance on their part for non payment for 1 year and I was told that the executives said they would not pay the $905 and that they were mailing me a check for $400 and would pay the rest out over a 6 month period) that was over 3 months ago and I have received nothing from them. to date. So who is the criminal??
They would send me orders at 8 or 9 pm ET and expect the orders back by 2 pm the following day. Do they think that it takes 15 min. to drive 30- 40 miles (one way) in traffic and pull comps and fill out a form and submit it? Or that it was 9pm my time & I could not take photos in the dark, or that I was done with business for the day and needed to sleep. One BPO company that went bankrupt and cheated me out of $8000 was in the same state and would send me orders at 9pm and expect them back by noon the next day. I found out from another realtor the reason they went bankrupt and we did not get paid was because their client (supposedly was Chase, or another well known bank) did not pay them and they were owed over $1,000,000 and that the bank admitted that they had not paid them. Again I say who is the criminal?
I get paid by Main Street Valuations AKA BPO Fulfillment and Valuation Partners....they are just sometimes slow (60-90 days) I really jack the fee up if they call but always get paid. The others I fully agree.
I have been doing REO business for 30 years. I think now might be a good time for all of these companies to learn that our time is worth much more than $30 or $35...even $50 to $75 is not enough to compensate for the time needed to perform a good opinion. We have done them over the years to earn the right to do listing business with the client, if there is no shot at listing any of their REO inventory, they are just a waste of an agents time. I don't do them anymore, my free time is spent cultivating past clients and new farm areas, social media connections..I did over 55 BPO's for free for this company that promised me they will do business with me when they get a listing...they kept sending the orders, we kept doing them, no listing. How much time has to go by before we feel like an idiot?
You are right we do not get paid enough. For example I was doing one for $48 yesterday. Went to the house took the photos from my car (as usual) as i was taking my street photo the homeowner came running our screaming at me why was I taking photos of his home, since I was not allowed to have any contact from the homeowner I rolled up my window and drove away, as I was rolling up the window he called me a bitch. I went around the corner and started on my way back (it was a 40 mile trip back). As I was on my way back I noticed someone behind me riding too close for comfort, so I pulled into a parking lot & they followed me in and I went right out the other exit onto the main 3 lane road, he then pulled around me on the main road and tried to stop me from going, everytime I went to the right so did he, everytime I went to the left so did he, finally he turned his car across 2 of the lanes and stopped it and got out of his car and headed towards me, I managed to back up slightly and go around him to the right and make it onto the interstate, in order to get into the left hand lane to keep him from trying to force me off the right side of the road I had to drive 90 miles/hour, he followed me for 20 miles at 90 miles/hour before I wound up behind a few cars who were going slower and he then pulled alogside me and went in fromt of the 3rd car in front of me, when we got close to an exit and there were cars alongside him that blocked him in I went to the lane which was exiting and took that road to a shopping center near a friends house. Now imagine if I would have blown a tire or crashed into someone, or if in my panic to get away from him I would have decided to shoot him as he approached my vehicle with rage, cursing at me, what if he had a gun and shot me. Do the banks ever take into consideration that we take our lives into our hands every day that we need to get paid a decent wage.
A few suggestions, always make sure you have a cell phone and an escape plan (if the house is on a dead end road, park facing the way out). Call 911 when you are being followed by an angry owner. You have the right to take pictures from public property. Speeding away at 90 mph is reckless and you are endangering many lives by driving so fast. As soon as he blocked your path, he broke the law and you should have been on the phone with the police or driving to the nearest police station. Banks and BPO Companies do not care about these incidents and to be honest, your description here of how you handled the situation shows a reckless response. We have all been approached and I have been followed a few times but I called 911 and the police always pulled the car over. Once the police explained the situation to the owner, it was done and I was on my way home safely. Stay calm and stay safe.
call the law, ASAP. keep calm and do not confront him. These people are idiots. do not speed.
Well it is your fault for taking it for a mere cheap $48….they don’t control the fee, you do! For one thing, 80 mile round trip is $15 in gas…were you going to spend 4 hours riding and working for $33? and that doesn’t even count for the wear and tear on your vehicle….so $8 an hour minus your e&o insurance, car insurance, mls fees, ink, paper and…..gosh now you are down to $5 an hour….Bojangles employs for more than that, maybe a manager’s job at $6 would work? Just trying to get you to see the costs involved…that’s what I tell them when they call me and I get the fees I want or I won’t do them, they call me back and I stay swamped…at an average of $140 a report.
You need to calculate your time at $25 per hour and 50 cents per mile and then you should be more careful driving…you weren’t doing anything wrong, so why run? Call the police the minute the idiot starts to follow you.
Do you not know how valuable you really are Think about it! Then get smart….and start telling them what fee you need and please don’t be cheap! Never under $85 if they are just 5 miles away….$100 if they are 10-15 miles away $125 if they are 20 miles away $150 if 25 miles away $175 if they are 35 miles away $185 if they are 45 miles away and for…….. god’s sake if you are 60 miles from a property charge $250 I've done this for long time and have been in your spot too……….take pride in your self, you are worth way more than you give yourself credit for.