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I received an email from Clear Capital stating that they need to run a background check in order to receive assignments. It also said I needed to do so by August 23, 2013. with that said is it to late to do the background check and is it worth doing so? I have paid in the past with other co. and never received anything in return with the exception of FAS but it was a bpo to cover my reinstatement fees to sign up for another year. I didn't pay again. Please advise.
The crazy thing is they always say it's a client request or the background check is due to DODD-FRANK requlations. Truth is if these lending institutions were really pressing these BPO mills for all this because they are being required to due to the DODD-FRANK Regs these lenders are pressing the wrong button. I have studied the DODD-FRANK regulations. One of the key enforcement requiredments is that all lenders/underwriters ect strictly conform to ALL financial regulations both state and federal, that are in place. This is supposed to protect the investors and hence our economy.
I know MOST, if not all, states have a licensing provision similar to Californias. Californica Business and Professional Code sec. 100137 clearly says, "No real estate salesperson shall be employed by or accept compensation from any person other than the broker under whom he or she is at the time licensed." This is a key OVERSIGHT provision to insure the clients are fully protected. There is a predated section that says all acts that require a real estate license must comply . These BPO providers very clearly REQUIRE a real estate license! WELL EVERY BPO PROVIDER PAYS WHO EVER DOES THE BPO DIRECTLY, not the broker so the Broker may not have a clue as to what kind of work that agent is doing unless it is the broker himself doing the work! THAT IS A CLEAR VIOLATION! Why has no one ever brought this to anyones attention. I urge every Broker out there to file a complaint with the Department of Real Estate in your state. Those of you agents that are on the up and up will surly have your Broker in your cornor and those that are not will have to leave the busidess. That will be a giant step to really helping this industry. NOT BACKGROUND CHECKS!
I paid and for the CC back ground check. And I agree with all the personal information at out finger tips, it was a good idea.
As a result, I get 10-12 orders per WEEK from CC. Rates paid are slightly higher too. So I can pick and choose which I want to do.
REO listings are still a bit shy, however, 2nd and 3rd returns to the same property over the past 6 months is UP.
So YES I think it is a good idea.
payment is the first week of the following month.
It seems I am getting more & more calls from Asset Management companies who are asking me to sign up and they are getting my info from CC's sister site REO Network.
I paid for the Background Check although I thought it was an odd request. I didn't mind as I get tons of business from them and have for 10 yrs. They pay like clock work. Great customer service too. They even sent me a Get Well Card once. Now who does that lol.
I highly recommend AVM....they deposit directly into your bank account..on time. Also, sometimes they will pay $100 for a full interior otherwise it's $80. Asset Valuation Management
Julio, I know my comment is a little late but I would highly recommend both companies. The one thing I like about AVM is they send to one agent at a time with 4 hrs to respond. Clear Capital puts it out to everyone at once. First come, 1st served.
Never been asked to pay for a BG check from any other companies. But Clear Capital is worth it.
I did the background check with Clear Capital because I like them. They are a good company that pay. It does not matter whether the State already did a full background check when you applied for your license. Real Estate agent do become unethical, especially when the market value dropped.
Got this one Broker in Gilroy, CA who refused to do an interior BPO on his defaulted mortgage. Him and his wife were just playing games. Tried contacting them several times by email and phone calls. The broker blocked my number. And get this, He was a REO agent at one time.
I don't know if it is because he had several BPOs done on his home, but people should not give up even though the process wears them down. Market value has gone up in certain areas, and there is a possibility that this broker/ borrower would have finally gotten that loan mod, which he was trying to get for so long due to the higher market value. Also, mortgage note gets resold all the time to a new investor and new investors always want an updated report. The lender/banker are just servicing the mortgage note for the investors, in case you don't know it by now.
Paid it, received a copy of a clear report, never heard from them again, Not to excited about paying and getting nothing in return.
Roger. They are low on inventory in some areas, when I chat with them a few months ago. You just have to wait until they get something in your area.. I was with them for years. Did not heard from them for a while until recently.
Yes, you are right Cece. They are pretty low on BPO orders, I did inquired about it like I said. I recently completed 2 orders. Hope they will stay a flow.
Same sceanrio with every BPO provider requesting BGCs - Lower volume then in the past then Back Ground Check and always by this mysterious Client. ????????????????????????????