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I have tried the multiple invoices and the most I could ever get is three items per invoice. Like 1 electric 1 gas 1 water. If you have something extra like a rekey, you will have to submit it separately. Or when you have a final electric you will need to submit the current bill and the final separate invoice. I don't think they accept two of the same utility bills on the same invoice.
Another thought, the sellers probably pay a fee to use LPS, I don't think the whole system is set up and maintained just on the 20$-30$ a month I send it. So I am sure they are double dipping.
LPS won't go away, its an easier way to the sellers to pay you and not have to deal with setting up their own system. Personally, I have a lot of gripes with LPS, but if you put the shoe on the other foot and realize your assistant or whoever inputs the bills doesn't have to learn 5 different systems with 5 different passwords, it might not seem so horrible system to use. One of my complaints is that they won't just take a credit card for the $5 I have to mail a very small check every month. I sent 60$ extra one month so I wouldn't have to deal with it, and they sent me a refund check and then the next week sent me a letter about cutting me off for being delinquent. I called and they said they weren't set up for anyone to pay anything at all in advance.
So yes, I agree with everyone its a totally antiquated system that isn't even designed for the real world. Much like the sellers that don't accept the electronic receipt as proof of payment, you have to send a copy of a check that you could have just actually mailed.
I have used Safari 9.0 for invoice management, I can get all the way to submit for payment and then it does not let me submit it, especially if there is a comment required. So I go to firefox and do it. Also, I have windows 10 at home and I can get all my invoices set for submission, then on hold, and then I get home, log in and just submit all of them.
yes, it is the bane of my REO business.
My VAs and I are thoroughly experience in using LoanSphere. I have no issues with the system. About 90% of invoices submitted are approved and paid in less than a week. I guess it just comes down to how you are submitting the invoice as well as the supporting documents you provide. Apart from reimbursements, we have also used this system to obtain CFK payment prior to eviction dates as well as other misc items e.g., HOA payoffs.
I have a spreadsheet that I use for each of my clients to keep track of all invoices. This also helps the process. In regards to the monthly statement, you just print it out the 1st of every month and send it along with the payment before the 10th.
I attached a screenshot of invoice data on one of the accounts my team takes care of. It's a really simple system once you know how to use it.
If anyone would like to speak about this service, please feel free to reach out to me.