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Financial Asset Services, Inc requires payment to be Vendor

Received this morning and would like to see if anyone is getting any orders Or REO's from this company.

I have had one order in the past 6 months from them and four or five requests that they placed with another agent. 

Vendor Registration

As our panel expands, we will be providing our registered vendors the priority on incoming orders/assignments and we want to give you the opportunity to receive business from us.

Many Appraisal Management Companies (AMCs) utilize other platforms to process their orders/assignments; whereas FAS uses our own proprietary platform and has an in-house IT staff to support our vendors and clients. Currently, rather than charging a per-file transaction upload fee, background search fee or technology fee, which is standard in our industry, FAS charges an annual fee.

We welcome any questions you may have in regards to our policy and realize that our company is comprised of our employees and our vendor panel and thank you all for your continued support.

Click Here To Become A Registered Vendor

or copy and paste the following URL into Internet Explorer 5.0 or greater:
https://secure.fasinc.com/custom/extranet/vendor/admin/generalinfo....

Annual Registration Fees:
  • Agents who are interested in receiving merely BPO orders: $100.00
  • Appraisers who are interested in receiving Appraisal orders: $100.00
  • Agents who are interested in received BPO orders and REO assignments: $200.00

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That doesn't seem to be anything new for FAS.  I've seen those fees before. 

Wondering if there is any update on working for this company. I don't usually consider paying up front, found them all to be scams, but since so many are requiring background checks and this fee includes that I have been rethinking. Has anyone joined and gotten any work?

I had a couple of BPOs from them within the last 6 months. I don't remember ever paying them any fees, certainly not in the last several years. I also would not pay if they asked me to. My BPO volume is extremely low in the last couple of years. 

I also had 3 REOs from FAS last year and paid no fees to get them. I don't think I had any referral fees either since the sale prices were under $50k. I also had no trash out or utility expenses. 

Considering signing up with this company. Is the fee worth the work? $100 for BPOs and $200 for REO/REO agent? Let me know.

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