Hey guys-I am doing BPOs on RealTrans and am hoping someone experienced here knows the answer. When I submit my BPO, it shows as 'Delivered', but then, many times it flags it as 'Further Research Needed' later. A couple of them have then gone on to 'Accepted' status a few days later. I don't get any emails or communication from them telling me I need to update/modify anything in the BPO. There's absolutely NO WAY to contact the Asset Managers or anyone over there (except the only email address they give you, and I rarely get a response from that). I've sat on hold for DAYS (not kidding) trying to get someone to answer the only phone number they give.Can someone explain what 'Further Research Needed' means, and what I need to do to fix it?Also- is there a way to contact anyone over there for problems like this? I have another BPO that they never gave me the unit number to, so I can't complete it. It's now late, and am getting no communication from them over there about it. I don't want the late status to effect me. I've sent emails and flagged exceptions on the system- again, no response.Any help is VERY appreciated!
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Hi, I think "further research needed" is their internal notation while holding the report until they read and review it. I've done Ocwen BPO's for years, do them all the time and I'm very thorough, describe the local market in the addendum, provide the prior sale info for the last non-foreclosure sale etc. I have not been asked to amend any reports, all are eventually approved.
I'm not pleased with Ocwen's recent broadcast order system or their reduced fees, so I only do BPOs that are nearby or ones they specifically assign to me. I'll continue to be active with Ocwen because I've sold many houses for them and they have been committed to me over the years. Their California situation referred to in the other discussion is troubling. They've been a good client and I appreciate having received their past business. As with any client, future business depends on the offer.
i actually had a real person respond to this at Ocwen, before I quit doing any bpo under $70.00 for them. She said that it was just a 'place holder' until someone had time to review, as Daniel stated. It means nothing as far as the bpo goes, just that no one has had time to look at it.
Cash McKnight > Victoria FriebergJune 19, 2009 at 4:26am
ahhh that makes sense! Thanks! I've had ZERO response from the 3 emails I've sent to them...
Ocwen is one of the best companies I do BPOs for. I have only had 1 instance for 'Further Investigation". This can be a few different reasons. Here is how I complete them, I pull tax records and search MLS history on all address's. I then do a map seach for comps, keeping my radius under 1 mile, use comps as close to subject as possible, no matter what style, but keeping square feet within 20% of subject + or -. I never have issues and most are approved same day I submit. When I have underlying issues that I need to get more information on, I add a note to the system, as a "Update Order Response" I change the due date and reason why, I then get an email telling me they accept it. If you do not get these accepted conditions email, you are not hitting the right button. It's usually within half hour of request. Here are numbers to try, I get someone all the time when needed...(800) 804-9496 and 1-877-776-2936 choose option 2.....good luck!!
Cash McKnight > Michele DeVitoJune 15, 2009 at 7:38am
Wow! Yeah, that's about how I do it as well. However- many of my Subject properties have NEVER been listed on MLS, so there's no info that I can put in on that section in the forms. So I just leave it blank. I wonder if that's what's causing the Further Research Needed flag?
Also- with the one that needs a unit #- I've sent exceptions/messages through the system, and emails- still with no response. Any suggestions?
Thanks for the help!
Yes, make questimates based on size of square feet, same model comps, etc for room counts. Do not leave that blank, in your notes, place "All rooms counts were based on estimation from size of home, no MLS history available for exact measures" That will pass any BPOs QC. Our direct tax links here have a breakdown of size, room counts, and any other informations such as fireplace, pool, deck, pation, etc. But this is only in 1 county so far. It would be nice if they all were that way...!!
Your order will have the name of mortgagor, look them up in tax records for unit info.
As far as listings fom Ocwen, you call them, tell them your on the BPO list, ask how to get on the REO list, they will give you an email to request being added.......good luck!!
Cash McKnight > Cash McKnightJune 15, 2009 at 7:44am
Actually, that can't be it. I just pulled an 'Approved' and one flagges as 'further research needed' and they both had prior listing info in for the subject- so that's not the problem. I also noticed that now every single one of the 30 BPOs I've done in the last 3-4 days has been flagged as 'Further Research Needed'. A couple I did last week were originally flagged the same, but are now flagged as Approved. I have no idea what this means.
If I were you!! I will not bother to work with Ocwen as they are not in the states to control their system. They are based out of India and the hassle they give you is not worth the $40.00. If you are a good BPO'er then try to search the name of the companies in this forum. I am in the West Coast and we are trying to not work with OCWEN since they are not assigning listings to agents anymore, but one broker for the entire state.
Replies
I'm not pleased with Ocwen's recent broadcast order system or their reduced fees, so I only do BPOs that are nearby or ones they specifically assign to me. I'll continue to be active with Ocwen because I've sold many houses for them and they have been committed to me over the years. Their California situation referred to in the other discussion is troubling. They've been a good client and I appreciate having received their past business. As with any client, future business depends on the offer.
Also- with the one that needs a unit #- I've sent exceptions/messages through the system, and emails- still with no response. Any suggestions?
Thanks for the help!
Your order will have the name of mortgagor, look them up in tax records for unit info.
As far as listings fom Ocwen, you call them, tell them your on the BPO list, ask how to get on the REO list, they will give you an email to request being added.......good luck!!
Your thoughts?
If I were you!! I will not bother to work with Ocwen as they are not in the states to control their system. They are based out of India and the hassle they give you is not worth the $40.00. If you are a good BPO'er then try to search the name of the companies in this forum. I am in the West Coast and we are trying to not work with OCWEN since they are not assigning listings to agents anymore, but one broker for the entire state.
Good luck! Horrible site.....
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