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Great advise by our In-house AM - Let's do this and see which companies pay the best and which ones don't - here's my list of good pays

EMortgageLogic
Equi-trax
Titanium Solutions
Franklin Credit
FASInc

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I have only done a BPO or two but it was for a couple of REO listings I had with them for BOFA which eventually they got reassigned to another servicer and don't know why?  Though I was still able to keep the listings and closed on them. 

BrokerPriceOpinion.com is by far the WORST company I've come across yet. Completed an order in May of this year and have yet to receive payment.

Brokerpriceopinion.com totally is absurd.  I have called their AR person two times now.  I have also emailed their AR person and emailed my account rep.  They totally ignore me.  What annoys me the most is the crap pay.  They pay $35 and want a 24 hour turn around.  I get $50 for a 72 hour...come on!  I have one half done and until somebody acknowledges my lack of payment I will not finish it.

Tara, after almost 18 months, I received my check after threatening to sue and to call better business bureau etc. I refused to do any others for them until they payed me the balance of what they owed me. I guess then they decided to sabotage my money.This  Nov  I get this email asking for my w-9 which I had already provided them before . I guess they were trying to send me a 1099 for money thay hadnt paid. I told them that I wouldnt provide a w-9  util I received the rest of my  payment. Needless to say after going back and forth, I got my final check. And that is it for me with Brokerpriceopinion.com. Below is the contact info for accounting. Goodluck.

Deana Lopez

Accounting Assistant

BrokerpriceOpinion.com, Inc.

8700 Turnpike Dr. Ste #300

Westminster, Co 80031

303-991-9919x1081

Email DeanaL@brokerpriceopinion.com

Clear Capital

Here's mine...

Corelogic (took non-REO PAS BPOs)

PAS (Premiere Asset Services)

Ocwen/Altisource (direct deposit w/in 10 days or less)

Pro-teck (w/in 30-45 days)

 

To add to the list of good pays:

 

Secured Lending Services  50/100

Old Republic 50/65 (negotiated)

yeah, i am set up with alot of the companies and i have read different people posting about evalonline.com not paying and one day over 3 months ago, after many phone calls and emails with bpo order requests from EVALONLINE.COM. i decided to take one bpo as an experiment plus it was a very slow sunday. i took my time, completed the same day TAT, used auto form fill software and found the form to be more difficult than most of the forms but here is the kicker.

 

as of this post, its been over 100 days, i have yet to be paid on the one and only BPO i did for them. they keep sending me requests for orders and i respond by asking where my payment is for the certain order #. they never respond back.

 

what really gets me, is alot of the orders the AE's say that they just need  a valuation and already have all the pictures for an order....kind of makes me think that they took it from another agent who busted there but trying to full fill the order for them.

 

i would stay away from this company. IMO

Ha Funny you say that - The first 2 orders I took from them were over 30 miles from my home, and needless to say I get the order at 9pm it is due back 2 the following day, and to top it off I am pulling in the subdivision at 1:30 to take the photo's and upload to my assistant when she calls and says you will never believe this but the order has been cancelled. I'm thinking great now I am all the way out here and the order has been CANCELLED?? So long story short I call them and they agreed to pay me 20 dollars for gas.....WHAT A JOKE!! They are doing Major Lender Valuations and not paying....I also noticed in my que it seems some of the orders I did originally were missing....Oh Oh and wait this is the best part. Spend all your Time getting 90-120 day values for them and when there is something they don't like in the order on a Sunday at 7am you have 2 hours to complete before they give to another agent........RIDICULOUS!!!

Good paying:

EMortgageLogic

Old Republic

Very slow paying (have to fight for a check):  Evaluation Solutions

 

What should we do to get paid from these companies that don't pay?  You would think we could go to somebody and file a complaint.

The issue is; most markets have a lot of agents who are new to the BPO/REO industry and are willing to do this work, so if we (the experienced agents) decline the work, they just move on to the next person and forget about what they owe us.

The best thing we can do is reject the work from comapnies who don't pay, continue to follow up on payments and spread the word.

Eventually, they will need to pay us or they won't be able to keep their business.

 

One other thing that may be a good idea is to find out who the lender assigning the work to them and report to them that their vendors aren't paying the agents.

I'm not sure how far that would get us, but it's worth a try!

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