REOPro - Real Estate Default Professionals

America's Largest Social Network for Default Real Estate Professionals

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

Views: 113861

Reply to This

Replies to This Discussion

Tonia, how long it took you to receive your pay from Broker Price Opinion? They told me 90 days after the order you completed. is it right?

I looked at these sites and noticed that FASInc charges you an annual fee. I am always suspicious about these companies that charge a fee. having been ripped off a few times.

 What are your thoughts and experience with this?

FAS is ok.  $45 BPOs.  They don't pay directly to you though.  They pay your broker because according to California law, since they are a real estate brokerage, they won't pay any entity except a brokerage.

IAS owes me over $2,500 going back to June.  I have stopped taking their orders until I receive payment.  Hated to make that decision as they have been good to me but I will not work for free.  They do not answer emails or phone calls and the last REO listing I had from them it took over 5 months to paid $200 for rekey and carpet cleaning.

 

Has anyone noticed a fall off in activity from Core Logic?  I used to get up to 20 orders a week and over the last 2 months I am lucky if I get 5.  This month has been especially bad.

FARVV-You can lower your compensation and see if you get more orders. Hard to generalize as each neighborhood is different.  If your score card is borderline you need to be more on the ball.

 

I got a blast for an inspection that pays $10, not sure it was Mainstreet or what.  

I said who the hell will take it.   Within 10 mins some hungary agent grabed it-rural area.  

 

 

I lowered my price last week by $5 per order.  I am in their gold level so quality isn't the issue.  They insist that the new bid pricing has nothing to do with it but in the DC area doing orders at $40 to $45 is not very profitable given the price of gas and time it takes to travel from one area to the other. 

 

The lowest fee I have seen is $20 for a drive by with no comp or valuation data.

IAS has just deleted the payment history on my account and the accounts of all my colleagues, I invite you all to go ahead and check yours. Will their website dissappear next? as UTLS?

I am owed over $1,400.00 I sent an email about a week ago and indeed they mailed a check, I was so excited when I grabbed the envelope, but guess what? It was only for the payment of a single order!!!!

Listings? from IAS? not a single one since they lost their relationship with Chase over a year ago.

 

UTLS owes me over $3,700.00 I have emailed every single contact from the BPO coordinators to their accounting department, no response from anyone. As we all know their telephone lines are not working for the past four months. What do we do about UTLS??

 

Regarding FARVV, now Core Logic, you will find that they are assigning orders randomly. You will receive 5 orders today and nothing for the next 30 days. I have colleagues that were receiving orders every day for the past two months and now are not getting any. I do not receive orders while I am in Platinum status and other agents I know which are Gold are receiving orders....so strange....

Regardless, you can be certain the check will arrive around the 10th of the following month you completed orders.

 

Where is this industry taking us? Are we going to continue to do work for these companies that are taking advantage of our services? It's got to stop!!

 

Companies that pay:

Secured Lending Services

National Real Estate Services

Emortgage (wish fees would have remained the same)

Clear Capital (wish you give me more orders)

Main Street (pays every 3 months, but pays)

Ocwen (direct deposit, love it! where are the drive by orders?)

Core Logic (FARVV) (orders need to be distributed equally as before)

PCV Murcor

Inside Valuation

iMortgage

Single Source

Mark2Market

Equitrax

 

I wish you all a Happy Thanksgiving!!

 

 

 

You may want to look at the Order Bid Program link on Corelogic and try decreasing by a few dimes the fee.  I have an agent in my office and she is experimenting with it and seems to increased her workload.  If you notice the actual scoring is on a sliding scale so one month you can be gold and the next month the same score is a platinum.  I don't cut my fees and I vary between pot metal and aluminum status....

Add to the good pays LPS, Finiti and Powelink.  UTLS still owes me too and I don't expect to ever get paid.

  I do not understand FARVV either.  One month I am in the tank  and the next month I am Platnium.  Does not seem to matter where I am at anymore the orders flow in peridocially and not steady.  My fees have remained the same. 

    Is anyone finding it more difficult to get BPO's to pass quality control or is it just me?

I have remained Platinum since they implemented the scoring. I have not lowered my fees, they are low enough as they are.

I spent 2 months without receiving a single order while another agent in our office which has not lowered his fees either was receiving orders everyday during that time.

I called Core Logic and they explained that the reason the other agent was receiving orders was simply because he was closer to the subject property. I explained to the "specialist" which of course was very difficult to understand as we all know, that the other agent and myself were in the same location; to what he replied, the other agent has been working longer with Core Logic; to what I replied, no! I have been working with Core Logic longer; to what he replied, the other agent has a higher score; to what I replied, no! actually I have a higher score....and the discussion went on and on and on....

This is a true story....you go figure...LOL

Corel Logic-The rating is based on how fast you can turn it around compare to your peer. It is % not classification.

As for QA, after help help help ( last year?) my work has NOT been bounced ....The overseas office has been sold and it is somewhere in southern India with fewer staff. If it is a short sale the seller deliberatly sells it low. My values are thus higher. I document it in a professional manner. That may be why I fly thru QA.

Workload is not steady. Busier in the summer with more refi, sale pending $ verification.  By turning down offers will penalize your rating. This is a good company and I enjoy working for them.  They have asked me to join their reo and panel so we have some say so on the form.

 

 

 

Actually QC's only real problem is value variance. I don't know in other states, but here in FL when we complete a BPO for CoreLogic it has 4 if not more prior reports on file. If your value is not within 10% of the prior order it does not matter how much of a professional explanation you give them, the order will stay in your queue for days if not weeks.

One of those huge battles with Core Logic (regarding value variance) got me into REO World. REO Interior BPO, prior agent valued the subject for $75,000, my value? $125,000. The order kicked back from the client (Chase) a dozen times. I demanded to see what comps where used by the prior agent and I was finally able to give them the reason for the variance. Chase liked my comments so much they asked REO World to give me a call a reassigned this listing to me. The property indeed sold for $125,000.

Yes my fellow agents, it does happens once in a while, you will get a listing and start a great business relationship through a BPO. Stand by your values if you know your market area, don't just take the easy way out.

Thank you Core Logic!!!

I am also waiting to be approved by Core Logic REO, they are flodded with Bank of America listings!!!

RSS

© 2020   Created by Jesus (Jesse) Gonzalez.   Powered by

Badges  |  Report an Issue  |  Terms of Service