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Old Republic doesn't like to pay a fair price. I have found though that if I don't respond to the email, they will then call and I can tell them what I will do it for. However in our area we do not have a lot of people that will do BPO's at all so it is more difficult for them to find agents. I have never had a problem with them paying once I do an order. If they can't find anyone else, they will negotiate. I do the same with any of them if I don't feel they are paying a fair price. If they won't negotiate, I don't accept the order. Usually they agree.
Thanks so much! I don't do orders for less than $50 unless they are inspections, so most of my orders are negotiated. I'm in a mostly rural area with small cities but still manage 40-60 orders per month.
Which BPO company (s) you deal with that you get that many every month?
I agree, OR will negotiate if they can't get anybody, just email to a co ordinator you worked with before, ask if they know who has it and give your amt and turn around time and USUALLY they will forward it on to whoever has it. I charge them all the same unless it's super out in the Boonies and I tell them that's why I'm sticking with my fee, I agree, if they don't want to pay it, I don't do it.....not trying to be hard to get along with.
ORTC-one of the lowest paid valuation providers. $45 per multi-million dollar home interior. If I accept a 20 mil home off by 5% I can technically in trouble with my 1 mil E&O. $30 for drive by. These are the most expensive addresses in N America. I think if they contact you by phone you can ask for a little more gas money. Often they can not find agents interested in it. They do not pay their employees well either. That goes with the title and escrow staff as well. Best company to gain business is probably this site.
I am in Silicon Valley most homes are returning to peak or at least at or above water. There are few short sellers and established reo brokers are getting into other opportunities or closing their business.
I got a REO from Nations REO without paying anything and I got a free profile at resocialclub.com and got an REO from Pressicion asset management.
Wow! This blog which most of us have joined has opened doors for all kind of discussions, LOL. If you have something so awesome to communicate please!! create a new blog, I am sure we all want to know where to find new sources for REO listings ;) I already signed up.
Yes it would be good to find sources for REOs. I did find a website to sign up for HUD homes, and sent documents in to them. It takes two weeks to hear back and I already had a NAID number, but hadn't renewed it. I'll let you know how it goes. Also, I wonder if we knew what banks were paying these BPO companies and then they not paying us would like to know that. How would we find out who to complain to?
Sharon - I think you should start a new discussion for your topic. This one is about companies that do or don't pay and I think it is already a bit too long. My opinion, of course.
I do think it would be great to discover who the clients of the BPO companies are but I've never gone that far since I've not been left by anyone without payment. Remember that the clients are always the current lender. Sometimes they are a party looking to buy mortgages, and they are not usually banks or well known public entities.
you're probably right on the length. I was just so surprised to find so many with good information on those bad companies. Maybe changing to companies that give REO listings would be good. I haven't checked, perhaps there already is one, but I've been very grateful for all the input on this discussion. Thank you everyone here.
Old Republic is a good payer. Within weeks. They are a Public Traded Company as well, so they are under more scrutiny, LIke LSI and Altisource, for instance....They will negotiate fees, however they start real low...If you can grab someone and do good work, quick turn around...They may assign them to you directly...
Jay is correct - you just have to remember to call someone NOT offshore with Altsource- the offshore staff cannot assign you work - they can only look up files that you have already accepted..