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Good for you, I still have not gotten paid from BPOs completed in June. I asked why some agents are getting paid and not others. They did not have an answer for me and could not give me date when I would.
In the past, I was told (and it worked) to tell them that you would need to contact the lender directly for payment if you did not receive from them. ie: if it is a bank of america, tell them you are going to have to contact BOA about non payment.. I did send that info in an email. I did not speak directly - and I did not make it horribly threatening, but they got the idea and I got paid within (if I remember correctly) 30 days.
protek was a great company. I always got paid.
I've had good luck with eMortgage Logic, Equi Trax, ProTek, Singlesource What worries me now is the notice I received that on January 18th, BPO companies are going to start giving clients copies of the BPO's - which is giving our direct contact information to the homeowners that we are doing these orders on.
Sandra, I read that as well about the new Regulation B that requires the lender to give any appraisal, including a BPO, to a consumer. I wonder how much more liability that's going to open us up to? My directions from SingleSource say that we are to refer them back to the lender and not answer any questions. Wonder how that's going to work?
its not, it is going to be a complete fiasco. Things just get weirder and weirder. what makes no sense is that if they are not allowed to ask questions, then why open up a huge liability and potential safety issues to agents?
I always attach a disclosure from my company stating that data used was provided by tax records and/or company I did BPO for and that it is in no way an appraisal and my company is not libel for any discrepancies. At least my company is covered!!
opens us up to safety issues, division complaints. you name it. Really incredibly stupid move. Is there anyway we can complain?
It's part of Dodd/Frank that was passed several months ago. It is part of Truth in lending. By rights it probably should have nothing to do with BPO's that do not apply to new loans or re-fi's, but like most laws, there is confusion on what it really means. It can and probably will cause some problems and complaints. NAR did try to fight it but lost. Just say thanks to the fraud that effected the mortgage industry in the recent past. All designed to protect the consumer and to heck with the other problems that may effect the professional.
all these "moves" are actually making the market worse. but I am just a lowly broker. What do I know?
Yeesh. I have enough problems when encountering people while taking photos.
I got a notice back in November? that Titanium Solutions went out of business. Might wanna' check on that. And I say "Good Riddance!" one of several companies harping the same business model - helping homeowners work with bank to forestall foreclosure. The money they paid was hardly worth the huge amount of work involved!! Just my take.
The worst scum-sucking-bottom-dwellers were Broker Price Opinion - ugh! Trying to get involved with civil suit 'cause BOY do I have the goods (bads) on them! If they approach you, or anyone you know, R-U-N !!