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: 113386

Reply to This

Replies to This Discussion

I have seen alot of BPOfulfillments coming in but I just ignore them.  Also, have had a view voice mails from Broker Price Opinion but never call them back either.  I think the more we ignore them the more disperated they get.  Eventually, these BPO companies will get the message that they need to pay more and pay in 30 or they won't have any business with any agent.

I always save a digital copy of the completed bpo that I do in the file with the order.

Also for NVS to be adjusting values after the fact will get them into a lot of hot water. The government is cracking down on bpo companies that are "adjusting" data. It was in the news recently here in SoCal about one company exec who is in hot water for providing lenders like BOA, Chase and some others with "adjusted" bpos giving the indication that the values on those assets were higher than what they really where. The scarey part is that lawyers are going back through the company files and contacting agents who did bpos for them.

I always will go back and request clarification as to why vendors want me to change things out.  If I am not satisfied with their answer, I will simply tell them why I won't use their suggestions (so I am not collaborating with them) and find others more suited if I can or just resubmit as I previosly did.  If I change anything, again i also keep copies of the original comps I used and print out the request they sent me for changes.  This way, I can go back and say they requested I do the change out and was not my original opinion.  Again, we need to watchout, some of these vendors get paid on reports that ultimately generate closings.  If their unethical client is unhappy they can't get closings, then your BPO vendor is unhappy with you if you won't go with the flow of changing out whats in their convenience.  But I rather lose that BPO vendor than lose my license.  Remember, utlimately these vendors will not back you up when the "SH" hits the fan and your in court.  Attorney's are HUGE SHARKS AND ARE MONEY HUNGRY...So be very careful!

Yes some companies provide their appraisal on file, and they want you to use their property description, room count and all the data about the subject agreeing with that appraisal. Some of the appraisals have incorrect information (number of bedrooms and other observable characteristics). They wanted me to use the appraisal room count which was wrong in every apartment, and it did not even match the active listing in MLS. So my interior inspection observation and the listing agent agreed as opposed to the info in the appraisal. I refused to use the appraisal info. Now I worry thinking they might have gone behind my back and changed it. Oh boy we have a license, we must carry E&O insurance...and they could be hurting us. ...for the fees that they pay us....

Has anyone been experiencing a form called ("ACI" Delivery Client) I think is for doing actual appraisels?  Lately, with one of my vendors when you try to bring up their BPO form to complete, it asks me to upload this "ACI" app and it also states in the agreement terms about fee's.  In the mean time the orders that the wanted me to do with this form which I didn't and used another BPO form I have not been able to bill for payment but the standard BPO forms I could bill? Seems a little fishy to me.  They said it was just another evaluation form, but my question is why then do I have to sign an agreement that states fee's that the agent pays for using it and why do I now after to wait for a signature from their client when I never had to before? From what I understand, certified appraisers do these types of agreements/signatures from banks to approve a loan or closing on orders they do. Funny, after I question them about this, my BPO's business has slowed down with them.  So, my quess is that they are either trying to get actual certified appraisels from Realtors not licensed for appraisels to get the BIG CHECKS from the banks and then just pay the Realtors the BPO fee only (putting the Realtor in jeopardy of losing their license for doing a certified appraisel when they shouldn't have or just trying to get some funds back in a sneaky way by charging agents back on BPO fee's.  But my intuition tells me its the appraisel fee they want. We all need to watch out for this type of unethical business starting to come from these vendors we all once trusted the most. It really makes me mad when they treat you real good as long as you go with the flow but as soon as you ask questions that protect yourself they make you feel like your their enemy. Therefore, if they want to treat me like this, 2 can play that game...I actually took a screen shot of this "app" and I may even call the bank to let them know about this situation and possibly catch these vendors in fraud and also report it to CFPB to get it out in the open.

Who is it?

Finiti uses an ACI Worksite that you have to download prior to doing orders for them.  However Finiti is a great company to work with.  In addition this particular form they use is by far the easiest to use.

So are you saying that the "ACI" form is a standard BPO form or is it a form used for actual certified appraisels?

I can only speak from my experience with Finiti.  It is a very simple form requiring limited data and comments.

Are you paying any fee for using this form?

FYI I did alot of BPO's for LPS and did not really have a problem. I was getting $48 for the Smart form and the longer forms and $38 for the other shorter forms. Now that they are Servicelink. They wanted me to do all reports for $30 for exteriors and $50 for interiors.  I told them no and what they did was increase the exteriors to $35 and I am about to change that or make an attempt at it and if results are not satisfactory than will decide to stay with them or not. The still have the two day turn around. I can't believe it $13 less a report for the exact amount and time of work. Stinks

they pay more for where I am at, but maybe it is my location.

RSS

© 2019   Created by Jesus (Jesse) Gonzalez.   Powered by

Badges  |  Report an Issue  |  Terms of Service