America's Largest Social Network for Default Real Estate Professionals
OLGA - You can't sign up with Ocwen unless you are a mortgage broker who wants to be part of their independent network of lenders.
You can sign up with Altisource at Altisource.com under vendor services for BPOs and REO listings. They pay very quickly for BPOs - 2 weeks max.
Listings are generally online auctions on Hubzu and listed by RealHome Services & Solutions - RHSS. Altisource was spun off from Ocwen in 2004 when OCWEN stopped being a lender/bank. Ocwen is now mainly a loan servicer and continues to buy a high volume of loan servicing rights.
RHSS and Hubzu were spun off from Altisource. On occasion, Altisource will assign a listing to a local agent with an average of a 1% commission after referral fees to RHSS and REOM - REO Management LLC, a licensed broker under 'common control' of Ocwen Loan Servicing. The listings are still sold on Hubzu and the effort for the 1% is extremely minimal.
I have been assigned 2 of their listings in the last month. One was previously listed by a local agent and one came directly after a 98 day listing by RHSS.
After reading all the post , maybe i'm better of not doing business with them.
I recommend registering with them because they are one of the best payers. I do an average of 5 BPO's a week for them and they are one of my favorites.
they pay quickly, usually and the form is easy. You can also negotiate a higher price in certain situations. I would not write them off.
in our state most of them are listed by RealHome Services, we normally get them when RealHome can't sell them or it is in an area where it is very, very rural. I sold three last year for them. I used to sell properties for them before they went to HUBZU, under OCWEN or whatever they were then and they did pay a total 6% commission. we were responsible for the trashouts, rekey, etc and I dealt with mostly American Asset Managers. Most of the asset managers went to other banks, some went to INDY Mac. At least the houses were maintained properly then.
That's how it was here till they started using the on-line selling. They didn't do a very good job of maintaining the properties but we did get to do the trashouts, etc. which was ok. Of course we used to be able to chose out own people with all of the REO's. Things got completed a lot fast back then. Of course this takes the responsibility for paying off our shoulders so maybe I shouldn't complain. At least they do pay for the services they use.
that is one aspect I like, After the Blue Mountain debacle it is nice not to have to shell out thousands every month for utilities bills.
any one ever have to use the IClear from Core Logic for REO listings from BPO vendors such as BMO Harris Bank? After paying utility bills you have to get them reimbursed through this IClear and I wondered if they charge you a fee to get your money back? Their form has fees, but not sure if they charge the agent to recover their costs such as utility bills.
I use ICLEAR for both BMO Harris Bank and also Citi financial. you will be charged a small fee for BMO Harris bank per billing. it is about 1.67 or so per charge. I get an invoice monthly. I think it is actually for site usage.
Thanks Colleen. I guess it's worth it if you get listings from BMO. Everyone gets their cut right? Another bank takes 30% of the commission for their part of giving you the listing. It's better than not getting a listing, but by the time I pay for deposits, keys, utilities, etc. which I do get back it's expensive. Good thing now the two utility companies didn't charge me a deposit this time around, but the water company wanted their $150 deposit at a time when I didn't have money for propane in my house. Tough times for many of us and this bank has taken 60 days to even get the listing to me and I still don't have it. I had a potential buyer who hung on for 2 months and just told me he can't go ahead. Still no listing or price.
Sharon, if you are talking about BMO Harris bank I have noticed that they have slowed down in payments. I do like working with the asset managers, they are very professional and easy to talk to. you can actually call them on the phone. I had my share of outrageous utility bills this year. I also had to pay a huge amount out of pocket for deposits and propane, which of course was sky high this winter. I also had to pay nearly $700 to contractors to remove snow and then have gravel put down on the driveway of a house in a rural area just so the propane truck could get down the driveway to deliver the buyer's propane. The buyers and the selling agent gave me a hard time. It took two days to get the driveway situated due to snow and ice and lack of traction. I did get my money back, between the snow removal and propane it was over $1000. This is about the worst it has been for me having to pay for high utility bills this winter on about 35 properties at once. very tight times.
Can you tell me what your experience with Blue aMountain was? I am curious as I had some unpleasantry with them too.