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I was following some of the discussion regarding Wells Fargo and their current PAS agents.  I heard that, here in the Central Valley they had 3500 agent and that they are now down to 700 agents.  The only way you can join PAS now is if you are invited by a Branch Mgr.  They want to give like 20 to 30 REOs to one agent.  I was also told that they were going to start releasing inventory by the end of last year, then it went to Q1 - now we are heading in Q2 and I am still waiting for my call.

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Hey Fatima! I have sent some e-mails to our reps for Wells Fargo that manage Northern California. Yes, they are trimming the fat. I am not sure how they are picking the agents they are letting go but they are making some cuts. I have heard some agents who have had good scorecards being relieved of their REO duties. On the otherhand, Wells is inviting in some new agents who will work REO but there is a much higher referral fee back to PAS as a result of the business. I believe its a 30% referral fee.

I'm waiting on a response. Hopefully there will be more information to be shared by the end of the week.

S.
Hi Shawneequa!

Good job! I have a branch manager that I've been sending clients to. He promises me that I am on his short list once they start releasing inventory. He said I would need to go to PASs' website, pay the fee, and sign up. WOW and 30% referral fee - that's steep, but I guess it the costs of doing business. But do keep me posted.
I have worked with PAS since they started I believe in 1996. Since when did they start charging a referral fee??
I didn't/don't pay a referral fee with them. I signed up in 2007 and starting getting listings and BPOs shortly thereafter.
I guess this is some of Wells Fargo's discussion. We have to wait to see if it holds true. I am not currently a PAS vendor because, here in the Central Valley, they are not bringging on new agents. Only if you are invited.

Much success to you.

Sinerely,
Fatima
They are starting the referral fee for newly invited agents into the system. I'm not sure if this is going to be implemented systemwide but the new agents are giving up a sizeable piece of their commission to play with PAS.
All my score cards are high with them, not many properties in N.California yet. Got a message from saying they are coming soon. I have been with them 5 years. Hurry up and wait. Praying they drop some soon.
I worked with them for over 1 year under my previous broker ....until he decided to work his own listings. The good part about that is ... I learned the system. I am on the "waiting list" but then, I hear it is pretty long. Oh well... I have the experience of the PAS system and I am ready for that call!
PAS agent here, received a PAS REO today......The assignments are slowly coming in.....Guess that I'm one of the elite or because of the beard....We are down to only three PAS agents in my town......
Congratulations! Good for you Donald! I'm still hoping to get on with them through my contact at Wells.
I didn't mean that it was a priviledge thing. I was relieved by getting a listing which means that I have 20 to 30 more to go for the end of this year....Meaning a 100 plus REO's again....Even in slow times.......Getting a listing is like being in a spelling bee and spelling the word homologumena correctly. Just joking......
I know - and I was sincerely paying you a compliment! Getting an REO is like getting a gold nugget in 1849..

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