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Wells Fargo caught with hand in Cookie jar over charging for BPOS

Bonjour,

  We all feel the pain as do appraisers, so if you did BPOs for Wells between 2005-2010 those BPO companies were cleaning up while we were getting peanuts. Take a minute to view these guys adding humor to current issues. http://thenationalrealestatepost.com/another-50mm-from-wells-for-overcharged-bpos/

While I am on a rant, AMC- appraiser clearing houses where appraisers have to pay the middle man for their appraisals, in my neck of the woods a SFR appraisals are $450-500, those AMCs take around $125, in the video link above these guys talk about.

  In a nut shell New York Governor Cuomo in my eyes is behind the AMC mess http://mandelman.ml-implode.com/2009/08/cuomo%E2%80%99s-crossing-an...

Also remember Dodd- Frank not the bill , a.k.a. Chris and Bernie were on the Senate finance committee 2000-2007, these are the guys that started this mess along with Graham -leach bill of 99'.  We do need more reform removing the finders/referral co, all these banks have to do is set-up web-portal date entry site, agents get on the approved list, code the fields like we do now on quality and condition may be other fields, less people involve, more efficient. 

Very likely these finders might be editing our BPO's after we submit too? Is that right, how do we know?

Where is the fine money?  Govt has received in excess of billions from these financial institutions.

 Summary can we collect on that 50 million if we did BPOs for Wells? Class action suit?

Thoughts!!

Happy Selling,

Paul 

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Comment by KayDee Turner on August 23, 2017 at 4:06pm

" BPOs are not used for lending purposes ever." while this is supposed to be true in most states - don't even bet it is not happening either.

Comment by KayDee Turner on August 23, 2017 at 4:04pm

"Very likely these finders might be editing our BPO's after we submit too? Is that right, how do we know?" --While this may be true from some companies ( I can think of a couple) and IS true from others (I can think of some)  - reputable AMC's keep your report online for you to view and/or download at any time.

Most clients of the AMC also have access to the assignments and can place or view assignments at any given time. I know of many times an assignment was placed by the client, accepted and in progress even before a coordinator was assigned.

The fees are not out of line even though my personal opinon is the agent is paid too little (STOP accepting those $30-$35 assignments $40 is too low - STOP doing rental comps + BPO reports for $35 on basically an appraisers' form). How can I say these fees are not out of line - look at any temp agency the minimum split is 60/40 but that is rare. Mostly it is 70/30+.  The same major bak or investor group etc will utilize numerous AMCs and have a variety of different contracts and fees.

One AMC comes to mind whose contract with Chase specifically required them to accept assignments and where they lost a % of overall payment on a block of assignments for every assignment they could not place (no agent available or in the area), was late or could not be/was not fulfilled.Chase had the ability to go in and dump these assignments into the system at any time. I remember many snafu's of Chase's when they added to the system properties (by the thousands) which were not supposed to be assigned and not caught for hours or or a day or so. How many agents had already started inspections, contacts and research for the reports...

As competitive as securing a BPO is these AMC's are in the same position as well with (dubious and/or short term) contracts they fear being pulled or not renewed at any given time.

If you notice the # of merged and reformed and bought up companies in the last 2 years you will know that many are not surviving and may be some are trying to make themselves attractive to a merger or buy out rather than be a scumbag and not pay the agents at all - like several unmentioned companies.

Not justifying - certainly not saying agents are paid enough and don't deserve more - just saying there is another side to the story.

Comment by Ben Pfiester on March 19, 2017 at 9:23pm

But Wells Fargo isn't overpaying brokers to complete BPO's.  That would be a miracle!!

Comment by barbara scarbrough on March 14, 2017 at 11:48am

Wells Fargo may have gotten caught but every BPO assigned cost the one who ordered/needed  it much more than we were paid do do the work. BPOs are not used for lending purposes ever. As far a suing because of the low fee you were paid "foget about it". No one forced anyone to do a BPO. They named the price and you accepted it. You could have turned it down or requested a higher fee. End story you did the work voluntarily. No foul there.

All AMC are charging high prices for BPO and Appraisals and paying only potions to the agents and appraisers doing the work. AMC are not regulated so they do what they want. Wells got caught but the rest are skating free. For now any how.  

Comment by George Avakian on March 10, 2017 at 10:08pm

What's your point? You feel abused?

Comment by Ray n Kathy Griffin on February 3, 2017 at 1:00pm
You'd be surprised on how much layering these third party companies go through, there is a national , then there are regional provider companies and then the order millls , whom just push the orders out, at that level there is no oversight or regulations. The default mortgage field services is a very self regulated industry, so most of the mortgage or real
Estate regs are pay passed, as there is no one watching or complaining. Why complain about the hands that are feeding them?
Comment by Janine Love on February 3, 2017 at 12:25pm

Exactly, especially since most states require one just to get our licenses

Comment by Thomas M Smith on February 3, 2017 at 12:20pm

Isn't if funny we are required to have a background check to work for them.

Comment by Ray n Kathy Griffin on February 3, 2017 at 12:02pm
Just like the default mortgage field services? These companies use third party vendors or independent contractors, which are not licensed, not trained, but are being lured with volume to go gather information so the company can write a report but only pay them $3.00-12.00 each.
Comment by Paul Mausteller on January 30, 2017 at 3:02pm

Click the FAQ at top of hyperlink that I provided, go # 13, if you think you have been wronged or not treated or paid unfairly reach out to the class action attorneys noted.

 Just like real estate make an offer or ask you never know.

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