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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 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.

Comment by Janine Love on January 30, 2017 at 2:27pm

The link goes to a lawsuit that is basically for Homeowners that were over charged for the BPO's that Wells Fargo overcharged for and then paid much less to have done. It does not appear to be for agents who did they jobs.

Comment by Paul Mausteller on January 30, 2017 at 11:12am

Jonathan, here is the class action suit, this hyperlink I belive will allow you to put in a claim against Wells https://biasvwellsfargo.com/

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