http://foreclosurepedia.org/ocwen-how-altisource-is-deep-sixing-contractors-to-make-ends-meet/
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http://foreclosurepedia.org/ocwen-how-altisource-is-deep-sixing-contractors-to-make-ends-meet/
You need to be a member of REO Pro Network to add comments!
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I really don't like the way they work! They have their own agent selling their REO. unfair practice on their Hubzu site. They need to get out of Real Estate Business.
Never worked for them , never will.
I note that the author of this website tends to be a bit on the paranoid spectrum.
Ocwen: How Altisource Is Deep Sixing Contractors To Make Ends Meet
Bill Erbey, Ocwen’s former Chief Executive Officer (CEO), is gone. That didn’t come as a surprise to many whom were familiar with the Cult of Perplexion which surrounded the Ocwen, Altisource, Hubzu juggernaut. While the Drive By Media continues to ramble on about the $150 Million settlements to bring the NY Banking Czar Benjamin Lawsky’s, claims to somewhat of an end, the reality is that the guidance which Erbey brought to the USS Ocwen, is gone and will leave the Great Ship afloat upon turbulent waters.
While Foreclosurepedia had been bullish on Altisource in the past, the reality is that after their recent cleaning of house in Luxembourg including that of lawyers whom appeared to be ones whom favored the Rule of Law, we are now bearish and more on point, Foreclosurepedia is telegraphing that Altisource is no longer a safe haven for those Regional Clients whom had come to know Altisource as a legitimate Portfolio Player.
The end to the means of fraud in the Mortgage Field Services Industry used to be wealth. Today, though, it is looking more and more like survival. Ironically, Altisource is demanding more and more of its Prime Vendors to provide point-to-point verification of payments for each and every work order that it sends out. This, coupled with Altisource’s recent demands for Certified Financials — costing an average of $25,000 per Vendor — is creating a black hole where Prime Vendors used to be. Many may state that Altisource has laudable goals; however, they are not bringing on Contractors to fill these gaps. And it is quite apparent that Altisource has no intention of obeying the same rules it lays out for those under them.
There are no winners in Erbey’s departure with Ron Faris named as new Ocwen CEO. Altisource is floundering; Luxembourg has created an environment of hostility towards the Rule of Law; and the Contractor ultimately continues to loose. I continue to stand by my prediction that if things do not change and change very rapidly, we are going to be attending funerals in a way which makes workplace violence the norm as opposed to the exception in the Mortgage Field Services Industry.
I am not surprised that Altisource is finding ways to cut back. They and Ocwen are a bit up against it right now. Their stock prices have fallen drastically. I am watching closely in case my BPO payments slow down. So far, payments are still coming in within 7-10 days.
Thanks for another source of information. FYI - When I first clicked on the link, there was a popup with a scantily clad woman pictured.
Oh my goodness!
I will copy the article by itself. I had no idea.