It seems like there is an epidemic of Servicing Co's and Bpo Co's that are just not paying.

This platform is a good source of information for agents to share their experience with others to avoid

loosing money and time on these companies that wish to  deal in dirty business practices. If you complete an order based on agreed terms & price, there should be NO reason you should not be paid.

The names of a few companies that Pay on time and every month.

1. RRR

2. E Mortgage logic

3. Single Source

4. Specialized- sam

5. Ocwen

The names of some THAT DO NOT PAY !

1. IAS - Integrated Asset Services

2. Bpo.com Broker Price Opinion

3. Trans continental

4. NREIS

5. Main Street Valuations AKA Bpo Fulfillment 

6. Valuation Partner's 

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Replies

    • Great post Justin- the companies got greedy when agents needed work and as more agents jumped in to d BPOs and REOs in bulk, prices went down.  As more retail sales come back, those who do not want to do BPOs or REO will leave and it will normalize.

    • I agree Justin, I think this site is also a great resource not only for us agents to stay on top of things but to keep these companies honest. When they get a bad reputation for non payment or late payment on this discussion board, we stop doing business with them. Then they go out of business. We need to hold these companies accountable and/or stop working with them. 

      I saw the same thing happen with my business. No repayment of expenses (or months of fighting), reduced commissions. It's a joke what they expect us to do and for less money. Not anymore. Too many other opportunities out there to waste my time. I remember when a BPO was a few photos and a handful of questions about the subject and the neighborhood. Now they expect a full appraisal, done in 48 hours and for $40. No thanks. I put a minimum on my BPO's, anything less and I decline, then they call and I explain my new fee structure and funny thing, they get it "approved". We need to stop discounting our services. If you're good at your business, then you're worth the money. 

    • I get offers to perform "discount" BPO's every single day. I always respond with my minimum fee, depending upon the company requesting the service... Sometimes I get the order, sometimes I do not.

      If someone out there is willing to do BPO's for half price, spar with a company for several days after-the-fact because they don't like your estimate of value, have them try to reduce your fee because they say there is a QC issue, THEN wait for 60 days (or more) to get paid?? PULLEEEZ......

      Having performed accurate, on-time BPO's for 27 years now, I am not at this point going to start wasting my very valuable time dealing with those sub-standard BPO companies.  If you pay peanuts, you attract chimpanzees :-)


       

  • Thanks for the warning. I guess I'm in debt with all of you. 

  • Hi

    I would like to add Mark to Market to your list of no -pays. I received one check after several months for $200.00, but are still owed $300.00 from March.

    Good pays add Corelogic, Old Republic 

  • Equi-Trax are good to pay. I've completed BPO's for them and have paid. They actually send you email notifications on the status of the report approved etc and if its been billed. call and ask for updates and how you get email notifications and their billing cycle. 

  • A few IMPORTANT POINTS for YOU!!!

    1.- Broker Price Opinion: per a representative: BrokerPriceOpinion.com and First Valuation have merged together.  They are currently between 60-90 days for payment.  After they receive the order from the agent, they review it and then send it to the client, after the client approves it, he or she has 4 weeks to send BrokerPriceOpinion.com and First Valuation the fee and then they process it in their system before mailing the check to the agent.

    2.- Trans Continental:  They've always paid me in 30 days

    3.- NREIS: is no longer in business. Also their sister company Secured Lending Services

    4.- Main Street: I've completed only 1 and have paid me in 30 days

    5.- Valuation Partner's: Never completed an assignment

    6.- IAS: Am a new vendor for them, I'll keep an eye out. 

     

    • 60 days to pay?  Try 360 so far.  I emailed again in December and a lady called me her name was Rose.  She said my check was being mailed and I'd have it in time for Christmas.  Never got it.  That is the 6th time the call and say it is coming.  I don't know how they sleep at night.  I emailed the Realtor and attorney on the class action lawsuit.  Maybe that will help.

      • Good Luck Jim on that... been through prior circumstances with "attorneys" in action suites and have yet to get a dime. The fraudulent Vendor Company just files for bankruptcy and opens up under a different name. What is needed is for some kind of "check and balance", and/or Realtor protection from these guys and utmost, that they be held accountable. This will never end as we "chase our tails" in the never ending fraudulent acts within REO. :( We need a representative to secure our case... we all should be writing and calling our Boards and asking for help in this matter. Attorneys come within our dues and are on Staff for our local boards (which we are mandatory to pay dues onto yearly) We should be joining together and contacting our Legal Aides which are already in place by our State Real Estate Boards. Enough attention is brought up regarding this matter by us we might get something done. "squeaky wheel gets the oil".

    • Pedro, Drop Broker Price Opinion.com and IAS like hot potatoes before you get burnt. There are numerous open discussions on this site about both. I settled with BPO.com/First Valuation in Nov, writing off over $600 in what they owed me while they agreed to a 60 day turnaround on payments from then on. I'm currently waiting on over $2000 from them for BPOs completed Nov 2012 - March 2013. I have been run in circles more times than I can count with 1 definite check issue date already passing. After my last post on here, I received a call stating one would be cut the week of 7/26/13. I'm not holding my breath but I'll let you know if they finally send my money. It took me 2 years to get over $3000 that IAS owed me. They currently owe me about $500 for almost a year now.

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