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
Replies
never liked Mainstreet.
Generally they take 90+ days. The best of luck to you!
Willy,
I was finally paid after numerous calls and emails and had to threaten to not do another BPO for them, then was paid within 90 days. Yes I dealt with Holly, she needs to come up with different stories because she gives us all the same one. Good Luck to all of you with receiving payments. WE NEED TO STICK TOGETHER!!!!
Take it as an expense for sure.
Here are some more BPO firms and some REO firms- if you are a connection on Linked-in- where ever I have a personal contact- I will send it over...
Joey Singh
Ameritax BPO Inc.
Business Development
Tax and Business Consulting
AmeriTax Inc.
Learn how we can increase your business with our marketing help!
www.TheAmeriTaxWay.com -
JSingh@theameritaxway.com
Skype: Ameritax1
1 212 801 2390 Office Ext 888
1 516 881 0126 Direct Operations Floor Line
1 800 689 6028 Fax
1 917 859 4400 Cell
http://www.linkedin.com/in/joeysingh
Tags: Acceptor, BPO, Capture, Fastest, Order, REO, Secrets, tricks
We received a letter from an attorney claiming to represent IAS in their "wind-down process". The letter states that they are trying to reorganize to avoid bankruptcy. The letter further states that they wish to:
"achieve a result more favorable to the company and its creditors than could be achieved ... through bankruptcy."
That is legalese for "the unsecured creditors will be totally shafted either way".
I have attached a copy of the letter.
DOC123.pdf
With all the negative comments about getting paid, why would you good folks even consider doing them?
Letter from IAS attorneys arrived today to tell us they won't be paying their agents for past expenses. My team quit taking any work from them a couple of years ago. They took over a year to pay and ended up moving the asset. But, in past years we we're preferred agents for their properties.
Carrington was a slow payer too, so we don't do any of their business either. I don't have time to jump hoops to get repaid for their expenses. It's just wrong.
When I started in REO nobody did a BPO under $100. I received $1000-2000 for successful CFK's & my commission was never less than 2.5 per transaction side. I stopped doing BPO's after the standard became $65! I saw people doing them for $35-50 in the end! My last REO sale commission was 2% -25%. They even started charging me $5 per invoice to pay me back my expenses
I have almost stopped all REO work altogether! Except for NRT I have no REO work but am making more $$$! NRT actually eased up making the hold REO weekly check every 14 days instead of 7. They gave me permission to do a 1 per month on this property after I complained and stopped doing them at all! Since I can handle any type of home, debtor, repair & always close on time they decided I was worth it!! Those who are awesome at what we do so we don't need REO's! In fact it's a bad business model compared to retail sales! The smart companies will try and keep quality brokers! If your a good broker don't be afraid to throw your weight around. If you loose a service provider so be it! Sell retails! Work with investors & builders!
The service providers will all come around if the good brokers are acting like we are worth it! If they have to deal with the in experience & revolving door of new brokers for a while we will soon be in high demand. Selling houses with no discounts, service referrals, BPO's, CFK's, Repairs, utility management, & fighting with the payment dispatchers over how you uploaded the last electric bill is awesome! Damn.... why would we go back until they get back to the money they paid us before 2009!
Justin Thayer
Team Thayer Real Estate
I totally understand Justin... So many newbies come in and quite frankly don't know any better. By taking the fees at the lower scale they hurt us all... not only that, but themselves! Once they start adding up the costs and "time" it will soon be clear they are running in the red at taking assignments at such a low value! It is sad and quite frankly for those of us who do this on a full time bases, very difficult. I refuse to take assignments at face value, if they want a quality report they contact me and will be charged for my time and expertize. Sadly more VMs now only look for the bottom dollar, which in time their reports will dwindle as the Clients soon look to other Vending Companies who are using experienced Vendors who give them quality report. But the damage i am afraid is already been done. :( Revision request can only "doctor" up a report, but an experience BPO Specialist... the report speaks for itself.
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