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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I did sign up with them..... some vendors and REO companies do require fees and I do get a lot of business from them. It is supposedly a one time fee. If I do not get any listings from them in about four months I will tell them to can it.
The call is usually preceded by an email claiming to "work directly with the ICBA (Independent Community Bankers of America) so [sic] small to mid size lenders and banks." No mention of a $400 fee. Complete email is posted under the big pay or not discussion on this site by another agent.
Response from ICBA today:
Hi Cece,
Thank you for your email and due diligence. REO Pro Corp. is not affiliated with ICBA in any manner. We have received similar inquiries from many real estate agents across the country.
We are actively working to stop REO Pro Corp. from using the ICBA name to promote their offerings and appreciate you contacting us regarding this matter.
Please let me know if you have any additional questions.
Kind Regards,
Patricia
Patricia Rajdl
Assistant Vice President, Corporate Associate Membership
Independent Community Bankers of America
518 Lincoln Road, PO Box 267
Sauk Centre, MN 56378
www.icba.org
patricia.rajdl@icba.org
Direct: 320-352-7324
Toll Free: 800-422-7285
Fax: 320-352-5366
This is the craziest thing, I stumbled across this thread this morning 12/10/14 doing some research on a company called BPO Fullfillment to see if they are a good company and if they pay. I began reading through the thread where the conversation shifted to REO Pro Corp. and how they use ICBA, Independent Community Bankers of America as a credibility reference for their sales pitch.
The crazy thing is that this afternoon, I received a call from a guy stating that he was from IREO and that I was referred to him by the ICBA as a REO listing agent. As soon as I heard him reference ICBA my ears perked up a little.
He asked me if I had heard of the ICBA to which I told him I was familiar, he proceeded to ask if I serviced a few specific areas, I guess to give him more credibility and validate their legitimacy. I said that I did service the areas he referenced.
I explained to him that I was busy and would need to call him back later, he told me he would call back tomorrow. Just to get him off the phone I agreed. He never got into the "pay to play" pitch for listings, I didn't give him a chance. I guess I will get that tomorrow when he calls.
Has anyone heard of IREO? Has anyone had a similar experience?
I thought it was a little odd that I just read this thread, and then received a call with the same pitch later in the day. I am glad that I had read the post so I was somewhat prepared.
I wouldn't have fell for it as I don't "pay to play" but thought it was interesting.
I thought I would share the story so others can avoid their scam.
Understandable as they market to agents in droves... it is a good practice to ALWAYS research and research again. We can't afford to do them for free and trust me, they are getting paid for it!
IREO is old news. They are REO PRO CORP under a different name..
Old news still playing the old rip off game. Agents beware!
actually they did not tell me that they work directly with ICBA.
guilty as charged. I figured I would give it a shot. I do have some clients who require fees and I have gotten enough business from them to make it worth my time. others I smell a rat with. I don't waste my time with buyer leads.
I have heard similar stories before ... They all ended badly. Do not remember if it was the same outfit, but same basic story. I would tell them to take it out of the first commission.
No, but I do not pay to get paid!
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