I received an email from Clear Capital stating that they need to run a background check in order to receive assignments. It also said I needed to do so by August 23, 2013. with that said is it to late to do the background check and is it worth doing so? I have paid in the past with other co. and never received anything in return with the exception of FAS but it was a bpo to cover my reinstatement fees to sign up for another year. I didn't pay again. Please advise.
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The crazy thing is they always say it's a client request or the background check is due to DODD-FRANK requlations. Truth is if these lending institutions were really pressing these BPO mills for all this because they are being required to due to the DODD-FRANK Regs these lenders are pressing the wrong button. I have studied the DODD-FRANK regulations. One of the key enforcement requiredments is that all lenders/underwriters ect strictly conform to ALL financial regulations both state and federal, that are in place. This is supposed to protect the investors and hence our economy.
I know MOST, if not all, states have a licensing provision similar to Californias. Californica Business and Professional Code sec. 100137 clearly says, "No real estate salesperson shall be employed by or accept compensation from any person other than the broker under whom he or she is at the time licensed." This is a key OVERSIGHT provision to insure the clients are fully protected. There is a predated section that says all acts that require a real estate license must comply . These BPO providers very clearly REQUIRE a real estate license! WELL EVERY BPO PROVIDER PAYS WHO EVER DOES THE BPO DIRECTLY, not the broker so the Broker may not have a clue as to what kind of work that agent is doing unless it is the broker himself doing the work! THAT IS A CLEAR VIOLATION! Why has no one ever brought this to anyones attention. I urge every Broker out there to file a complaint with the Department of Real Estate in your state. Those of you agents that are on the up and up will surly have your Broker in your cornor and those that are not will have to leave the busidess. That will be a giant step to really helping this industry. NOT BACKGROUND CHECKS!
Actually, all the BPO companies I worked for, required maging broker contact information, signatures, E & O insurance declaration page from the managing broker. Also required a special permission from the managing broker with there signature to pay direct.
I now have my own brokerage and require agents to upload all BPO work for broker review, however it is such a low paying job, I don't split commission with them.
Well said Patrick Willard!
I really dislike the sound of no background checks no BPO's I had all of that done back in 2001 when I first obtained my license why must I dish out more money if its good enough for the state it should be good enough for asset management companies. I know of colleagues that dished out $39.50 and have not seen ANY BPO's.I have worked on BPO assignments for over 1 year now and realize what everyone is so disgusted with!
P.S. BPO's dont pay enough to cover my car note Joey!
A lot of REO and Valuation companies have started requesting for background checks. If you want the work from them you have to follow the rules. Its a requirement from a lot of their respective big bank customers. You cannot originate loans unless you pass the back ground check. Same way here. after All forty dollars is less than a BPO that you do for them..
The crazy thing is they always say it's a client request or the background check is due to DODD-FRANK requlations. Truth is if these lending institutions were really pressing these BPO mills for all this because they are being required to due to the DODD-FRANK Regs these lenders are pressing the wrong button. I have studied the DODD-FRANK regulations. One of the key enforcement requiredments is that all lenders/underwriters ect strictly conform to ALL financial regulations both state and federal, that are in place. This is supposed to protect the investors and hence our economy.
I know MOST, if not all, states have a licensing provision similar to Californias. Californica Business and Professional Code sec. 100137 clearly says, "No real estate salesperson shall be employed by or accept compensation from any person other than the broker under whom he or she is at the time licensed." This is a key OVERSIGHT provision to insure the clients are fully protected. There is a predated section that says all acts that require a real estate license must comply . These BPO providers very clearly REQUIRE a real estate license! WELL EVERY BPO PROVIDER PAYS WHO EVER DOES THE BPO DIRECTLY, not the broker so the Broker may not have a clue as to what kind of work that agent is doing unless it is the broker himself doing the work! THAT IS A CLEAR VIOLATION! Why has no one ever brought this to anyones attention. I urge every Broker out there to file a complaint with the Department of Real Estate in your state. Those of you agents that are on the up and up will surly have your Broker in your cornor and those that are not will have to leave the busidess. That will be a giant step to really helping this industry. NOT BACKGROUND CHECKS!
Recently I have seen many of our broker clients decide that they are not going to get their background checks on Corelogic, Clear Capital, SAM and many others who want them now to get more orders...you hired our company to capture a BPO order that will never come...and that you will never get offered- so don't complain about it
Please people, this is not mandatory to get orders for some companies, its a requirement from a lot of their respective big bank customers according to Dodd-Frank regulations...If you have noticed you have been getting LESS BPO work from a particular vendor- its because they cannot send you a Fannie or Freddie order without a check. We can sit here and wax poetic that its a fee grab all day, be sure to remember how "principled" you are when you have to make a car payment....
And for all those of you who still don't want to do it out of principal - your competitors thank you from the bottom of their hearts...Our company handles a lot of volume for brokers around the country - there is statistical, empirical proof that your order flow will curtail if you don't do this...
( Disclaimer- this is not ad nor solicitation of ATX BPO outsourcing and ATX BPO capture services- I also don't directly work for any of the above companies nor am I Realtor)
Joey Singh
ATX BPO Inc.
Business Development
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: BPo, Capital, Capture, Clear, Corelogic, Joey, SAM, Singh
The crazy thing is they always say it's a client request or the background check is due to DODD-FRANK requlations. Truth is if these lending institutions were really pressing these BPO mills for all this because they are being required to due to the DODD-FRANK Regs these lenders are pressing the wrong button. I have studied the DODD-FRANK regulations. One of the key enforcement requiredments is that all lenders/underwriters ect strictly conform to ALL financial regulations both state and federal, that are in place. This is supposed to protect the investors and hence our economy.
I know MOST, if not all, states have a licensing provision similar to Californias. Californica Business and Professional Code sec. 100137 clearly says, "No real estate salesperson shall be employed by or accept compensation from any person other than the broker under whom he or she is at the time licensed." This is a key OVERSIGHT provision to insure the clients are fully protected. There is a predated section that says all acts that require a real estate license must comply . These BPO providers very clearly REQUIRE a real estate license! WELL EVERY BPO PROVIDER PAYS WHO EVER DOES THE BPO DIRECTLY, not the broker so the Broker may not have a clue as to what kind of work that agent is doing unless it is the broker himself doing the work! THAT IS A CLEAR VIOLATION! Why has no one ever brought this to anyones attention. I urge every Broker out there to file a complaint with the Department of Real Estate in your state. Those of you agents that are on the up and up will surly have your Broker in your cornor and those that are not will have to leave the busidess. That will be a giant step to really helping this industry. NOT BACKGROUND CHECKS!
Joey you are totally WRONG!
I AM SICK AND TIRED OF HEARING "REQUIREMENT" What are these Client Organizations NAMES just name them!!!! They don't and won't. This is just another MONEY GRAB just like the paying to be on a REO list to be considered for the business.
Have you actually studied the DODD-FRANK regulations? Backgrounds checks are NOT even required for the Appraisers! A BPO is not an appraisal and IS NOT to be considered and used for any lending considerations. PERIOD,
Clear Capital pays on time there is not a delay. Background checks are not needed. In Texas that is done in order to get your license finger print in fact your whole hand is scanned photos front side right side left each finger is scanned and then the entire hand is scanned in. A background check is done. Why is this not good enough for the companies we work with? If they can give a clear reason with an answer as to what and why it is needed. Then I may consider another 40 dollars placed on the table. I understand we must pay to play but please explain the extra fee and why we must do this again.
I have not agreed to pay for the background check, and am still regularly receiving BPO's from them. I told them they had my permission to do a background check at their expense.
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