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!
I paid as well. I also received an email to pay again to stay current. I called and spoke to customer service who told me I just needed to pay once and to disregard the email. As of today, all is current.
Thank you Chris Oliver, you make very good points. I was talking with my wife about this thread. She's a care giver and she said "Our company requires a background check but they pay for it". With each company asking us to pay for separate checks, with varying fees, it makes me wonder how much of each "fee" they're keeping. Also I have heard so many brokers say they've paid these pay to play fees and got no business.
Anyone can check the status of my license anytime online. I would think our state required checks should be enough and if not we should be able to get on that covers all companies.
The constant push for "faster and cheaper" has to lead to a lower quality product.
The few companies I still do BPOs for are all now paying me higher fees (because I asked for it) and I just do a very small coverage area (gas costs and drive time can really reduce your profit).
I paid the $39.50 and passed the back ground check. that was the last I heard from them, no work! They did send me a copy that was interesting reading. I will use it as a listing tool as part of my presentation.
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!
I don't have a problem if they pay for it and if they want decent vendors they should. It is typical of those who have no knowledge of the real estate industry to not realize that you have to be checked to hold a license. Redundant, stupid and all too common. Meanwhile they cut offered payment. Sure, like I'm gonna drive 30 mi. one way & look in 3 overlapping mls & spend the better part of 1/2 day to get their whopping 30-40 dollars. Not. Check my license, pay me reasonably or shop it to someone else and have fun sending it through QC multiple times.
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, I cannot speak for the other brokers on this site but I personally resent your implication that I'd compromise my principles "when my car payment is due".
Also you totally missed the point most here are making. We are not opposed to background checks in of themselves but most if not all states require them just to be licensed so we already have had them done. Plus multiple companies want multiple checks and most want us to pay and the fees vary between them which does make it look like a money grab.
Same thing happened in REO. If you want business from us you have to pay to be on our portal, for our classes, our tech fee, our referral fee, unnecessary over charge fee, our CEO needs a bigger bonus fee, pay pay pay. The more we paid the less business we got. Now the BPO companies want a dive by in 24 hours for $35 and oh yeah you gotta pay us for the privilege of working with us.
As for the competition that thanks us from the bottom of their hearts, you're welcome. If you are willing to pay these companies so you can do more work (forms keep getting longer) faster (turn times keep getting shorter) for less money (most BPO companies have reduced fees over the past several years) then you can have it. I can find other ways to "make my car payment", and Joey, I can do it without having to compromise my principles.
Patrick I agree with you. I too had a check when I got my license and if I had done anything wrong between now & then I would not have a license. If they want to verify that we are licensed they can go to our state licensing site and verify that we have a license and also check to see if we have any complaints filed against us.
You are right about all the fees, RESNET is $700/year for their platform, free training & certification, LAMCO $700/lifetime, EQUATOR free but $500 traing fee, SERVICE LINK free but (they get 1% of 6% realtor fee plus #100 for every REO you get, (which leaves 3% to selling agent & 2% to listing agent, who is the one who is doing most of the work), OCWEN gets % of every bpo done, it goes on and on. The only one I have found that does not charge any fees is CORELOGIC, I did have to have a background check done for them but they paid half and it only cost me #12.50, LSI wanted one done and I said they could either use the one I had already had done or their client could pay for it, I did not hear back & I am still getting orders from them, not as many as I used to but I started weaning myself away from bpo's because of the low pay and too fast turn around time.I told Clear Capital the same and was still getting orders from them up until about 2 weeks ago.
I think that the AM companies & banks need to have background checks done on them (their CEO's CFO's to make sure that they are not criminals, I am sure that they would not pass).. I am sure that I am not the only realtor who has been cheated out of thousands of $$ owed to me by BPO companies that do not pay, and/or go bankrupt(do we think that their CEO & CFO gave up their salaries, certainly not) and then open under another name. Or have been cheated out of $$ paid for utility bills, repair bills, pool & awn care maintenance, HOA fees, re-key fees & trash-outs because they rejected the bills for one lame reason or another. This year alone I have been cheated out of over $15K, One company told me that in order to avoid bankruptcy that if I agreed to forfeit $905 of the $2905 that they owed me that they would pay me every 60 days as well as increase my fee$$ and the volume of my orders. I agreed solely on the basis that they promised to pay every 60 days. That was a year ago October and I have not been paid to date for any orders I have done since then. I emailed them in July and demanded my money (a little +/- $3000 without the $905 I agreed to forfeit) and told them I was demanding the $905 also due to non performance on their part for non payment for 1 year and I was told that the executives said they would not pay the $905 and that they were mailing me a check for $400 and would pay the rest out over a 6 month period) that was over 3 months ago and I have received nothing from them. to date. So who is the criminal??
They would send me orders at 8 or 9 pm ET and expect the orders back by 2 pm the following day. Do they think that it takes 15 min. to drive 30- 40 miles (one way) in traffic and pull comps and fill out a form and submit it? Or that it was 9pm my time & I could not take photos in the dark, or that I was done with business for the day and needed to sleep. One BPO company that went bankrupt and cheated me out of $8000 was in the same state and would send me orders at 9pm and expect them back by noon the next day. I found out from another realtor the reason they went bankrupt and we did not get paid was because their client (supposedly was Chase, or another well known bank) did not pay them and they were owed over $1,000,000 and that the bank admitted that they had not paid them. Again I say who is the criminal?
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