I have been doing exterior BPO's in MS since 2012 when they passed the law that agents could be paid for BPO's. Recently I have been receiving more and more interior inspection request. I am sure it is because we are having an increase in foreclosures in my area. The ones I have done in the past a local agent is usually the contact person or there is a lockbox. However, over the last few weeks I have received two interior BPO's request that the borrower has been the contact person. I talked to the first borrower and they were doing a modification and I quickly said "I can not do this, in the state of MS, BPO's can not be used for new loans, mods, refi's...blah, blah, blah." The second I turned down because I didn't want to get involved with it again. The specific company is Protek. I have talked with the and told them the issue. Does anyone else live in a state with these specific laws for BPO's and new loans, etc, and if so, have you had any issues like mine? Just looking for feedback.
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LPS used to be my favorite also and a ton of orders, but because I would not change an order for a "difficult client" they had, they sent me a letter a few months later and said I was being reprimanded for 6 months or something like that. I couldn't believe it and tried speaking with someone about it, but was basically black balled from their company. I heard other similar stories since, so I have moved on. Do a few orders for "Service Link", but nothing like the volume LPS had. Single Source is not in the area. I do some for RRReview, their kind of a pain in the butt. Old Republic pays super fast, and good company for the most part. Some of the other company's I do BPO's for are for local banks around here.
DE you can not do a BPO, int or ext if it is a short sale "under contract"...some agents have misinterpreted the law and think if it isn't under contract you still can't do it, I called a lawyer in DE and they called the Commission to verify and told me that you could as long as it's not under contract, I ask the listing agent ahead of time how they interpet it, if it's an interior and if they have a problem I don't do it, when I explain to the BPO company the severity of taking a chance they are fine, in fact it explains to them why they are having so many problems getting it assigned...$5000 fine and chance to loose your license if you're caught.......
I doubt Protk will pay more than $60 these days.
Borrowers are always the contact for loan modification app. since they do not have a rep. If they go through an attorney then you talk to the para-legal. The only info the lender needs for LM is LTV and CLTV ratios. It can be approximate.
If your State has many borrowers underwater then the most lucrative career now is appraisers. Many realtors carry that license as well.
I just did an interior for Protect on Friday for a fee of $150.00, granted in was 80 miles away.
It is up to the lenders. For boa they order both an appraisal and interior bpo for short sale.
For other lenders they decide what to use. You get paid for providing an "opinion". One place you do NOT talk to sellers soliciting business from them or offer answer lender asked about ($). You should not ask the motivation (loan mod for example). Do your RE job.
Protek is a bpo mill. I doubt they can help you with your questions.
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