LPS Agent Requirement Changes

I don't know if I may be the only one this bothers but i received an email today requiring me to submit to the following: During the next several days, we will be issuing new tasks in our supplier portal.  The package of tasks will include a revised Master Listing Agreement (MLA) and a revised Expense Reimbursement Agreement, for your review and electronic acceptance.  Although you may have recently sent your current real estate license and E & O Insurance Certificate, LPSAMS is asking that you submit or re-submit a copy of your current PERSONAL real estate license, your current Insurance Certificate, and W-9 to ensure that all Broker/Agent files are current and complete. (In addition, LPSAMS is requiring each Broker/Agent who wishes to participate in the LPSAMS Broker/Agent Network to undergo a criminal background check and credit check. You will be asked to revalidate this information every 24 months).

My concerns are having to give my Social Security number, past employment, and all the rest of my personal info only to be stored somewhere in the Cloud and vulnerable to be breached by some irrate employee of LPS. I kind of understand where they are trying to place themselves but at what "future" expense to us???? Any comments, concerns?

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  • DataQuick (formerly Transunion) asked me to get a $35 background check which I will be able to use for any other company wanting it for up to 6 months, I think.  Fine by me.  They need your SSN to pay you and issue W9s.  There is really nothing unusual about all of that except the background check is new.  I came back clean!!!

  • That depends on your income from LPS. You have to pay for background check fee. It is required by their lenders to do business.

  • I was doing BPOs for LSI and was asked to submit to the criminal background and credit check by end of July 2012.  I declined due to the mandatory nature of the request and concern for personal information being held by third party company.  I no longer do BPOs for LSI.

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