HAS anyone heard LSI suspending BPO's from agent. Worked with them for 7 years. LSI states i did not address QC requests. spoke to another friend same thing happened to her recently. rumor there is a lawsuit against LSI. Anyone else heard this
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Hey Robert,
I am still getting some BPOs from them, but my biggest concern is the advisory that NJ appraisals gave out. I am assuming most like we will be getting less BPO orders
here is the link if you haven't seen. Let me know your thoughts
http://www.njconsumeraffairs.gov/real/agenda/realattch_112712.pdf
A BPO is a market analysis which under NJ real Estate we are permitted to provide customer/clients. Appraisers provide those such reports for loan origination which is not the case. we are providing our clients a market analysis of the property. Broker Price Opinion BPO or CMA same end result. I spoke to the Eastern Bergen Board The RE commission has been contacted. We should have an update shortly.
I'm not sure what the reason for decline in orders may fall under, however I have heard talks of a $151M lawsuit that CECE has mentioned in her response. Since 2010 LSI had been one of my best clients in terms of volume and form simplicity. Prior, I would handle roughly 100+/- orders a month from LSI alone and since August 2012 the volume has decreased by 65%. I've made several calls and emails to associates at the company that I know on a 1st name basis and every response is that volume is low, but they expect to see an increase in the near future. I can only remain optimistic for so long.
i also heard rumors of the lawsuit. I was told LSI/LPS is looking to make the agents the scapegoat. The concern is within LSI/LPS Some of the QC analyst's do not have real estate backgrounds, therefore do not understand the basis of real estate. On many occasions QC attempted to influence me to change repairs estimates, property condition AND market values.
Robert, I have smile as I read your comment because I have also found that the QC reps have no background or knowledge of real estate. In fact, there have been several times when they attempted to influence me for value. When I saw a decline in orders, I assumed it was because I would not comply with their outlandish request(s). After speaking with a few people I know on a first name basis with the company, everyone is very tight lipped about what is going on and state "we expect to see volume return shortly." We shall see.
Unfortunately we the "BPO agents" get no respect from anyone in this business, not from some of the companies we have devoted years of hard work (and we all know this is hard work) and absolutely no respect from the listing agents. I was reported and almost suspended last week because the listing agent of a short sale claimed I was rude, well, what can you possibly expect when I have called you dozens of times, emailed you, left an unreasonable number of voice messages and 7 days later you reply with a text message letting me know you are in a meeting and can't talk to me?
i have had that happen twice. i no longer make small talk, just provide me the facts.
I leave a VM or eMail stating the seller's lender sends me over to inspect the condition and determine the value and we ARE ALL on the SAME TEAM. They become very cooperative.
You can't wait for them. I call the listing office for access if I don't hear from the agent in a reasonable length of time.
Good luck trying that in this city!
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