Great advise by our In-house AM - Let's do this and see which companies pay the best and which ones don't - here's my list of good paysEMortgageLogicEqui-traxTitanium SolutionsFranklin CreditFASInc
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What is your definition of a 90 to 120 day price for a BPO if asked. What I use is 90 to 120 day comparable sales from the date of contract not the date of sale. What methods do you guys use to determine a 90 to 120 day valuation figure?
I have used the DOM averages also in a slow market scenario. If any asset managers are on this page I would like to have your opinion please. Thank you...
Tara Nagelhout > Donald C HascallDecember 21, 2010 at 6:09pm
After three phone calls and several emails, including one which I told them I had all the data for their report but refused to fill it in as they refused to acknowledge they owe me money, I finally got an email today, two weeks later. And here is what it said:
Dear Tara Nagelhout,
We are sorry for the delay in scheduling, we have your orders from July,August and September scheduled for our next available date 1/7.
Please bear in mind that this is a scheduled date and if for any reason wefall behind in our scheduled payments this date might be pushed back
some, but they are
indeed scheduled and will be sent out as soon as possible.
That's the normal template letter they send to every agent as an excuse for late payments... What a joke.
James Hutson > Tara NagelhoutJanuary 9, 2011 at 8:59am
I got this same reply. They owe me back thru July. Total of $485.00. This same lady told me that they were "waiting on recepits from their customers"..... I reported them to the Denver BBB. THey said they have had 132 complaints in the past 32 months and that once they had received the complaint, BrokerPriceOpinion.com satisfied the debt on all 132. It is worth a try. Good luck!
Funny - I got the same exact email, but the date on mine was 12/31/2010...
I'm sure it's a template email that they just send out to agents.
I'm owed over $500 from Brokerpriceopinion.com and with every order request, I respond asking about the past due payment. The funny thing is I've received duplicate orders from them and another company I work for and the other company has paid me NOT them.
Of course, they are coming from the same lender, so we know the lender is paying them.
Sounds like they have too much overhead and can't afford to pay the measly $35 they offer for an order that their competitors pay $50 for.
The problem is, that some of them are out of state and they know it would be time consuming to take them to court. So, they take you for granted. I would recommend to try and only deal with local state companies if you can manage it. That's why I make Clearcapitol priority one on my list of good payers and they are in my state of California.
The issue is; most markets have a lot of agents who are new to the BPO/REO industry and are willing to do this work, so if we (the experienced agents) decline the work, they just move on to the next person and forget about what they owe us.
The best thing we can do is reject the work from comapnies who don't pay, continue to follow up on payments and spread the word.
Eventually, they will need to pay us or they won't be able to keep their business.
One other thing that may be a good idea is to find out who the lender assigning the work to them and report to them that their vendors aren't paying the agents.
I'm not sure how far that would get us, but it's worth a try!
yeah, i am set up with alot of the companies and i have read different people posting about evalonline.com not paying and one day over 3 months ago, after many phone calls and emails with bpo order requests from EVALONLINE.COM. i decided to take one bpo as an experiment plus it was a very slow sunday. i took my time, completed the same day TAT, used auto form fill software and found the form to be more difficult than most of the forms but here is the kicker.
as of this post, its been over 100 days, i have yet to be paid on the one and only BPO i did for them. they keep sending me requests for orders and i respond by asking where my payment is for the certain order #. they never respond back.
what really gets me, is alot of the orders the AE's say that they just need a valuation and already have all the pictures for an order....kind of makes me think that they took it from another agent who busted there but trying to full fill the order for them.
i would stay away from this company. IMO
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Replies
What is your definition of a 90 to 120 day price for a BPO if asked. What I use is 90 to 120 day comparable sales from the date of contract not the date of sale. What methods do you guys use to determine a 90 to 120 day valuation figure?
I have used the DOM averages also in a slow market scenario. If any asset managers are on this page I would like to have your opinion please. Thank you...
After three phone calls and several emails, including one which I told them I had all the data for their report but refused to fill it in as they refused to acknowledge they owe me money, I finally got an email today, two weeks later. And here is what it said:
Dear Tara Nagelhout,
We are sorry for the delay in scheduling, we have your orders from July,August and September scheduled for our next available date 1/7.
Please bear in mind that this is a scheduled date and if for any reason wefall behind in our scheduled payments this date might be pushed back
some, but they are
indeed scheduled and will be sent out as soon as possible.
Regards,
Deana Lopez
Accounting Assistant
BrokerpriceOpinion.com, Inc.
8700 Turnpike Dr. Ste #300
Westminster, Co 80031
303-991-9919x1081
Fax 303-430-9050
deanal@brokerpriceopinion.com
That's the normal template letter they send to every agent as an excuse for late payments... What a joke.
Funny - I got the same exact email, but the date on mine was 12/31/2010...
I'm sure it's a template email that they just send out to agents.
I'm owed over $500 from Brokerpriceopinion.com and with every order request, I respond asking about the past due payment.
The funny thing is I've received duplicate orders from them and another company I work for and the other company has paid me NOT them.
Of course, they are coming from the same lender, so we know the lender is paying them.
Sounds like they have too much overhead and can't afford to pay the measly $35 they offer for an order that their competitors pay $50 for.
What should we do to get paid from these companies that don't pay? You would think we could go to somebody and file a complaint.
The problem is, that some of them are out of state and they know it would be time consuming to take them to court. So, they take you for granted. I would recommend to try and only deal with local state companies if you can manage it. That's why I make Clearcapitol priority one on my list of good payers and they are in my state of California.
The issue is; most markets have a lot of agents who are new to the BPO/REO industry and are willing to do this work, so if we (the experienced agents) decline the work, they just move on to the next person and forget about what they owe us.
The best thing we can do is reject the work from comapnies who don't pay, continue to follow up on payments and spread the word.
Eventually, they will need to pay us or they won't be able to keep their business.
One other thing that may be a good idea is to find out who the lender assigning the work to them and report to them that their vendors aren't paying the agents.
I'm not sure how far that would get us, but it's worth a try!
Good paying:
EMortgageLogic
Old Republic
Very slow paying (have to fight for a check): Evaluation Solutions
yeah, i am set up with alot of the companies and i have read different people posting about evalonline.com not paying and one day over 3 months ago, after many phone calls and emails with bpo order requests from EVALONLINE.COM. i decided to take one bpo as an experiment plus it was a very slow sunday. i took my time, completed the same day TAT, used auto form fill software and found the form to be more difficult than most of the forms but here is the kicker.
as of this post, its been over 100 days, i have yet to be paid on the one and only BPO i did for them. they keep sending me requests for orders and i respond by asking where my payment is for the certain order #. they never respond back.
what really gets me, is alot of the orders the AE's say that they just need a valuation and already have all the pictures for an order....kind of makes me think that they took it from another agent who busted there but trying to full fill the order for them.
i would stay away from this company. IMO
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