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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Sharon Letson > Lavina A. JacksonAugust 26, 2013 at 1:09pm
they still sent me requests, but funny thing, another friend of mine in real estate who has never done any BPOs for CC told me she had registered and they sent her a request for a town near me???? She didn't do a background and she's never done any for them and I have been doing them for CC since 2007. She didn't accept because she doesn't know how and I wonder how much lower they're trying to get her for. I still do the $50 in town ones for them because I need the income since SS retirement doesn't go too far these days.
Here's a good one. RR Review called me to do Halltown, MO - not too far, but far enough and only 173 people in the town. I went Sunday to take pictures, no streets have names on them. Today I went back, this time asked the Postmaster who didn't know the address and said they don't deliver mail in Halltown, everybody has a PO Box, so I got on my iPad and looked up the name of the mortgagor and told the Postmaster his name, she came out side and pointed to a trailer on this gravel lane with no street name, no box, no number on trailer. I called RR Review and said I can't do a BPO on a trailer, they demanded I take a picture of it for proof. I did and don't know what the heck this one was all about. At least if it had been listed anytime since 2000 it would have shown up and I could see a picture. This property is a mess and I'll send the picture, but don't you think I should be reimbursed somehow for all the trouble and driving to and from twice? If the Postmaster doesn't know where the house is, how can I? She pointed to a trailer and on the way to the trailer was a little old stucco house, no number, but she told me this guy lived in the trailer and I had his correct PO Box where he gets mail. Now what if that old house is on the property and the land and all the trailer and travel trailers are on that property, how could I do a BPO anyway. That's the only thing I can figure that the old house is on this lot with 3 travel trailers and a mobile that the Postmaster says is where he lives. I'm done with this one - good luck finding comps.
RRReview sent me a request last week that was snatched up right away in town. Today another company sent me the request for the same address. Wonder what's up with that? As soon as I can see my way financially out of this mess, I'm out of the BPO business. It's driving me crazy.
A few weeks ago I received 4 orders from Clear Capital that were for older mobile homes, 2 on rural property. We have a very limited mobile home market so I questioned all these orders. They said that a mobile home finance co. had started asked for BPO's and had signed on with several different company's so they could get 2 opinions on each. I got a couple of mobile orders from Corelogic also.One I turned down as it was too much of a mess. I have gotten so I don't auto accept anything except Corelogic. Most end up calling me and I can tell them my terms. If they find someone else to do the order, I just figure I am better off without it.
I've been doing BPO's for several years. Corelogic was one of the first (at that time they were 1st American) and Clear Capital came not too long after Corelogic became Corelogic. I have also worked with Ocwen for several years. I also work REO's and last year Corelogic was one of my biggest clients-outsourcing for BOA, whom I have also worked for ever since they took over Countrywide. I had worked with Countrywide for years and also Lamco. Lamco now wants to charge an annual fee so I have dropped them. I won't pay to work for them and even with Corelogic and Ocwen, I usually let them call me so I can set my own fee. I did work with several other companies but have now cut down to only 4 or 5. We are a rural community so many of our orders are just that. I never auto accept them and I always charge substantially more than for urban properties.
Colleen > Lavina A. JacksonAugust 26, 2013 at 4:23pm
Lavina, be very careful about both Clear Capital and Corelogic. I am a very prolific bpo specialist and I actually do not do BPOs anymore for these companies. I am an REO broker and as much as I hate bpos, they pay my bills, especially when I have 20 closings being put on hold, which seems to be the norm these days, however I have learned how to deal with these companies. Many people say they are great, I have a different opinion. If you need some names of decent companies, let me know. Also, try to get them to assign you orders only in more urban/suburban areas. If they want rural, make them pay you considerably more than the standard areas. In many areas I will charge as much as $150 and they will pay it, companies like OCWEN. Just sayin.......
Sharon Letson > Lavina A. JacksonAugust 26, 2013 at 4:11pm
Thank you Lavina, I appreciate your input. I've decided to start getting really picky of which ones I will do. I'm running myself ragged, wasting gas and precious time to do work for peanuts.
Julie Yates > Sharon LetsonAugust 26, 2013 at 7:00am
Sharon, I too feel the same way about the background checks. In Texas we have to undergo a background check and fingerprints. I sent an email to Clear Capital about this and they told me that they would not waive the requirement. LSI wouldn't waive the condition either. I let them go too.
if things do not improve and I can get enough REO business, which has been increasing, I will let all bpo companies go and do only property inspections, with the exception of companies I sell properties for. This is really getting old.
James Mathieu > Lavina A. JacksonAugust 26, 2013 at 5:34am
What is the contact information for Equi-trax to register for getting BPO's
Replies
they still sent me requests, but funny thing, another friend of mine in real estate who has never done any BPOs for CC told me she had registered and they sent her a request for a town near me???? She didn't do a background and she's never done any for them and I have been doing them for CC since 2007. She didn't accept because she doesn't know how and I wonder how much lower they're trying to get her for. I still do the $50 in town ones for them because I need the income since SS retirement doesn't go too far these days.
Here's a good one. RR Review called me to do Halltown, MO - not too far, but far enough and only 173 people in the town. I went Sunday to take pictures, no streets have names on them. Today I went back, this time asked the Postmaster who didn't know the address and said they don't deliver mail in Halltown, everybody has a PO Box, so I got on my iPad and looked up the name of the mortgagor and told the Postmaster his name, she came out side and pointed to a trailer on this gravel lane with no street name, no box, no number on trailer. I called RR Review and said I can't do a BPO on a trailer, they demanded I take a picture of it for proof. I did and don't know what the heck this one was all about. At least if it had been listed anytime since 2000 it would have shown up and I could see a picture. This property is a mess and I'll send the picture, but don't you think I should be reimbursed somehow for all the trouble and driving to and from twice? If the Postmaster doesn't know where the house is, how can I? She pointed to a trailer and on the way to the trailer was a little old stucco house, no number, but she told me this guy lived in the trailer and I had his correct PO Box where he gets mail. Now what if that old house is on the property and the land and all the trailer and travel trailers are on that property, how could I do a BPO anyway. That's the only thing I can figure that the old house is on this lot with 3 travel trailers and a mobile that the Postmaster says is where he lives. I'm done with this one - good luck finding comps.
RRReview sent me a request last week that was snatched up right away in town. Today another company sent me the request for the same address. Wonder what's up with that? As soon as I can see my way financially out of this mess, I'm out of the BPO business. It's driving me crazy.
FYI, RRReview is one I will not do bpos anymore for, however they call me all the time. Outsourcing is a disaster.
A few weeks ago I received 4 orders from Clear Capital that were for older mobile homes, 2 on rural property. We have a very limited mobile home market so I questioned all these orders. They said that a mobile home finance co. had started asked for BPO's and had signed on with several different company's so they could get 2 opinions on each. I got a couple of mobile orders from Corelogic also.One I turned down as it was too much of a mess. I have gotten so I don't auto accept anything except Corelogic. Most end up calling me and I can tell them my terms. If they find someone else to do the order, I just figure I am better off without it.
I've been doing BPO's for several years. Corelogic was one of the first (at that time they were 1st American) and Clear Capital came not too long after Corelogic became Corelogic. I have also worked with Ocwen for several years. I also work REO's and last year Corelogic was one of my biggest clients-outsourcing for BOA, whom I have also worked for ever since they took over Countrywide. I had worked with Countrywide for years and also Lamco. Lamco now wants to charge an annual fee so I have dropped them. I won't pay to work for them and even with Corelogic and Ocwen, I usually let them call me so I can set my own fee. I did work with several other companies but have now cut down to only 4 or 5. We are a rural community so many of our orders are just that. I never auto accept them and I always charge substantially more than for urban properties.
Lavina, be very careful about both Clear Capital and Corelogic. I am a very prolific bpo specialist and I actually do not do BPOs anymore for these companies. I am an REO broker and as much as I hate bpos, they pay my bills, especially when I have 20 closings being put on hold, which seems to be the norm these days, however I have learned how to deal with these companies. Many people say they are great, I have a different opinion. If you need some names of decent companies, let me know. Also, try to get them to assign you orders only in more urban/suburban areas. If they want rural, make them pay you considerably more than the standard areas. In many areas I will charge as much as $150 and they will pay it, companies like OCWEN. Just sayin.......
Thank you Lavina, I appreciate your input. I've decided to start getting really picky of which ones I will do. I'm running myself ragged, wasting gas and precious time to do work for peanuts.
Sharon, I too feel the same way about the background checks. In Texas we have to undergo a background check and fingerprints. I sent an email to Clear Capital about this and they told me that they would not waive the requirement. LSI wouldn't waive the condition either. I let them go too.
if things do not improve and I can get enough REO business, which has been increasing, I will let all bpo companies go and do only property inspections, with the exception of companies I sell properties for. This is really getting old.
What is the contact information for Equi-trax to register for getting BPO's
The most recent pay payers is Broker Price Opinion. They are 7 months late to me after I wrote off $2000 in fees.
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