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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CECILIA D FOX > James MathieuMarch 20, 2014 at 7:17am
James - Are you saying Servicelink is using this ACI form? Does it "look" like an appraisal.
Vicki Taylor > James MathieuMarch 20, 2014 at 6:07am
You need to up your fees with LPS. They should pay you way more than that. Like Twelch001 mention, it may be based on location or quantity, but you definitely need to ask for more.
@twelch001 Are you in a rural area. I am in a very rural area, average 7 BPO's a week. LPS pays me 75.00 and 100.00 for exteriors depending on the county. Are you getting these fees or more?
I am actually in a more suburban location, however I will not go below a minimum and yes I get a lot of rural bpos so they pay me more. $60 to $100 for exteriors.
I just ended my relationship with this company even though they pay very well, within 30 days and direct deposit too. But, I value my license and the integrity of my reports. I had been with them for 10 months and recently had a report returned for corrections as their client wanted sold comps within 3 months, not 6 months. When I started reviewing the report I saw crazy adjustments and double adjustments that I did not make at all. It was done in their office after I signed off on the report. Shameless!
Now since I value my opinion, my license and integrity, I immediately asked them to remove me as a vendor. It is important for everyone here to know that your name and brokerage put that stamp of approval on it.
Elena Jorrin > Tonia RahmingMarch 20, 2014 at 7:13am
Yes some companies provide their appraisal on file, and they want you to use their property description, room count and all the data about the subject agreeing with that appraisal. Some of the appraisals have incorrect information (number of bedrooms and other observable characteristics). They wanted me to use the appraisal room count which was wrong in every apartment, and it did not even match the active listing in MLS. So my interior inspection observation and the listing agent agreed as opposed to the info in the appraisal. I refused to use the appraisal info. Now I worry thinking they might have gone behind my back and changed it. Oh boy we have a license, we must carry E&O insurance...and they could be hurting us. ...for the fees that they pay us....
Willy Olsen > Tonia RahmingMarch 20, 2014 at 5:40am
I always save a digital copy of the completed bpo that I do in the file with the order.
Also for NVS to be adjusting values after the fact will get them into a lot of hot water. The government is cracking down on bpo companies that are "adjusting" data. It was in the news recently here in SoCal about one company exec who is in hot water for providing lenders like BOA, Chase and some others with "adjusted" bpos giving the indication that the values on those assets were higher than what they really where. The scarey part is that lawyers are going back through the company files and contacting agents who did bpos for them.
I always will go back and request clarification as to why vendors want me to change things out. If I am not satisfied with their answer, I will simply tell them why I won't use their suggestions (so I am not collaborating with them) and find others more suited if I can or just resubmit as I previosly did. If I change anything, again i also keep copies of the original comps I used and print out the request they sent me for changes. This way, I can go back and say they requested I do the change out and was not my original opinion. Again, we need to watchout, some of these vendors get paid on reports that ultimately generate closings. If their unethical client is unhappy they can't get closings, then your BPO vendor is unhappy with you if you won't go with the flow of changing out whats in their convenience. But I rather lose that BPO vendor than lose my license. Remember, utlimately these vendors will not back you up when the "SH" hits the fan and your in court. Attorney's are HUGE SHARKS AND ARE MONEY HUNGRY...So be very careful!
Replies
You need to up your fees with LPS. They should pay you way more than that. Like Twelch001 mention, it may be based on location or quantity, but you definitely need to ask for more.
they pay more for where I am at, but maybe it is my location.
@twelch001 Are you in a rural area. I am in a very rural area, average 7 BPO's a week. LPS pays me 75.00 and 100.00 for exteriors depending on the county. Are you getting these fees or more?
I am actually in a more suburban location, however I will not go below a minimum and yes I get a lot of rural bpos so they pay me more. $60 to $100 for exteriors.
Who is it?
Nations Valuation Services - NVS - WARNING!!!!!!
I just ended my relationship with this company even though they pay very well, within 30 days and direct deposit too. But, I value my license and the integrity of my reports. I had been with them for 10 months and recently had a report returned for corrections as their client wanted sold comps within 3 months, not 6 months. When I started reviewing the report I saw crazy adjustments and double adjustments that I did not make at all. It was done in their office after I signed off on the report. Shameless!
Now since I value my opinion, my license and integrity, I immediately asked them to remove me as a vendor. It is important for everyone here to know that your name and brokerage put that stamp of approval on it.
I always save a digital copy of the completed bpo that I do in the file with the order.
Also for NVS to be adjusting values after the fact will get them into a lot of hot water. The government is cracking down on bpo companies that are "adjusting" data. It was in the news recently here in SoCal about one company exec who is in hot water for providing lenders like BOA, Chase and some others with "adjusted" bpos giving the indication that the values on those assets were higher than what they really where. The scarey part is that lawyers are going back through the company files and contacting agents who did bpos for them.
I always will go back and request clarification as to why vendors want me to change things out. If I am not satisfied with their answer, I will simply tell them why I won't use their suggestions (so I am not collaborating with them) and find others more suited if I can or just resubmit as I previosly did. If I change anything, again i also keep copies of the original comps I used and print out the request they sent me for changes. This way, I can go back and say they requested I do the change out and was not my original opinion. Again, we need to watchout, some of these vendors get paid on reports that ultimately generate closings. If their unethical client is unhappy they can't get closings, then your BPO vendor is unhappy with you if you won't go with the flow of changing out whats in their convenience. But I rather lose that BPO vendor than lose my license. Remember, utlimately these vendors will not back you up when the "SH" hits the fan and your in court. Attorney's are HUGE SHARKS AND ARE MONEY HUNGRY...So be very careful!
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