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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It's part of Dodd/Frank that was passed several months ago. It is part of Truth in lending. By rights it probably should have nothing to do with BPO's that do not apply to new loans or re-fi's, but like most laws, there is confusion on what it really means. It can and probably will cause some problems and complaints. NAR did try to fight it but lost. Just say thanks to the fraud that effected the mortgage industry in the recent past. All designed to protect the consumer and to heck with the other problems that may effect the professional.
Colleen > Lavina A. JacksonJanuary 9, 2014 at 6:01pm
all these "moves" are actually making the market worse. but I am just a lowly broker. What do I know?
Yeesh. I have enough problems when encountering people while taking photos.
Julie Yates > Sandra WorkmanJanuary 9, 2014 at 12:20pm
Sandra, I read that as well about the new Regulation B that requires the lender to give any appraisal, including a BPO, to a consumer. I wonder how much more liability that's going to open us up to? My directions from SingleSource say that we are to refer them back to the lender and not answer any questions. Wonder how that's going to work?
I always attach a disclosure from my company stating that data used was provided by tax records and/or company I did BPO for and that it is in no way an appraisal and my company is not libel for any discrepancies. At least my company is covered!!
its not, it is going to be a complete fiasco. Things just get weirder and weirder. what makes no sense is that if they are not allowed to ask questions, then why open up a huge liability and potential safety issues to agents?
I finally got paid by Valuation Visions for 2 BPOs done 4 months ago and 1 that was done almost a year ago. It took a letter threatening to take them to small claims or put liens on the properties.
I don't plan on doing anymore BPOs for them until I hear that the Canadian company that is acquiring V2 is paying vendors within a reasonable time (30 days as their vendor agreement states).
Good for you, I still have not gotten paid from BPOs completed in June. I asked why some agents are getting paid and not others. They did not have an answer for me and could not give me date when I would.
Laura Resnick > Mary Dean JohnsonJanuary 6, 2014 at 6:20am
In the past, I was told (and it worked) to tell them that you would need to contact the lender directly for payment if you did not receive from them. ie: if it is a bank of america, tell them you are going to have to contact BOA about non payment.. I did send that info in an email. I did not speak directly - and I did not make it horribly threatening, but they got the idea and I got paid within (if I remember correctly) 30 days.
Replies
It's part of Dodd/Frank that was passed several months ago. It is part of Truth in lending. By rights it probably should have nothing to do with BPO's that do not apply to new loans or re-fi's, but like most laws, there is confusion on what it really means. It can and probably will cause some problems and complaints. NAR did try to fight it but lost. Just say thanks to the fraud that effected the mortgage industry in the recent past. All designed to protect the consumer and to heck with the other problems that may effect the professional.
all these "moves" are actually making the market worse. but I am just a lowly broker. What do I know?
Yeesh. I have enough problems when encountering people while taking photos.
Sandra, I read that as well about the new Regulation B that requires the lender to give any appraisal, including a BPO, to a consumer. I wonder how much more liability that's going to open us up to? My directions from SingleSource say that we are to refer them back to the lender and not answer any questions. Wonder how that's going to work?
I always attach a disclosure from my company stating that data used was provided by tax records and/or company I did BPO for and that it is in no way an appraisal and my company is not libel for any discrepancies. At least my company is covered!!
its not, it is going to be a complete fiasco. Things just get weirder and weirder. what makes no sense is that if they are not allowed to ask questions, then why open up a huge liability and potential safety issues to agents?
protek was a great company. I always got paid.
I finally got paid by Valuation Visions for 2 BPOs done 4 months ago and 1 that was done almost a year ago. It took a letter threatening to take them to small claims or put liens on the properties.
I don't plan on doing anymore BPOs for them until I hear that the Canadian company that is acquiring V2 is paying vendors within a reasonable time (30 days as their vendor agreement states).
Good for you, I still have not gotten paid from BPOs completed in June. I asked why some agents are getting paid and not others. They did not have an answer for me and could not give me date when I would.
In the past, I was told (and it worked) to tell them that you would need to contact the lender directly for payment if you did not receive from them. ie: if it is a bank of america, tell them you are going to have to contact BOA about non payment.. I did send that info in an email. I did not speak directly - and I did not make it horribly threatening, but they got the idea and I got paid within (if I remember correctly) 30 days.
Has anyone heard of EStreet and do they pay on time?
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