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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Joan Willis > Justin Lee ThayerJuly 23, 2013 at 5:18am
Justin you are correct we were treated better. I have been doing them since 1998 and we were paid more & treated much better, we were not second guessed or yelled at. They sent out blast e-mails a few years back to all realtors in the assocation stating that you could make 6 figures a year doinng bpos (I have never in all these years made 6 figures). Back then there were only about 14 of us who did bpo's or REO's. Now almost everyone in our association is doing them. We all paid our dues by doing humdreds of free bpo's as well as paid ones and we do not get the listing, someone else gets it. The biggest complaint I have it that we are asked to agree that we did all but data entry on our own. I know some of the newer agents do not do that, they have someone take their photos for then, someone else pulls the comps & someone else does the data entry. Also we never had to pay any fees at all, not even to RESNET (granted I did about 200 free bpos but I did get 30 listings) but now I paid for their highest platform andtheir banner ads and i have gotten nothing not even a bpo to do. We also never had to pay for each invoice we submitted for reimbursement. I have lost over $25K in repair bills that were not reimbursed as well as bpo's that I was never paid for. I am starting to wean myself off of doing them, it is simply not worth it anymore. Now they want them back in 24 hours for half of what we used to get paid. The stress is just too muh, my health has suffered because of it.
Joey Singh is one of those companies that does the typing and pulling of the comps and accepting of the orders... The rest of us, who are doing the work honestly, are being undercut by people like him...
I agree when it comes to hard work. We do all the leg work and research and then they take the information we supply and forward it as if they did all the work. In fact, I'm pretty sure that these outsource companies get paid real good by these banks and then they UNDERCUT US BIG TIME to gain huge profits.
I haven't been in the game as long as you Joan, but I agree. It seems like every time I turn around some company has some type of mandatory BPO training that you have to pay for to stay compliant on their system. They want background checks that you have to pay for and for REO expenses you have to pay for the invoices. On top of all that you have a lowered commission rate an out of the lowered commission rate you have to pay a referral.
They get away with it because there is always an agent that will take the work and pay.
On BPO's I have been raising my fees and if I don't get the order because my fee is to high I move on.
The business has changed and it isn't worth it anymore.
I have been doing REO and BPO work since 1986. I can not even go into how things have changed. You received a good dollar for BPO's and had charge of your REO listings. You had to take care of everything but you got reimbursed but the work got done. There was no throwing to the lowest bidder. There was loyalty from assest managers. Now with todays market I have lost a couple of my largest assest management companies which means I have lost alot of business. I have also lost direct business with some lenders selling out to other larger lenders. As far as Broker Price Opinion I actually got a voicemail from a guy Tony who said they are sorry about being so behind and said everyone will be getting paid and left a phone number and extension, 303-991-9919 ext 1004. I also got the attached email from the lawyers from IAS. It actually came in regular mail. I have also tried for at least a year trying to get FannieMae approved and have it all dead ends. If someone could give me some information on a better way to get FannieMae that would be great. Jim Mathieu Alzie Realty
What a bunch of creeps. I kept paying REO expenses up to a few weeks ago. The property has been transferred to another company with IAS owing me $1000 for expenses not to mention $800 for BPO work. I am going to put a lien on the property
Joan Willis > James MathieuJuly 23, 2013 at 12:50pm
James you are right things have changed so much and we are being cheated every day. I too have lost most of my larger asset management companies. It is not fun doing bpo's anymore. I also got the same letter from IAS's attorney. There's another several thousand $$ we will be cheated out of. So far I have been stiffed by Evaluation Solutions of approx $6+K, Broker price opinion $2K, now IAS $5K. In November last year someone from Broker Price Opinion's accounting department sent me an e-mail stating that they owed me $2905 and if I would sign an agreement to take $2000 as payment then they would increase the $$ amount of my orders and would make sure that I was paid every 60 days, well I agreed but have not been paid at all since November. I have sent several e-mails stating that because of their non performance of the agreement I was rescinding my agreement to eat the $905 and that I wanted the $905 plus everything that they owed me for all the bpo's I had done to date. In June I received an email from the accounting department at Broker Price Opinion telling me that a check was cut and being mailed out that week, well I still have not received it, I e-mailed her last week saying that I still had not received it and she e-mailed me back stating that she would talk to her supervisor and see what happened and she would get back to me, well I still have not heard from her. I am so sick and tired of being cheated. There has to be something we can do to get our money. Someone told me that we can file a class action suit but I am not a lawyer and do not know the first thing about getting it started. Maybe we should march on Washington & sit on the Capital steps until someone comes to help us. Does anyone have any suggestion?
With both Brokerpriceopinion.com and evaluation solutions I threatened to put a lien on each and every property that I did an order for. I eventually received payment in full from both companies, but others in my area weren't so lucky. There are out thousands. We started off emailing each persons name at the bottom of the emails and went from there. Eventually we shook enough trees to have it bear some fruit. We received the same "your check has already been mailed" emails also. Eventually they paid up.
YES we could do something, about it. But that would mean we stick together........ what, that a violation of Sherman Anti-Trust. Better yet, we could have NAR do something about it...... Hold on aren't they trying to get into the BPO business and make us pay for more training and software. Well there goes my two ideas. but I am game for whatever else you have.. Cause if any of group of laborers had this problem , the union(NAR in our case) would have step in already. SEE pipefitters union. teachers union. etc. And no matter how the word Association is used. It still means "union"..in the real world At least that's my two cents
Replies
Justin you are correct we were treated better. I have been doing them since 1998 and we were paid more & treated much better, we were not second guessed or yelled at. They sent out blast e-mails a few years back to all realtors in the assocation stating that you could make 6 figures a year doinng bpos (I have never in all these years made 6 figures). Back then there were only about 14 of us who did bpo's or REO's. Now almost everyone in our association is doing them. We all paid our dues by doing humdreds of free bpo's as well as paid ones and we do not get the listing, someone else gets it. The biggest complaint I have it that we are asked to agree that we did all but data entry on our own. I know some of the newer agents do not do that, they have someone take their photos for then, someone else pulls the comps & someone else does the data entry. Also we never had to pay any fees at all, not even to RESNET (granted I did about 200 free bpos but I did get 30 listings) but now I paid for their highest platform andtheir banner ads and i have gotten nothing not even a bpo to do. We also never had to pay for each invoice we submitted for reimbursement. I have lost over $25K in repair bills that were not reimbursed as well as bpo's that I was never paid for. I am starting to wean myself off of doing them, it is simply not worth it anymore. Now they want them back in 24 hours for half of what we used to get paid. The stress is just too muh, my health has suffered because of it.
Joey Singh is one of those companies that does the typing and pulling of the comps and accepting of the orders... The rest of us, who are doing the work honestly, are being undercut by people like him...
I agree when it comes to hard work. We do all the leg work and research and then they take the information we supply and forward it as if they did all the work. In fact, I'm pretty sure that these outsource companies get paid real good by these banks and then they UNDERCUT US BIG TIME to gain huge profits.
I haven't been in the game as long as you Joan, but I agree. It seems like every time I turn around some company has some type of mandatory BPO training that you have to pay for to stay compliant on their system. They want background checks that you have to pay for and for REO expenses you have to pay for the invoices. On top of all that you have a lowered commission rate an out of the lowered commission rate you have to pay a referral.
They get away with it because there is always an agent that will take the work and pay.
On BPO's I have been raising my fees and if I don't get the order because my fee is to high I move on.
The business has changed and it isn't worth it anymore.
I have been doing REO and BPO work since 1986. I can not even go into how things have changed. You received a good dollar for BPO's and had charge of your REO listings. You had to take care of everything but you got reimbursed but the work got done. There was no throwing to the lowest bidder. There was loyalty from assest managers. Now with todays market I have lost a couple of my largest assest management companies which means I have lost alot of business. I have also lost direct business with some lenders selling out to other larger lenders. As far as Broker Price Opinion I actually got a voicemail from a guy Tony who said they are sorry about being so behind and said everyone will be getting paid and left a phone number and extension, 303-991-9919 ext 1004. I also got the attached email from the lawyers from IAS. It actually came in regular mail. I have also tried for at least a year trying to get FannieMae approved and have it all dead ends. If someone could give me some information on a better way to get FannieMae that would be great. Jim Mathieu Alzie Realty
Yeah true about price fixing
What a bunch of creeps. I kept paying REO expenses up to a few weeks ago. The property has been transferred to another company with IAS owing me $1000 for expenses not to mention $800 for BPO work. I am going to put a lien on the property
James you are right things have changed so much and we are being cheated every day. I too have lost most of my larger asset management companies. It is not fun doing bpo's anymore. I also got the same letter from IAS's attorney. There's another several thousand $$ we will be cheated out of. So far I have been stiffed by Evaluation Solutions of approx $6+K, Broker price opinion $2K, now IAS $5K. In November last year someone from Broker Price Opinion's accounting department sent me an e-mail stating that they owed me $2905 and if I would sign an agreement to take $2000 as payment then they would increase the $$ amount of my orders and would make sure that I was paid every 60 days, well I agreed but have not been paid at all since November. I have sent several e-mails stating that because of their non performance of the agreement I was rescinding my agreement to eat the $905 and that I wanted the $905 plus everything that they owed me for all the bpo's I had done to date. In June I received an email from the accounting department at Broker Price Opinion telling me that a check was cut and being mailed out that week, well I still have not received it, I e-mailed her last week saying that I still had not received it and she e-mailed me back stating that she would talk to her supervisor and see what happened and she would get back to me, well I still have not heard from her. I am so sick and tired of being cheated. There has to be something we can do to get our money. Someone told me that we can file a class action suit but I am not a lawyer and do not know the first thing about getting it started. Maybe we should march on Washington & sit on the Capital steps until someone comes to help us. Does anyone have any suggestion?
With both Brokerpriceopinion.com and evaluation solutions I threatened to put a lien on each and every property that I did an order for. I eventually received payment in full from both companies, but others in my area weren't so lucky. There are out thousands. We started off emailing each persons name at the bottom of the emails and went from there. Eventually we shook enough trees to have it bear some fruit. We received the same "your check has already been mailed" emails also. Eventually they paid up.
YES we could do something, about it. But that would mean we stick together........ what, that a violation of Sherman Anti-Trust. Better yet, we could have NAR do something about it...... Hold on aren't they trying to get into the BPO business and make us pay for more training and software. Well there goes my two ideas. but I am game for whatever else you have.. Cause if any of group of laborers had this problem , the union(NAR in our case) would have step in already. SEE pipefitters union. teachers union. etc. And no matter how the word Association is used. It still means "union"..in the real world At least that's my two cents
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