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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Antionette > Rebecca NeillApril 21, 2014 at 6:24am
Equator is a rip off! Yes, their zip codes are cheap but you really get no exposure unless you are buying their platforms from $199 to $499. They offer up to 8 courses with all basically the same learning experiences. The only difference is the banner/certification upload and exposure preference on the platform you choose to pay. You can not upload any other certifications you got from other sources (that's not good business). Therefore, the more you pay the more exposure. If you use Equator, just use the free basic membership that allows the (1) free zip code. If you don't see any listings coming through after a few months, then that is your answer to not waste your money. Let them prove it to you first that you are being exposed with a guaranteed listing.
I carried about six additional zip codes from equator besides the one I got free. Never in probably four years did I get any kind of lead ofr a BPO or an REO listing. I played lets get a Platinum level which I did and guess what "STILL NOTHING". Now that expired and I am getting calls,emails about they will give me back that level for half the price of a regular years costs. I actually talked to a couple of guys from equator about this and asked them why would I spend the money and all they had was a mouth full of marbles and said they do not guarantee BPO's or REO listings but the exposure. So I said after four or years of exposure I have not been exposed to anyone ??!! Really. Really frustrating and costly. I hve been ding BPO and REO work for 28 years and wow how different in 2014. I do not only mean the amount of properties just the attidtude,the grief we have to take,the lower pay and constantly having someone who has been alive as long as I have been doing these properties telling me I do not know how to do a report. Not only frustrating but costly
Antionette > James MathieuApril 21, 2014 at 7:18am
I will not buy Equator platforms because I know they are crooks like the rest of them. Its too bad the banks do not see this game? I once tried during a seminar a web seminar to ask BOFA the question if they assign to basic members on Equator and not only the platform members to see if they were getting exposure from basic members, but never got a response from the web caster person. It may be because it was being hosted by Equator and they did not want that out subject out in the open for more discussion I'm thinking.
CECILIA D FOX > OLGA SHURLOWMarch 26, 2014 at 3:42pm
OLGA - You can't sign up with Ocwen unless you are a mortgage broker who wants to be part of their independent network of lenders.
You can sign up with Altisource at Altisource.com under vendor services for BPOs and REO listings. They pay very quickly for BPOs - 2 weeks max.
Listings are generally online auctions on Hubzu and listed by RealHome Services & Solutions - RHSS. Altisource was spun off from Ocwen in 2004 when OCWEN stopped being a lender/bank. Ocwen is now mainly a loan servicer and continues to buy a high volume of loan servicing rights.
RHSS and Hubzu were spun off from Altisource. On occasion, Altisource will assign a listing to a local agent with an average of a 1% commission after referral fees to RHSS and REOM - REO Management LLC, a licensed broker under 'common control' of Ocwen Loan Servicing. The listings are still sold on Hubzu and the effort for the 1% is extremely minimal.
I have been assigned 2 of their listings in the last month. One was previously listed by a local agent and one came directly after a 98 day listing by RHSS.
Ocwen/Altisource don't know what they're doing. They say they List with you and expect MLS service, but its an open listing as HUBZU also lists and markets (auctions) off the property. This dual representation confuses buyers as to with whom to place an offer. They do not return phone calls nor emails until they want their monthly status report.
I won't take any of their listings anymore. I think they are in violation of at least Vermont State Law regarding listing agreements. Vermont State Law clearly states the listing agreement HAS to start with "Exclusive Right To Market Property" and their association with HUBZU negates that.
in our state most of them are listed by RealHome Services, we normally get them when RealHome can't sell them or it is in an area where it is very, very rural. I sold three last year for them. I used to sell properties for them before they went to HUBZU, under OCWEN or whatever they were then and they did pay a total 6% commission. we were responsible for the trashouts, rekey, etc and I dealt with mostly American Asset Managers. Most of the asset managers went to other banks, some went to INDY Mac. At least the houses were maintained properly then.
That's how it was here till they started using the on-line selling. They didn't do a very good job of maintaining the properties but we did get to do the trashouts, etc. which was ok. Of course we used to be able to chose out own people with all of the REO's. Things got completed a lot fast back then. Of course this takes the responsibility for paying off our shoulders so maybe I shouldn't complain. At least they do pay for the services they use.
Colleen > Lavina A. JacksonMarch 26, 2014 at 4:50pm
that is one aspect I like, After the Blue Mountain debacle it is nice not to have to shell out thousands every month for utilities bills.
Replies
Equator is a rip off! Yes, their zip codes are cheap but you really get no exposure unless you are buying their platforms from $199 to $499. They offer up to 8 courses with all basically the same learning experiences. The only difference is the banner/certification upload and exposure preference on the platform you choose to pay. You can not upload any other certifications you got from other sources (that's not good business). Therefore, the more you pay the more exposure. If you use Equator, just use the free basic membership that allows the (1) free zip code. If you don't see any listings coming through after a few months, then that is your answer to not waste your money. Let them prove it to you first that you are being exposed with a guaranteed listing.
I carried about six additional zip codes from equator besides the one I got free. Never in probably four years did I get any kind of lead ofr a BPO or an REO listing. I played lets get a Platinum level which I did and guess what "STILL NOTHING". Now that expired and I am getting calls,emails about they will give me back that level for half the price of a regular years costs. I actually talked to a couple of guys from equator about this and asked them why would I spend the money and all they had was a mouth full of marbles and said they do not guarantee BPO's or REO listings but the exposure. So I said after four or years of exposure I have not been exposed to anyone ??!! Really. Really frustrating and costly. I hve been ding BPO and REO work for 28 years and wow how different in 2014. I do not only mean the amount of properties just the attidtude,the grief we have to take,the lower pay and constantly having someone who has been alive as long as I have been doing these properties telling me I do not know how to do a report. Not only frustrating but costly
I will not buy Equator platforms because I know they are crooks like the rest of them. Its too bad the banks do not see this game? I once tried during a seminar a web seminar to ask BOFA the question if they assign to basic members on Equator and not only the platform members to see if they were getting exposure from basic members, but never got a response from the web caster person. It may be because it was being hosted by Equator and they did not want that out subject out in the open for more discussion I'm thinking.
How do I sign up with Ocwen?
OLGA - You can't sign up with Ocwen unless you are a mortgage broker who wants to be part of their independent network of lenders.
You can sign up with Altisource at Altisource.com under vendor services for BPOs and REO listings. They pay very quickly for BPOs - 2 weeks max.
Listings are generally online auctions on Hubzu and listed by RealHome Services & Solutions - RHSS. Altisource was spun off from Ocwen in 2004 when OCWEN stopped being a lender/bank. Ocwen is now mainly a loan servicer and continues to buy a high volume of loan servicing rights.
RHSS and Hubzu were spun off from Altisource. On occasion, Altisource will assign a listing to a local agent with an average of a 1% commission after referral fees to RHSS and REOM - REO Management LLC, a licensed broker under 'common control' of Ocwen Loan Servicing. The listings are still sold on Hubzu and the effort for the 1% is extremely minimal.
I have been assigned 2 of their listings in the last month. One was previously listed by a local agent and one came directly after a 98 day listing by RHSS.
Ocwen/Altisource don't know what they're doing. They say they List with you and expect MLS service, but its an open listing as HUBZU also lists and markets (auctions) off the property. This dual representation confuses buyers as to with whom to place an offer. They do not return phone calls nor emails until they want their monthly status report.
I won't take any of their listings anymore. I think they are in violation of at least Vermont State Law regarding listing agreements. Vermont State Law clearly states the listing agreement HAS to start with "Exclusive Right To Market Property" and their association with HUBZU negates that.
in our state most of them are listed by RealHome Services, we normally get them when RealHome can't sell them or it is in an area where it is very, very rural. I sold three last year for them. I used to sell properties for them before they went to HUBZU, under OCWEN or whatever they were then and they did pay a total 6% commission. we were responsible for the trashouts, rekey, etc and I dealt with mostly American Asset Managers. Most of the asset managers went to other banks, some went to INDY Mac. At least the houses were maintained properly then.
That's how it was here till they started using the on-line selling. They didn't do a very good job of maintaining the properties but we did get to do the trashouts, etc. which was ok. Of course we used to be able to chose out own people with all of the REO's. Things got completed a lot fast back then. Of course this takes the responsibility for paying off our shoulders so maybe I shouldn't complain. At least they do pay for the services they use.
that is one aspect I like, After the Blue Mountain debacle it is nice not to have to shell out thousands every month for utilities bills.
Can you tell me what your experience with Blue aMountain was? I am curious as I had some unpleasantry with them too.
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