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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The only thing class action suits do is put the company into bankrupcy and get the attorneys paid. I have never heard of agents getting ANY payments or reimbursements from all of the lenders and BPO companies that had class action claims. I have been part of at least 2 or 3 that went into bankrupcty like GMAC. By the time you get the notices, you probably dont have enough documentation to back any claims and there's no money left to pay you anyway. It all goes to the attorneys and the feds.
I think some of the banks already know the trouble ones. That why you big banks like BOFA/Well Fargo leaving sites like Res.net. The companies that work for Res.net ($700 membership..ridiculous!) are the little privately own banks. Those are the ones that pay a lower commission (4%-5%) and then you also have to pay a referrel fee which is not worth it. They also like to stick to one low list price so they can keep their commission costs way down. Trying to convince their asset managers to price things accordingly is a waste of time. I recently had 2 assets one was in a real bad location and the wiring pulled completely out and panel was distroyed, off a dirt access road near rail road tracks priced at $65K and the other was way on the other side of town that was in a very sought after neighborhood, much better condition and had an inground pool. Using the same appraiser and guess what? Same list price... GO FIGURE? So, all I do is let it sit there and don't bother checking on it and will just let it expire. I still get tasks on listings that have expired and do not have anymore and I keep emailing them to remove them but they don't. My membership is about to expire and won't renew, but in the meantime, I think they like to keep the tasks there to keep the banks thinking they have lots of memberships.
Your right bravery can only go so much. Safety first as far as the high membership costs doesn't match when something harmful happens to anyone in those condemed properties.
BrokerPriceOpinion.com is a non payer, been trying for over 9 months to get paid for 17 jobs. Just reported them to the BBB on Monday. My next step is to contact the Florida State Attorney and file a complaint.
Replies
yes-I have done work for them and they pay-hold out for $50 a file-
Thanks
Does anyone know antything about class action suits? Could we do that?
The government is trying to regulate everything we do why do they not have regulations for the AMC's.
Yes that's true about your fair share of the suit, though at least the main bpo company's are now on the RADAR and being watched for future closures.
that is true. what about notifying the lenders about troubled BPO and REO companies? would that help?
I think some of the banks already know the trouble ones. That why you big banks like BOFA/Well Fargo leaving sites like Res.net. The companies that work for Res.net ($700 membership..ridiculous!) are the little privately own banks. Those are the ones that pay a lower commission (4%-5%) and then you also have to pay a referrel fee which is not worth it. They also like to stick to one low list price so they can keep their commission costs way down. Trying to convince their asset managers to price things accordingly is a waste of time. I recently had 2 assets one was in a real bad location and the wiring pulled completely out and panel was distroyed, off a dirt access road near rail road tracks priced at $65K and the other was way on the other side of town that was in a very sought after neighborhood, much better condition and had an inground pool. Using the same appraiser and guess what? Same list price... GO FIGURE? So, all I do is let it sit there and don't bother checking on it and will just let it expire. I still get tasks on listings that have expired and do not have anymore and I keep emailing them to remove them but they don't. My membership is about to expire and won't renew, but in the meantime, I think they like to keep the tasks there to keep the banks thinking they have lots of memberships.
Your right bravery can only go so much. Safety first as far as the high membership costs doesn't match when something harmful happens to anyone in those condemed properties.
Maria Caudle
Caudle & Company Realty SoCal
048 Realty Las Vegas
949 400-1206
702 430-8022
Maybe any one that they owe money to should all call next week-
make it impossible to order more files
BrokerPriceOpinion.com is a non payer, been trying for over 9 months to get paid for 17 jobs. Just reported them to the BBB on Monday. My next step is to contact the Florida State Attorney and file a complaint.