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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I too do not do anymore for Core Logic. ICLEAR bills for both BMO Harris bank and Citi financial. Citi financial does not charge a fee, however, BMO Harris bank charges a small fee about 1.67 per transaction. LPS charges $5 per invoice, depending on who your client is. I have about 8 vendors that use LPS billing.
I have several that use LPS also. Core Logic is one of the outsourcers for Bank of America and some other lenders also. For a period of time they were doing all their re-imbursements through I-clear and it was always a mess getting re-imbursed. Core Logic has lost several of their accounts (including most of BOA) and announced that not only are they getting out of the REO business, but they also have the rest of their business up for sale. I have worked with them for years on both BPO's and REO's and although some of the orders are coming in with a low fee, the ones I have had recently have all been over $50 for in town and $60 for rural. Anytime I think the fee isn't high enough I contact them and tell them I can't do it for the fee offered and they have always raised it. And I have always been paid like clockwork. I am down to only getting about 1 a week from them, so it has definitely slowed with them.
Antionette > Lavina A. JacksonMarch 26, 2014 at 11:30am
I recently renewed my BPO vendor contract and when they mentioned they were now paying 45 days, I thought to myself I would be cheated on the BID PROCESS. The process was designed to provide quicker payments to the agent when they agreed to take a little less. Therefore, I'm thinking I would be paying them to pay me later...Right? So, after signing that agreement I immediately went in a removed all discounts I would give them for orders. Then I got a couple of orders within a couple days, go figure?
I have not participated in their bid process and have no intention of doing so. I will be glad to negotiate my fee up, but I'm not going to cut it when expenses are going up.
Last one I did through Auction.com offered 1.5 to listing agent and 1.5 to selling agent. If selling agent wanted to get paid, even if it was listing agent, the buyer had to be registered with Auction.com prior to auction date. The commission may depend on the lender. I did one a little over a year ago for JPMorgan Chase and the listing agent got 2% on it, however if there was no selling agent registered with the buyer, the listing agent got both sides. Didn't really matter though because the buyer used a different agent to buy through. Williams and Williams pd. 2% on the last one I did through them and they had no contact with during the process, just sent a check when it closed. Too bad I had had the hunker listed for almost a year, lost money on that one.
http://Auction.com/
Antionette > Lavina A. JacksonMarch 24, 2014 at 9:55am
I don't think I would want to do listings for Auction.com and did do them for GreenRiver either. Too much work involved with asset managers etc..etc.. They expect too much and you get no credit for the hard work you put into them much less a listing that is only going to pay you 1/3 or less and still no guarantee they will sell at the auction? Don't waste your time, your better off accepting BPO's, at least you have money coming in sale or no sale.
Because I work with a lot of REO's, I sometimes end up taking the bad with the good. Same as BPO's for that matter. There are only a few companies putting the REO's up for Auction, although more are doing it all the time. The REO asset managers are much better to work with and most do pay at least 5%. I enjoy them and I enjoy doing BPO's most of the time. I don't like auction properties but it's all part of the game.
Joan Willis > Susan Sutton NewtonMarch 24, 2014 at 9:37am
I have one that went to auction too and they are offering 0% commission to the selling agent. As a result I cannot put it in the MLS and the asset management company keeps sending me reminders that my MLS is due even though I told them I cannot put it in the MLS.
They started sending orders to me several months ago. I realized I hadnt been paid for some that I did a long time ago. I told them to stop sending orders until Im paid, which they assured me would be sometime between 3 weeks and 3 months LOL. They have a new name. Stay away from BPO (Now First Valuation)
Ya know---LENDERS need to be told how bad FVs service is.
Replies
I too do not do anymore for Core Logic. ICLEAR bills for both BMO Harris bank and Citi financial. Citi financial does not charge a fee, however, BMO Harris bank charges a small fee about 1.67 per transaction. LPS charges $5 per invoice, depending on who your client is. I have about 8 vendors that use LPS billing.
I have several that use LPS also. Core Logic is one of the outsourcers for Bank of America and some other lenders also. For a period of time they were doing all their re-imbursements through I-clear and it was always a mess getting re-imbursed. Core Logic has lost several of their accounts (including most of BOA) and announced that not only are they getting out of the REO business, but they also have the rest of their business up for sale. I have worked with them for years on both BPO's and REO's and although some of the orders are coming in with a low fee, the ones I have had recently have all been over $50 for in town and $60 for rural. Anytime I think the fee isn't high enough I contact them and tell them I can't do it for the fee offered and they have always raised it. And I have always been paid like clockwork. I am down to only getting about 1 a week from them, so it has definitely slowed with them.
I recently renewed my BPO vendor contract and when they mentioned they were now paying 45 days, I thought to myself I would be cheated on the BID PROCESS. The process was designed to provide quicker payments to the agent when they agreed to take a little less. Therefore, I'm thinking I would be paying them to pay me later...Right? So, after signing that agreement I immediately went in a removed all discounts I would give them for orders. Then I got a couple of orders within a couple days, go figure?
I have not participated in their bid process and have no intention of doing so. I will be glad to negotiate my fee up, but I'm not going to cut it when expenses are going up.
Last one I did through Auction.com offered 1.5 to listing agent and 1.5 to selling agent. If selling agent wanted to get paid, even if it was listing agent, the buyer had to be registered with Auction.com prior to auction date. The commission may depend on the lender. I did one a little over a year ago for JPMorgan Chase and the listing agent got 2% on it, however if there was no selling agent registered with the buyer, the listing agent got both sides. Didn't really matter though because the buyer used a different agent to buy through. Williams and Williams pd. 2% on the last one I did through them and they had no contact with during the process, just sent a check when it closed. Too bad I had had the hunker listed for almost a year, lost money on that one.
I don't think I would want to do listings for Auction.com and did do them for GreenRiver either. Too much work involved with asset managers etc..etc.. They expect too much and you get no credit for the hard work you put into them much less a listing that is only going to pay you 1/3 or less and still no guarantee they will sell at the auction? Don't waste your time, your better off accepting BPO's, at least you have money coming in sale or no sale.
I agree. BPOs pay my bills.
Because I work with a lot of REO's, I sometimes end up taking the bad with the good. Same as BPO's for that matter. There are only a few companies putting the REO's up for Auction, although more are doing it all the time. The REO asset managers are much better to work with and most do pay at least 5%. I enjoy them and I enjoy doing BPO's most of the time. I don't like auction properties but it's all part of the game.
I have one that went to auction too and they are offering 0% commission to the selling agent. As a result I cannot put it in the MLS and the asset management company keeps sending me reminders that my MLS is due even though I told them I cannot put it in the MLS.
They started sending orders to me several months ago. I realized I hadnt been paid for some that I did a long time ago. I told them to stop sending orders until Im paid, which they assured me would be sometime between 3 weeks and 3 months LOL. They have a new name. Stay away from BPO (Now First Valuation)
Ya know---LENDERS need to be told how bad FVs service is.
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