Revised Agreement from Corelogic/FARVV

Has anyone else seen the newest agreement from Corelogic/FARVV?  It's 11 pages long and it reads like an agreement agents have with their brokers.  In NJ, we are only allowed to have a RE independent contractor agreement with only 1 company.  In summary, it states:

1.  You are not allowed to discuss the fees paid by Corelogic/FARVV without their express permission.

2.  They must be named as a beneficiary on your E&O insurance.

3.  You give them the right to audit your books/files/information.

Plus many other things.

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  • Any chance you can upload the actual email sent to your email address in a PDF?  I think they may still be doing BPO's though may be starting to source out like all the others have started to do and might be the reason for lowering our BPO fee's.

  • What I would like to know is once all these BPO vendors go down as it seems to be happening more and more, who and where are these BPO's going to come from? The banks still need to get value reports to sell properties at a FMV. The only other option is that maybe they will do away with BPO's all together and only go with certified appraisel reports?  I hope not, that could be a big NO NO for the industry with lots of future illegal practices that had already happened in the past which was straightened out with the new mortgage lender rules.  I really don't think these big banks keep an close eye on their third party asset managers and they are always hiring out of town appraisers and listing agents to their convenices. Though, the 8/10 mile rule can put a lot of agents out of business being that many agents are brokered with offices between 15/45 miles, specially if you live in a rural town. Anyway, the fee's keep getting more and more ridiculous as tine goes on.  I think we are being forced to take these fee's otherwise you will be out of business specially if your not listing properties, you need some kind of income to come in.  These BPO vendors are taking advantage of the realtors!

    • The BPO's are not going away this is just more pressure down on agents to lower our fees which unfortunately there are far too many agents that will cave and lower their fees to the point of making 50 cents an hour. If agents would stand up and say no, the fees would be back faster then you can say it.

      • There's not many agents willing to confront these companies in fear of losing them all together.  Anyway, the way I see it, if the company is still giving you alot of orders with decent pay on most of the orders your assigned, it won't hurt to take a couple hear and there of lower paying one's as long as you let them know from the beginning its just a favor and your not going to make it a habbit of continueing of low fee's on all future orders.

  • Ahh yes another BPO company that is "cutting costs which will benefit both them and you!" Yeah right, Core is probably on the outs just like a lot of these BPO companies are.

  • I haven't seen this but thanks for the heads up. Yesterday, I received notice that they are lowering their fees in 2014. No specifics on how much. The combination of the above mentioned agreement, lowering fees and the requirement of several hours of online education isn't very appealing. I enjoyed having some slush fund money but this makes it too burdensome to be worth my time, gas and energy. Not to mention the data required on the forms seems to have increased. And the most annoying thing is the incessant questioning of the comps. No - I do not use Trulia for comps.
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