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.
I saw the lowering of fees in 2014; they are low enough already. Then I saw the "Agreement". Didn't sign it & will not continue working with Corelogic/FARVV after 5 or more years.
I will continue working for firms, REOs/BPOs, that make it worthwhile and with whom I have a good working relationship. In addition I have stepped up my Buyer / Seller activities.
I am a professional with more than 15 years experience and standards. I expect to be paid for those qualifications and my good work.
As professionals we should all maintain standards; since we did not, the current cutting of fees, etc is occurring. Please make 2014 the year we pull together and create a professional working environment for agents working REOs/BPOs. We are the experts!!!
You are absolutely correct. Unfortunately, it won't happen. I would be interested in hearing anyone's idea of how we can pull together. I have standards that I maintain for my business:
1. Only accept orders that pay at a certain level; anything lower gets declined.
2. I only cover a specific area and anything outside of that area I decline.
There will always be those agents that will take any order at any price. We can't even get the NAR to support us because they are in bed with the BPO companies. I read somewhere that new FA for Corelogic/FARVV have to take the NAR's BPO Training course. Fortunately, I started working with Corelogic/FARVV before NAR got their sticky fingers into it. But it really doesn't matter because I didn't sign the new agreement and got deactivated by them. I heard about the fee reduction from another group that has members still active with Corelogic/FARVV.
Eventually these BPO companies will be their own enemies and force themselves into bankruptcy when they no longer have agents accepting their terms. All these additional requests and expenses together are over whelming to pay and would not make any sense to do BPO's anymore and working for free. Maybe instead of just firing you or saying something wrong about you like LPS DOES PURPOSELY, they are just trying to reduce their vendor list and all these silly request are just a process of elimination without litterly affending anyone to be able to come back if they need you once more? Who Knows?
The agreement also requires the agent to carry Worker Comp, Contractor E&O separate from the Realtor E&O, and business auto insurance. That's a lot of premium
So many of the BPO requesting companies are going into overload, where does it end? But we have BPO outsourcing companies openly advertising, "Let me do your BPO's for you" could this be a good reason for the stricter guidelines? We all signed confidentiality agreements and we also sign in our BPO provider agreements that we are the ones doing the assigned BPO's but again many are not following those rules so we create our monsters don’t we? Why can’t everyone just go by the book and do what we agree to do, maybe we wouldn't self-inflict this type of burden on ourselves! But just my opinion only!
They are still in the business of BPOs. Just not REO servicing.
I thought if it my E&O insurance it only covers my broker and licensee not a third party. Any lawyers here?
Your E&O Insurance will do that, make them a Certificate Holder. I did it with Altisource
Well, I refused to sign the agreement and I have now been made inactive. I'll just have to find another income stream. I'd prefer to have the time to find additional revenue than spend all my waking hours working for pittance.
They are cutting the pay of BPO agents also, I received an email a couple of weeks ago regarding that. Although they pay regularly they also do not pay much for each order. They are another company where if they offer me an order for say $38.00 I counter them and tell them $100.00. If I get it, great, if not, that is great too. Most of the time I don't get them obviously but in the end at least I know if I am doing them I am making GOOD money not just gas and car repair money.