BPO payment questions

I received a notice from a company that Ca state regulations require that all payments be made to the employing broker or brokerage.  They payment is already low.  For many years all payments go directly to me.  My broker does not care but the logistics of writing a check back to me will be difficult to continue on a continuous basis.

I do not have similar issues with other companies. Anyone has that experience?  They now ask for copy of driver's license.

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  • Same as a couple of other comments that have been posted here, in Georgia my broker allows with the  'Brokers Affidavit  form,that the agent can receive direct payment.

  • In IL starting January 1st of this year all payments and work for BPOs and CMAs have to go through your managing broker because as of the start of this year BPOs and CMAs became licensed activities. 

    I see a lot of BPO's going away because of this. With BPOs now being a licensed actively I do not see a lot of managing brokers willing to open their liabilities for a $100 BPO. Especially since the vast majority of BPOs I have seen were never done right. Plus I have seen a lot of Brokers willing to do them for $50 which is ridiculous. 

  • Previously while working as an agent in Ohio all companies required going through the broker. This is in your best interest because of E&O insurance etc. The one thing to remember is that everything is negotiable. Part of the agreement for my license being with the broker was I would receive 100% of BPO income. They paid monthly so it wasn't a big imposition. I am a broker in CA and I allow the same situation for agents. The pay is minimal at best.

  • Ohio is the same way. All payments go to the Brokerage.

    The Brokerage is also responsible for all agents in the Brokerage and all of their  actions involving Real Estate ...ALL of them.

  • Roger - my savings bank won't accept countersigned checks because my checking account is a business checking account.  They changed their policy a while back.

    Last year, Altisource had me reapply and resubmit all of my documentation including E&O and liability which are both held by my broker.  They then switched all of the payments to my company name but it turns out that they stayed under my SSN.  The payment name is all that changed.  My Altisource auto-deposits go into my account with no problem.  Altisource still issues paper checks for HSBC work so I turn them into my broker and she writes me a check.  

    Altisource is screwed up on this.  They say I have to get E&O and liability in my name to get the checks back in my name but they never changed the 1099 reporting.  Duh.

  • I had to provide my license to a couple of companies this past year.  Altisource was one and a client of mine since they were spun off from Ocwen.  I don't remember the other one(s) but I keep a copy in my documents folder for quick access.

  • Sam, some companies do require a copy of your drivers license. I supposed it is for added security, e.g., making sure you are legally allowed to drive out to the properties, if there is any issues with the property you visited etc. 

  • I ran across this issue myself, I am also a Broker Associate. The company owner decided the easiest way was to just endorse the checks to me. Not write a new check

  • Sam,

    Normally the BPO companies will ask whom they should make the payment to. You would supply your information SO LONG AS you have a signed 'Brokers Affidavit'. Most companies will provide the form for you to have your broker sign. The form is also commonly referred to as a 'Master Broker Listing Agreement'. 

    What I would do is ask the companies you are looking to receive direct pay from if they have a standard form they require agents to have their brokers sign in order to receive direct payment.  I hope this helps you out. If you have any further questions, feel free to contact me. 

  • California BPO companies that are also real estate brokerages have always stated that they are required to make all payments to the broker per California state law.  I don't seem to have any of those clients anymore. 

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