Hey! Did any of you PAS Wells Fargo REO agents get your Status changed to BPO's Only on March 24?

***(NEVERMIND. I got reinstated April 22 as active REO Agent! Thank You Wells Fargo/ Premiere Asset!)

I am really upset ! I got what appeared to be a "Form Letter" sent to undisclosed recipients on Wed March 24, that basicall said due to agent saturation they are changing my status from REO agent to BPO's Only!

Yet 1 day before on Tuesday, they sent me 3 new REO assignments! What the F***??%%$$ ??

I have no idea why that happened yet. Was it really about lack of inventory to distribute? Wells was supposed to re-start their grading system this spring and I had an "A" on the last scorecard, but I'm just kinda freaking out not knowing why or do I have a chance to improve so I get the listings again. Or is the inventory really just that low. That would be HARD to believe as the new release was just supposed to start as I heard through the grapevine.

I followed up with a very strong email asking several questions and gave them 5 asset managers to call to verify that I kick ass and get property closed for WELLS everytime. Yes I have been late with a few BPO's and the crazy billing tasks, but that is because I am running on a very lean staff and making all the phone calls and other actions that help get these REO's closed. Right now I am working on selling a 10 acre Farm that was assigned to me last MAY 2009, CFK in October then finally in Escrow January 2010 and the vacant place just got vandalized. Now we can add at least 3 more weeks to close.

But, I will get it closed ! Isn't that really the most important thing?

Wells Fargo - Premiere Asset Services has been great to work for and fantastic employees. I would like to continue helping and keeping my established relationships.

Someone around here will be getting PAS listings and I want my team to get them!

Thanks!

John in the San Francisco Bay Area

John, Yes I did here in southern Calfornia,in Riverside County with the same "agent saturation" language and I am also very upset. I did my absolute very best for them for the last three years. The score card was completely inaccurate even after it was re-done and I'm sure they got such a hugh backlash response from the first score card that they they were not in a hurry to release another. They maintained my property count of 20 listings at the peak of it in 08 and has since slowed down to about 5 or 6 count for the last 8 months or so. Apparently this "shadow inventory" we read about could be as elusive as a shadow on the wall. I emailed the sender of the form letter with my questions and received an email back that my response would be forwarded to the approiate department. That was March 25th and haven't heard from them. The score card idea was really flawed with the luck of the draw aspect weighed into the outcome. Some of the occupants of these properties have been coached by lawyers using tactics to delay eviction,which lowers your score. I keep wondering which aspect of all this caused me to be put on BPO only status and weather reinstatement could actually occur if the 4th Q gets busy

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Comments

John Shipstead March 4, 2011 at 6:07am

Hi Julie, Yes thanks for your list. I will try to reciprocate for you. I am not receiving many REO's from Wells right now myself but will check into for you. It seems like getting into Wells is like B of A where you have to be invited from the inside Lenders or somebody to recoomend you. I am working on getting B of A too, so we will see.
Julie Adamson March 4, 2011 at 5:55am

Hey John! Sent you the HSBC information - would love some help with Wells! I have been trying for YEARS - no luck. . . any insight?
John Shipstead May 10, 2010 at 2:18pm

*** Wooo Hooo !!! Wells Fargo re-instated my Active Agent Status on April 22 ! I am not clear as to why I was cut or re-instated. Thanks GOD. i am very grateful.........
Chanin Zaragoza April 21, 2010 at 9:45am

John, Can you email me....I have a question for you.
Chanin.realtor@verizon.net
Thanks!
Chanin Zaragoza April 20, 2010 at 2:33pm

Well, at least they responded to you....I hope you get reinstated soon! Sounds like you deserve it!
John Shipstead April 20, 2010 at 9:32am

Yes they did respond, even this morning. I was emailing directly one person at Wells in Agent Relations. I sent her about 4 emails and kept adding more and more details of why I should be considered Active even mentioning my new scorecard continues to be an A (with higher score #).
She avoided some direct questions I had but, for now I will just look for other business and continue to do BPO's and be grateful for everything I have in my life right now.
I will check back with her in a few weeks. At this point I feel satisfied that I made my case several times and that is all I can do for now. Ok so...** Who has a referral for me in the San Francisco Bay Area?? See, I am already lead generating for new business.
Chanin Zaragoza April 20, 2010 at 6:14am

HI John,
Did you ever hear back from PAS and were you able to get reinstated?
John Accornero April 14, 2010 at 6:53pm

I would even be satisfied to do BPO work for PAS ; they are a tough nut to crack. Website always says they are not taking anyone!
Mark Meiser Broker,SFR April 1, 2010 at 11:10am

John, Yes I did here in southern Calfornia,in Riverside County with the same "agent saturation" language and I am also very upset. I did my absolute very best for them for the last three years. The score card was completely inaccurate even after it was re-done and I'm sure they got such a hugh backlash response from the first score card that they they were not in a hurry to release another. They maintained my property count of 20 listings at the peak of it in 08 and has since slowed down to about 5 or 6 count for the last 8 months or so. Apparently this "shadow inventory" we read about could be as elusive as a shadow on the wall. I emailed the sender of the form letter with my questions and received an email back that my response would be forwarded to the approiate department. That was March 25th and haven't heard from them. The score card idea was really flawed with the luck of the draw aspect weighed into the outcome. Some of the occupants of these properties have been coached by lawyers using tactics to delay eviction,which lowers your score. I keep wondering which aspect of all this caused me to be put on BPO only status and weather reinstatement could actually occur if the 4th Q gets busy
theresa bare March 31, 2010 at 4:25pm

Hey John , Do you have the link to there Asset manager for Wells Fargo. I am in Preservation , would like to pick up another bank . tks Theresa Bare Georgia Mortgage Field Services LLC
mstbare019@yahoo.com

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