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

Donald,
I will be upset if they load certain agents with that many listings. They used to max it out at like 20 or 25 REO's. You don't need to worry about NOT accepting BPO's and having your score lowered. I asked this question just a few weeks ago and was told by PAS "No this in no way reflects a negative influenece if you do not accept an order" (per PAS email to me Feb 10th, 2010)

Your score would go down if you were late but not if you chose not to accept it.

So I wonder what is going on with the scorecard deal. Something new was supposed to happen this Spring. I hope they didn't "spring it on us" without us knowing or having a "probation period" or something. The last parameters they set still don't reflect what often happens in actuality. We should get Asset Managers and Pre-Marketers, Eviction Reps, Pre-closers to grade us. They are the ones who know the Agents that "Work" and get things closed.

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Comments

David L. Hennigan March 29, 2010 at 11:29am

Michael,
Can I talk to you off of this forum? dhennigan@hcrhome.com
Michael Howard March 29, 2010 at 10:13am

See some of my posts regarding the change in the "mark to market" accounting rules that were passed last March. First run of those assets won't hit until Sept/October time frame. I can explain in more detail of line if you would like, just pm me.
John Shipstead March 29, 2010 at 9:56am

Michael,
I thought we were waiting for the backlog of REO's to be relaease at the end of this Q1? Waiting for Q4 is news to me.
Michael Howard March 29, 2010 at 9:07am

It's true. I know several PAS agents (I am one for several years now and was spared) that were let go also stating they could stay a BPO only agent and am told they had good scorecards as well. I know of a couple other servicers doing the same. As an industry there will be very few distressed assets released until Q4 and this is part of the normal process. California was thinned out considerably.
Rob Robertson March 29, 2010 at 8:36am

John,
Haven't heard a peep from WFHM regarding any status changes.
We'll see what happens in the next few weeks.
Rob R.
Donald C Hascall March 28, 2010 at 3:31pm

I heard through a Wells Fargo Loan office that only three agents are remaining and we are to get probably was 25 listings each instead of the 75. I was asked earlier on if I was the king of evictions as I always got the hard ones. I don't know as the bikers and the homeless always show up to take possession before I get there. just joking....
John Shipstead March 28, 2010 at 11:34am

Donald,
I will be upset if they load certain agents with that many listings. They used to max it out at like 20 or 25 REO's. You don't need to worry about NOT accepting BPO's and having your score lowered. I asked this question just a few weeks ago and was told by PAS "No this in no way reflects a negative influenece if you do not accept an order" (per PAS email to me Feb 10th, 2010)

Your score would go down if you were late but not if you chose not to accept it.

So I wonder what is going on with the scorecard deal. Something new was supposed to happen this Spring. I hope they didn't "spring it on us" without us knowing or having a "probation period" or something. The last parameters they set still don't reflect what often happens in actuality. We should get Asset Managers and Pre-Marketers, Eviction Reps, Pre-closers to grade us. They are the ones who know the Agents that "Work" and get things closed.
Donald C Hascall March 28, 2010 at 9:53am

PAS agent here......Only thing was heard and not from letters or what ever was that PAS was cutting down on agents and keeping only three in my area. That way we all can get 75 listings each. Since hearing that several BPO's have popped in and I haven't had the time to do them and turned them down. Opps there goes my score card.......Lost 10 points.......
Debra Foreback March 26, 2010 at 9:34am

John:

I've not heard anything about another reduction in agents since the one done several months ago. Hopefully it was just an error.

Deb Foreback
Denise Stovall March 26, 2010 at 6:18am

Hey John, Will ask around to see what going on North Bay. We received a "prenegotiated" Wells SS yesterday...this deal came w/ a buyer and all.

Explain that. Denise Stovall, Sonoma County

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