NABPOP Call to action.

I receive this email from NABPOP, I know in Maryland appraiser were trying to pass legislation to force lenders to only use license appraiser and go away with BPO, now it seem that this is going to national levels, or maybe I was not aware, but I think this affects all of us and we need to make sure that part of the business stays open for us."Dear Member,This e-mail is a call-to-action to step up and become involved in the protection and advancement of our BPO industry. While “the sky is not falling”, valid pro-BPO information is lacking. Showing interest, becoming involved and providing information shapes policy. We need you to be a link in that chain to ensure that Broker Price Opinions are defended, protected, and advanced. We need to let the real estate industry’s federal trade association, the National Association of Realtors® (NAR), know how valuable and important BPOs are to you.As you may already know, the BPO industry is being unfairly targeted by a few “special interests” and those who simply do not know the value of the Broker Price Opinion and its uses. Recurrently we have detected ill-fated attempts to block or restrict the use and practice of BPOs at the state and even at the federal level. NABPOP along with the Real Estate Valuation Advocacy Association (REVAA), a non-profit association comprised of valuation companies, are actively defending and advocating the BPO industry.Currently, NAR does not have a policy in support of BPOs. Since performing BPOs is a vital aspect of many REALTOR’s® business model, we want to encourage the NAR to stand with us in our efforts to protect, defend, and advance the legitimate generation and use of BPOs. NAR bills itself as “the voice for real estate”, and since BPOs are such a growing method of valuation we would like the NAR to put forth a pro-BPO policy. You, as a REALTOR®, can give voice to this much-needed policy by contacting NAR via e-mail; letting it be known that BPOs are important to REALTORS® and the real estate industry in whole. The objective is a simple one, to have NAR establish a strong affirmative policy regarding the production, payment, and usages of Broker Price Opinions.We ask that you send an e-mail message, as opposed to writing a letter or calling them, as the most advantageous method to send a message to NAR. Sending an e-mail message is a simple yet effective method that won’t place a strain on NAR’s resources. There are two e-mail options, an automatic e-mail (verbiage, subject, and addresses automatically populate the e-mail) or an e-mail that you can write in your own words. An e-mail in your own words will be more powerful and we encourage you to take the time to write an e-mail.For automatic e-mail, simply click on the following link Automatic E-Mail to NAR and click send (some e-mail programs will not allow automatic population. If the above link does not pull up a new e-mail, you will have to follow the below link and use the “copy and paste” option). If you would like to write the e-mail in your own words, follow the below link where we have provided some talking points that you can use as reference as well as the e-mail address (bpo@realtors.org) to send the e-mail to. Click on the following link to access either option http://www.nabpop.org/Advocacy-CallToAction.phpThe greater the number of requests that NAR receives, the greater the message will be. We encourage you to forward this e-mail to all of your associates that may have an interest in joining this call to action. The above page is accessible to the public and being a NABPOP member is not a requirement to participate in this call to action.BPOs are a “win” for the mortgage industry, REALTORS®, and consumers. In today’s tight mortgage environment, BPOs are a key tool, which, for example, is reflected within Obama’s Homeowner Stability Plan designed specifically to help troubled borrowers restructure their debt.In addition, the top mortgage servicers utilize BPO’s when evaluating the best course of action when reviewing short sales, REO strategy, and portfolio reviews. While appraisals are the preferred product for underwriting newly originated loans; for many other purposes, BPO’s are faster, less expensive, and are performed by professionals like you, who have their finger on the pulse of their local market.The vast, indeed overwhelming majority of NAR’s membership – the agents and brokers, would benefit from a strong proactive “PRO-BPO” policy stance. This call-to-action is to let you know that, as a dues paying REALTOR® member, NAR needs to hear from you. With your help, NAR will realize the importance of BPOs to you and do the right thing, by issuing a pro-BPO statement or policy. Our organizations will then be afforded the powerful opportunity to stand shoulder to shoulder, defending and advancing the mutual interests of our groups’ members.NAR is recognized as the leading housing trade association. Government, the media, and a host of influential folks turn to NAR for real estate information and opinions. To be sure, NAR has tremendous political clout, which is why it’s so important that they adopt a pro-BPO stance and policy. REALTORS® have the chance to urge the Association, to take a stand in support of their business practices. By sending NAR an email we can show the Association how much BPOs are supported by their members.NABPOP would like to thank you in advance for your efforts and for your support of our political advocacy of BPOs.If you have questions or comments, please contact NABPOP at 800-767-0743 option 102 or Support@NABPOP.com"
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Comments

  • My response was in support of BROKER price opinions, but that at the same time NAR AND the banks and servicers enforce the ruling that that they can NOT be performed by Agents and staff....ONLY BROKERS.
    This would result in quality results and put the BPO mills out of business. This in turn would allow a return to a reasonable fee being paid and probably more work for Appraisers as the prices rises.

    Page two:

    ARE YOU KIDDING 100 bpo's per day????!!!!!!!,Jose?. One person can not even take that many photos in one day, little on pull and review comps, calculate adjustments, and perform the required data entry..... Who are you trying to fool? You are not providing brokerage services, rather running a mass-production factory.

    in my humble opinion, Jose.
  • I disagree. Let appraisers determine values, banks make loans and REALTOR’s sell houses. Everyone can do their jobs without any interference from other parties. In order to stave off future mortgage crisis’s, banks should NOT own real estate companies nor be allowed to sell real estate without going through a REALTOR. Banks should NOT be allowed to select their own appraisers, nor have any influence on the appraisal, and finally, REALTOR’s should NOT be in the BPO business.
  • I agree with Cindy
  • I understand your point Cindy, but the bottom line is that I thank God for the little pay on the thousands of bpo's that I have done, because they have helped to keep a roof over my head last year when I almost went out of business.

    Yes I agree that I would like to get pay $450 per bpo, but I am happy with the $50 to $125 that I am getting now, and the opportunity that some of those bpo's give me to get reo listings that produce money. Also I know some of the BPO's I have done are for people doing loan modifications and short sales, and I really hope that my fair and honest work has help someone to find a satisfactory solution to their housing problem.
    I maybe be hungry and I might be a workaholic, but I like doing BPOs I average about 100 a day, and I get special request from asset managers and bpo mills to help them when other agents have a big discrepancy on a bpo.

    Also I think doing bpos makes me a better realtor I am in contact with the market trends in my market and I can help my buyers as well as my seller clients to write an offer or to price a listing.
  • I am soo with Cindy on this........YOU GO GIRL!
  • I got it as well...
  • I received the same email and here is my feelings on this - so many BPO's have become mini-appraisals - I've talked about this before - BPO's are provding 3 sold and 3 list comps - an appraisal will make $$ adjustments, etc. Agents are being paid very little for the BPO's that require $$ adjustments and that is nor fair! This is just a way for companies to cut their costs by not paying for an appraisal. I would love to see a clear definition between a BPO and an appraisal.
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