Real Estate Blog - BPO companies that turn into REO listings

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BPO companies that turn into REO listings

Which BPO companies are just BPO mills and which ones actually lead to REO listings? As I've reviewed several blogs talking about both, let me share a few that I've found lead to REO listings.

I would love other Active Rainers to add their own experience as to which companies actually lead to REO listings!

Ocwen

Goodman Dean - Pat McCray

Faarv - Katie Cosner comment

Citibank

Countrywide

Posted by Jared Hokanson - Realtor Medford Oregon on 08/08/2007 11:26 AM

Comments (409)

reo, bpo, reo listing

Post is included in group: REO
Post is included in group: Broker Price Opinions

409 Comments on BPO companies that turn into REO listings

AUG

2007

Hi Jared,

Integrated Assets is one. However, doing BPO's for BPO mills is also beneficial because it gets your name out there. Integrated Assets actually found me because of a BPO I did for a "mill". Clear Capital is one who does not do REO's, however, if you do well with them, they will put you on their reonetwork site as an REO provider.

Relationships are King. Doing BPOs are great, especially for people working their way up the ladder. But do a self analysis and see if the time spent is going to generate real income. If you spent the same amount of time prospecting 'civilian' clients, would you be better off?

Align yourself with people, investors, who are willing to buy portfolios of loans, builders that rehab REO properties, and other who can add value to you. When you approach an asset manager - relay that not only can you do a BPO, but you have these people who can take the entire lifecycle of the property.

Jared

Thanks for the list, I have little regard for one of the people on the list and feel I shouldn't reveal their name.

AUG

2007

Most of my listings, I've never done a BPO on. Either I've worked w/a company before, or they got my name from someone. I don't know if you can still sign up with GreenLink/Horizon/HomEq, as they stopped doing the BPO part, except for a rare 2nd opinion, (not sure who they out-sourced to) but I do get listings from them. Also there's a ton of Finders for AMC that will do pay BPOs, & freebie 2nds, and those have all resulted in me getting listings, just not on the houses I did a BPO for. Though I haven't worked for them, MGIC gives listings.

AUG

2007

The only company I have received REO listings from whom I also do BPO's for is Ocwen. I do BPO's for many other BPO "mills" but they have never turned into anything more. I see a lot of the properties that I did BPO's for come on the market with other Realtors.

AUG

2007

Don't forget USRES.

AUG

2007

I am new to BPOs in that I'd like to know who to contact. I have found a few names here but would love to have a larger list, if possible. If someone can email it to me I'd appreciate it.

AUG

2007

Katie--I just got a listing from HomEq and I hadn't heard anything from them in months. I hadn't had a BPO order in as long. I think they were just in transition from Greenlink, which also happened when they changed from Horizon Managment.

I also get listings from Premiere Asset Services (Wells Fargo), just closed 2 nice ones. I have a $1,000,000 "listing pending" with them right now. (Making every BPO I've EVER done for them worth the money.) I also recieved 10 BPO's in one day from them last Thursday. Again, great addresses and I'm hoping it's an indication of what's to come.

I've just resigned with www.reotrans.com and got a listing from BADISSO. Had to buy special software but I've heard they're one of 3 companies that will be getting the FannieMae properties.

Also just got a listing from LandAmerica.

Hope that helps.

Kim

AUG

2007

Hi! Newbie to the group, but not reo's.....

Has anyone heard anything good/bad/indifferent about a company called Titanium? They are supposedly 3rd party intermediaries who contact local agents for bpo's (hopefully listings at some point) for the lenders. If you list a property, you have to pay them a referral fee. They also want an upfront fee.

Not what I'm used to dealing with, but thought I'd throw it out here and see if anyone had any experience with this company?

AUG

2007

I love PAS, got 2 listings right away.

Kim--Which LA gave you listings? Nationwide or Default Servicing?

AUG

2007

For a couple more

PCV Murcor is a mill but it all adds up and goodman dean offers bpo's and Reo's

also harborams.com

usres you have to be doing the bpo's for free to get the listings you can choose to be paid for them.

AUG

2007

Mark--I think it's Default Servicing, but I don't have it in front of me. I'm pretty sure that was it.

AUG

2007

I just found you guys. Thanks for the info.

I appreciate all the info. I'm a newbie, i did sign up with two co's that do bpo's yesterday and was also told about reotrans, but don't know anything about them?????

AUG

2007

Thanks Kim!

I've worked with a few companies and the ones you listed above are a reliable source of REO lisitngs. The best of luck to you Jared.

SEP

2007

Thanks guys for all the info !

SEP

2007

Hi Jared,

I had an earlier post asking for information about REOS..thanks for the information. I am an agent in Virginia, and have been recently trying to break into REO/BPO's I have been looking for contact information for Asset managers for these companies... Do you have any resources for the asset manager for Citibank Countrywide Ocwen. Thank you....

I've heard good things about Ocwen and CW, but can't find who to speak with at these offices either. I've done a lot of work with Litton - they are great, but depending on the area you work in, you have to deal with a different asset mgr.

You'd think they would make it easier for us to help them.

What does everyone think about Bush's newest idea?

Hi Jared,

Personally, I'm a little leary about taking on those REO listings and I'll tell you why. What happens if the REO company or Asset Manager does not reimburse you for; removing debris, general cleaning, repainting if necessary, broken fixtures or water lines, hot water heater or furnace, not to mention paying you back for having all of the utilities in your name until the home sells?

I think my fear is a legitimate one given these circumstances but, maybe someone else who is actively doing them can help me understand the areas to really be concerned about if I haven't already mentioned them above.

-Keith

SEP

2007

Jason: That's good to hear man but from what I've heard...not all companies are alike obviously. How many different companies have you received listings from? And, what type of problematic issues have come up? Thanks!

-Keith

Great post Jason! I've had some pleasant experiences with asset mgrs as well, but for the most part have to deal with real unpleasant people. I'd love to find a way to cut thru the layers of contact and just deal with the person who is really in charge.

Anyone have any thoughts or advice on how to do that? Also, from what I've seen so far, it looks like CW, Ocwen and Litton lead the pack on who is best to deal with. I've found that depending on where the loan originated, where the property is located - makes a difference in who you deal with.

Has anyone else had this experience and can anyone share names of people who we can contact without having to deal with the layers? I have a house in Boston with a Litton Loan, Chase is 2nd, and even tho I've sent them the borrowers Auth 3 times, I still get told they do not have it, with instructions to send to yet a different fax number.

I am hoping to call again tomorrow and get someone to talk to that can make this happen, we have a buyer that wants to buy, but it would be a short sale...still not bad ...about $20K short if it works out. That's a little hard to do when you can't talk to anyone though!

SEP

2007

Thank you for all the info....I am w/ FNMA, OCWEN and PAS, but have 11 agents now that I have to take care of. I will look into some of the comapnies that I see in these comments. I'm in Central Indiana. We have tons of REO's. I agree contacts are everything!!

Joni Bragg, GRI

Principal Broker-Owner

SEP

2007

Jared Thanks for sharing

Have found that Ocwen is a good potentail source of Busisness although their BPO form is one of the most complex and time consuming around. Land America is another good source but their orders are sent out to multiple vendors and go away very fast.

Thank you every one for sharing..... GREATLY appreciated !!! I am new to BPO's and REO .....just getting myself signed up. Just wanted to know about where to get signed up with some of these companies is my big question of the day. Example: Ocwen, when at their site I do not see it as clear as they others where to get signed up for BPO's...... or even CW.....any suggestions ??? PAS looks like you have to take the online classes now.....has anyone done them yet ? And does it really pay off by getting you the listings too ??

Market in my area has really slowed down and foreclosures are on the rise, so I thought this would be a good time to get going/signed up with these companies. I am needing to make that extra cash to stay alive !!!

Any suggestions/advise or help would be greatly appreciated ....thank you

SEP

2007

thanks for the info

SEP

2007

Sorry for the ignorance, what is a BPO?

SEP

2007

SEP

2007

BPO is a Broker Price Opinion, like an appraisal but less time consuming. Basically an upgraded CMA.

SEP

2007

once signed up how long does it usually take to start seeing some bpo offers? I have been signed up with a few for weeks and haven't seen anything come in to me yet. Does it normally take a while to start getting some business?

SEP

2007

WHAT ARE SOME REAL MA,ES AND CONTACTS FOR REO COMPANIES TO GET BPO'S AND LISTINGS.....ANYONE KNOW? THANKS...

SEP

2007

Joni Bragg: I am a Broker/Owner in Northern Indiana. Would you consider working with some one in the South Bend/elkhart area?

Ron, who are you asking?

Well I have done work for a couple of the mentioned companies above. These would include Ocwen, Horizon/Greenlink etc. EMC Mortgage, Clear Capital, RRReview, and the list goes on. But from the above listed have I received listing from Ocwen, EMC and Horizon. Many of the companies do not have a specific asset manager. I know at Ocwen I got on with then when they received the contract to market VA properties after VA stopped doing there own. I would be initially be contacted and asked would I accept a property, if I accepted I was then given a pre-listing contact. I would then work with them to get the property ready to be marketed (trashouts if needed, get estimates of repairs, if repairs were approved hire contractors to do the work. In the beginning I had to pay for all expenses incurred then wait to be reinbursed when the property closed. They have now began letting you go out and signup contractors to do the need work, and then be paid directly from them. Once the property is cleared to be listed, the file is handed off to the asset manager assigned to your region. To make a long story short I think Owen is the most difficult to master...but it was worth it to me. I was given the opportunity to market all the properties in my area. the only way others in my area got anything was because I did not accept in the begining. In my opinion Horizon was the easiest to deal with. When I received listings from it was ready for the market then.

So if you are having trouble getting into the system I say keep trying. I started if I remember correctly by registering at the following website: www.reonetwork.com. Guess who this is Clear Capital.

The one company that has eluded my thus far has been Countrywide.

Paul, are you paying on reonetwork or using the free subscription?

SEP

2007

Blair, I am using the free subscription. I think I first signed up back in 2000 or 2001.

Regarding Titanium Inc...I was very excited about the concept when I heard about them at REO MAC. Banks hire Titanium, who hires local agents to meet one-on-one with homeowners to gather information in order for banks to give loan modifications and to simplify the short sale process. I really liked the concept of being able to help a homeowner stay in their home but if it was impossible for them to keep their home, I would be there to list it.

All I can say is based on my own experience. I have done about 20 assignments for them. About half of the time, the home is vacant and I can't find the owner or they will not answer the door. You have to make several attempts by visiting the homeowner and calling them. Of the 10 or so homeowners that have allowed me to help them, only one of them got a good loan modification. He got his delinquent penalties wiped out, his interest rate lowered and his loan extended so his payments were greatly reduced. I have had several loan modifications where the homeowner's monthly payment actually increased. In those cases, it's pretty hard to explain to the homeowner that the bank really wants to work with them. One family was desperate to get the payment reduced...I called the bank and was able to finally convince the bank to eliminate half of the $14,000 delinquent payment due immediately but the monthly didn't go down AND the holder of the second note was no where in the picture. I listed the property but we have so few buyers in our market that agents don't mess with short sales. The family lost the house a few weeks ago.

I think Titanium means well but they can only work with the loan modifications the banks offer, which pretty much seem to stink. Also, Titanium seems to have grown really fast and its processes haven't caught up. I tried to fax a homeowner's bank statements most of the afternoon yesterday and their fax machine was constantly busy.

SEP

2007

If interested I have a list of 60+ links to REO/BPO companies for $7.00. Contact me if interested.

SEP

2007

Jared, Thanks for the information. I would like to know, which companies will allow you to list properties without having listed an REO before. It seems to me that most companies want you to have experience. It is a catch 21, you can not list if you do not have experience but how can you if they don't give you the opportunity? What are everyowne's thoughts.

OCT

2007

Shari I run into the same thing with Titanium. I think that it is a great idea and if you can actually get the banks to work with you it will be a success. I had a deal where the people had already moved and I was still able to get ahold of them and we got the house listed. We listed the house at a fair market value price which was less then they owed but I had already talked to amc and they were going to work with us on the short sale. I brought them an offer that was a decent offer it wasn't full price but it was decent, with no inspections and no closing costs and the buyer submitted a preapproval letter with there offer. The person that I had to work with at amc said they wouldn't take it because it wasn't high enough. So needless to say the deal never got put together. 3 months later it listed with another agent as a foreclosure and it was on the market for about 45 days and they got an offer that was 2000 less then the one that I brought them plus 3000 for closing costs and they did an inspection and got the bank to pay for the termite treatment. That is what has really burned me with titanium. But I have ran into the samething that you are talking about as far as house being vacant, phones disconnected, homeowners don't want to talk, all of it.

OCT

2007

What is the web link for titanium and are the services that want you to pay for the listing are they any good?

OCT

2007

titanium is a waste of your time. I've dealt with them for a couple of years, made $25, $50 bucks, here and there, but no real money out of the deal. What the lenders do is let Titanium do their thing because it cost less. If they actually get foreclosed on, the lender lists the reo with their preferred agent.

So, titanium wins because we take $25 for the most part whereas the agent the lender would use would charge way more. If you don't list it and sell it, they give it to their guys. I'm not in this business to do this work for $25 bucks.

Another agravating thing with Titanium is that you keep getting a new person to deal with every so often......which means they are new and YOU know more than they do!

to pay upfront to use them - only to get very little money and a lot of headaches, I'd say don't do it. I just cancelled them.

oh, and did I mention that IF you get a listing, AND it does close (never happened to me in two yrs) then you have to pay a 25% referral fee TO Titanium?? That makes a short sale a little hard to do!

Move on, don't waste your time.

OCT

2007

IF ANYONE IN IN THE MASS AREA IS LOOKING FOR REO TRASH OUTS I HIGHLY RECCOMEND QUALITY QLEANOUTS LOCATED OUT OF WINCHENDON SPRINGS MA YOU CAN REACH HIM AT 978-297-1365 HE HAS DONE SEVERAL TRASH OUTS FOR ME AND HAS DONE A SUPERB JOB.

Good info, I am just researching BPOs and REOs.

OCT

2007

I received a BPO from Integrated Asset Services and a few months later I got the listing on the same property. Also regarding the trash out and expenses, each lender is different. EMC is the lender for my foreclosure that I am working on and they have a statement in the paperwork that says they will pay for the upfront costs of trash outs, utilities, winterization, etc.

OCT

2007

I am a real estate agent. I am new to the REO program. I recently signed on with Reotrans. I was asked at thier website if I had error and ommission insurance. I don't at this time. My question is: could that be the reason why I am not recieving any listings from them?

Ralph, your broker should have errors and ommission insurance. If they don't you need to get it--from my limited knowledge the lenders want to see that you do have it. REOTRANS is great!

I want to thank Blair Ballin for answering my question on REO error and omissions insurance. I'll look into the insuance. Thanks Blair. Ralph

Ralph - I don't know of a lender seller that we work with who does not REQUIRE e/o.

Can anyone tell me if there is software that I can purchase to make the BPO experience easier? I tried working with Ocwen. There system was not user friendly, so I discontinued my account with them. This was 6 months ago. Maybe things have changed. Lastly, I think this website is SUPER. Everyone seems like there are willing to share Ideas and well as vent. Thanks, Ralph.

Ralph..

Why don't you join Active Rain?

Are all you guys running into lenders/banks overpricing listings for 30 days and then willing to drop it some? Or what has been your experience there? It seems like with all the ones I have they overprice them, and it takes them a while to drop/reduce.

OCT

2007

This is the 1st time I have ever read a blog. Thank you, it has been very interesting hearing from agents all over the country. It is worth signing up with Single Source and Lighthouse.

I'm working on an Excel spreadsheet of REO/BPO companies and their websites. I've compiled a lot thanks to all you helpful people on AR as well as searching the web and other real estate forums. It may take me a little time, but I will post when it's available and it will be free. Then if anyone has any others to add, I will update and resend as more come available.

OCT

2007

Lisa, that will be fantastic!! Thank You!!!!! How many have you gathered thus far? I had seen in another blog some time ago, they were looking to charge for such a list. But you are what AR is all about, contrubiting to the common good of us all.

OCT

2007

I agree with Paul. Lisa's generosity is what this community is about. Thanks Lisa!

NOV

2007

My office currently has inventory with over 12 different REO companies and have never had a problem on reimbursements. The key is maintaining a good paperwork trail and following each companies specific instructions. Hence the reason my broker has me, as a licensed agent, to help with paperwork and contracts and a second assistant who deals only with billing and invoicing for these reo companies.

The only company my broker refuses to work with and stop doing business with is Ocwen. Communication was difficult with this company or the lack thereof due to no phone numbers. They failed to reimburse our company for monies over $5,000. My broker contacted every level of upper management and after several months of attempt was politely told that the accounts on those properties were paid out and their was no monies left. Very unprofessional for a company that was representing VA properties.

Food for thought, reo listing opportunities increased when he joined NRBA, an association for REO brokers. He has received 5 new REO companies through this association.

Jennifer, I must agree that Ocwen is a nightmare to deal with. However , I have never experienced them not paying me. I was with them from the begining when they took over the VA Contract

NOV

2007

I am a vendor for Ocwen, and for the most part don't have any problems. I did work with an account Rep recently that I was not impressed with, but that is not the norm. I have had listings from them but it seems I get the properties that no one else wants, but green is green and I do sell them. I do lots of BPO's for them and several of the others mentioned here. I did alot for Clear Capital but recently, they have just sent me a few a month. Not that it matters but I think they have the easiest form to complete. I too, work with Titianium. I did a BPO for Litton through them and it was more like an apprasial than a BPO. So I try and stay away from Litton BPO's. I like my Broker License. I have been a homesteps agent with FreddieMac and have yet to get a listing or BPO of any kind. I recently tried to make some updates to my profile and was not successful so I emailed them over a week ago with the information and have yet to get a response. One of the recent asset managers I've worked with for CITI wanted the electric on even after the home was winterized. Heat in an REO is usually not a good idea and won't sell the property any faster. Have you noticed that some of the larger lenders have cut the pie again and hired asset managers. I have 2 listings with a Management company, and I have had difficulty getting reimbursed. There is always another reason or excuse not to get paid.

NOV

2007

Thanks to everyone for posting here... I feel like I've hit the goldmine! I wish I had something to contribute... but I've only used ReoTrans and Wachovia/World. Wachovia has been FABULOUS to work with.

where is wachovia's sign up page located?

Thanks for all the great info. I have been wandering in the dark on the subject of BPO's. With the market being slow right now, I would be happy for the extra income. I signed up with Clear Capital, but they have more agents than they need in my area right now. I will check into some of these. Thanks very much.

DEC

2007

Thank you all for the information. I recently signed up with Clear Capital and received 2 BPOs almost immediately. I also recently signed with Ocwen and went through training. Their process seems involved but I am willing to move forward.

Lisa, Bender you're a gem! Looking forward to the list!

DEC

2007

Love all the responses. I'm with REOTrans-- and that is the biggest source of my business now.

To the person that doesn't think that they have E&O -- Typically the broker gets it for the firm-- and pays the fees for the agents. Most REO Companies require you to have coverage-- if you don't have it-- then you are asking for problems. I doubt that your firm is big enough to self-insure.

Just my thoughts.

DEC

2007

woohoo! You wouldn't believe how gratified I am to see some truly appreciable information on this blog. *first time blogger* With that being said, I've done HUNDREDS of BPO's for FARVV (formerly Source One, eAppraiseit , etc.) And have been with Ocwen for a couple of years, too. REALLY like Ocwen, as it is not as SCORE driven as FARVV.com.more B4 I stumbled onto this link, I have found the following:

The www.camreo.com

Sorry,gotta logoff now- my tablet is picking up BoSTON LEGAL and transcripting.... best of luck! KEEP IN TOCyou know

The www.camreo.com

Sorry,gotta logoff now- my tablet is picking up BoSTON LEGAL and transcripting.... best of luck! KEEP IN TOuch

Ok- DUH- To use the tv, you must be smarter than the tv *remote mute*

I average approx. 10-15 BPOs in Charlotte a month...Our market is still REALLY good here- but I also have suffered some this past year and have looked at various ways to RAMP IT UP....especially in a market that is perceived to be failing. (If only Henny Penny wasn't the editor at the Charlotte Observer!!) LOL Our sky is not falling, but buyer confidence has- which is the precipitation for my inclusion to this blog. Would love to be able to reach out to other Brokers in other areas and help- especially when I was able to glean so much *freely* from this valuable association!

This was all so interesting. I am new to the BPO's and would appreciate a list of who to sign up with. I am in the Phoenix area. Thanks in advance !

Patti-Clear Capital is a good one in Phoenix. I am here too. They have come out with about 20 in the past 2 days and I've had to turn them all down because I was busy with others. Emortgagelogic is also good.

DEC

2007

Patti, I have a of 60+ BPO/REO companies list available for download on my website. www.valeriespivey.com

I see no reason to pay for a BPO company list. If you keep going through AR -- and this post specificially-- You will find a lot of companies-- and not have to pay for them.,

Just my thoughts... Nothing against anyone who is trying to make a little money though.

-Jason

I agree but some folks don't have the time and may want something in their hands quickly. So the list is available for those folks.

Jason I agree with you on the list. I think AR is a great way to get the word out. From the list presented here, they keep me quite busy. I sometimes are overwhelmed that I have to turn down some assignments.

Hi, I have been trying to find out more about mgic as well as wachovia. Can anyone give me the websites to either of these?

Wachovia, has it's assets handled by Homeq: http://www.homeq.com/reo .

I tried Homeeq they are not accepting any more agents for the state of Michigan just an fyi

DEC

2007

So, I ask you (says the Newbie to blogging and AR): What keeps us, the performers of BPOs, to solicit these properties as a listing????Why can't you drop a letter by when you're doing the drive-by? Does anybody else out there go after the BPOs as listings b4 they hit REO status?

Michele,
Nothing stops you from doing it. But if you get caught- you might get black listed.

Let me know how it works-- I have been toying with the idea....

-jason

Jason you are correct in what you say. I know on most of the BPO's I do there is a statement, that you are not to contact the the residents or discuss contents or purpose with anyone other than the company who hired you.

Paul,

I think you and I are on the same page.

The way I look at it-- and I probably shouldn't-- If I'm doing it for someone that will never list with me (Clear Capital)-- I have little to lose.

That being said-- BPOS are done for more than just deliquent owners. It can be used for re-fis, package buys and sells, evals of mortgage backed securities, etc.-- So you can't automatically assume that these are pre-foreclosure sales.

You can't say "I was hired to do a BPO" -- But if you send generic farming material- how would you get caught?

My thoughts!

-Jason

DEC

2007

hello everyone

i have been doing bpos for 16 years and want to expand my companies i work for , and does any one know main street valuation and thier phone no or web site

thanks debbie rood in florida

debbierood@yahoo.com

I came back, lots of information on the post. I am putting together a list of all the companies listed and will sign up with them. I don't see a need to have to pay to get the list. Thanks again.

Just did my first BPO for them--- their website is www.mainstreetval.com

They paid an extremely high amount to me to complete the BPO -- since they could find no one else (in their right mind) to do it.

We just completed the BPO a few minutes ago-- and I'll keep everyone in the loop if they give me any problems.

The BPO contact did not return my phone calls--- but they did respond to my emails...

I wil not charge for this information-- nor hold it hostage-- (Give me some and I'll share with you).. I just ask if you have good companies- you share them with me and everyone else!

Oh, NationsBPO contacted me earlier -- and offered me $45 to do a BPO about 3 hours from my house-- When I told them that I would charge at least $200 -- she told me that she couldn't work with that. LOL-- I checked their REO division--- and they only have 3 listings in their database for my ENTIRE state...

If I want to deal with more people in India-- I'll go back to Ocwen.. LOL

-Jason

DEC

2007

Looked at this blog a couple weeks ago, signed up with ClearCapital, and just finished my first BPO for them! However, I have missed some that were offered to me, some were sent in the middle of the night!

George

DEC

2007

Nice blog. Some info for the newbies

Negociate you fees! and help yourself and the rest of us. Example. Last week there were 2 BPO's from M2M in the same street rural and distance 25 miles. Both were offered at $45. I waited a day and when no-one picked them up (which I sort of exepected) called them and asked 150 for the 2 and got 145.

It is so easy to make an extra 10-25 per BPO just ask !!! For starters, I would not get in my car for under 50. The companies will try and you will have to be firm and negociate. It is part of the game.

good luck

Hey George,

You need to join Rich and I ... We are going to start a new club-- Realtors-- Why do we even bother to sleep?

-Jasonp

DEC

2007

Do you guys realize the more you talk about BPOs the less work there is for those of us who are in? Quit telling everyone about our business. There is only so much work to go around!!!

There is always enough work to go around. If you are that worried about it you probably shouldn't be in the business.

DEC

2007

Mike,

Loosen up. Think about "paying it forward". When I first started, no one in my area would tell me anything. There was a sort of closed mouth monopoly on all the information and there still is. Why? Even if you know the names and web addresses of every company, you still need to apply, you still need to do a good job to keep your name out there. If I can't compete with my service then too bad for me. I will tell people what I know, then it's up to them to move on it. Yes, I personally spent days and days searching, on my own, but the information is there and I would have loved seeing a post like this when I started.

Interesting Post. Maybe once a bunch of people answer, you can summerize your findings in a new post! I would have loved to have this info 6 months ago!

Hey mike,

Don't worry, there is enough work to go around, plus we are located all across the U.S.

DEC

2007

Mike, you get by giving. These are wonderful agents sharing, unlike some of these agents out there that are trying to charge us for the info. Thank you all for your kindness.

DEC

2007

Great topic! Does anyone have asset manager info for Citi Res and Countrywide?

DEC

2007

What is the going rate for a BPO.

April,

If I can get $15-$20 per BPO-- I'm happy. I mean -- What is your time worth? What do you think would be fair?

Seriously, if you have to ask.....

-Jason

DEC

2007

I would never do one for less than $50.... if you are paying someone else for photos? As far as I am concerne $50 is a minimum.

Does anyone know of a effective way to track mileage (software other than map quest) for bpo's. This question pertains to the distance between a subject property and comparables? Broker Ralph

Can a independent broker that works out of his/her home recieve a bpo and or REO listing? James

I was being fecicious. I would never do it for $20 !!!

I'm just getting sick of all these questions being asked over and over and over and over.

Rather than doing a quick search -- to find out what people charge-- Or deciding what their time is worth-- they try to measure their pay scale on mine-- I've been doing BPOs for a little while-- So I know what I need to charge.

But hell no, *I* wouldn't do it for $20 !!!

For example-- James-- Can you list or do any other real estate transactions out of your house???? Are you in compliance with the state laws of the area in which you practice??

Then why should anything else be any different?

Excuse me-- I'm gonna go check into the local Insane Asylum!!! I'm going nuts over here!

-Jason

Jason, you seem to be some type a crtical pompas that gets his kicks by making smart comments. If you don't have something informative to say, why don't you reserve space for someone that has common respect?

JAN

2008

Broker Ralph-

I write down my appointments on the calendar but turn in my total $$$ spent on gas to my CPA. That works best for me.

Christina

Hey James,

First of all-- What do you think even gives you the ability to comment on my track record? Do you even have an account??? Or are you here for free information? Do you post to give info? Have you ever? No? Then shut up.

Do you remember in school-- when your teachers told you that there was no such thing as a dumb question? Well, you seemed to have found an extremely dumb question.

You asked if an independant broker working out of home can do BPOs or REOs. As I mentioned-- What is so different about listing and working with corporate clients?

Before you try to snap back-- Take your Principles of Real Estate again, read my posts-- read the posts of others-- then I'd love to hear your intelligent questions-- I might even be able to offer a suggestion.

I love the AR forum-- But there are too damned many lazy people on here-- who just toss up a question -- and don't even put 5 minutes into researching the answer. Or the other people -- who ask questions that a 1st day Principles student would know the answer to (i.e. Can I show houses-- or does my broker have to work with my clients).

Later Peeps

-Jason

Ralph,

I use Mapquest-- Or Google maps... There is no other software that I have found that gives me a good distance.

To save time with Mapquest... I input the subject property-- then I revise the target address (instead of retyping both addresses-- I only type in the new one) .

I've heard that there are some softwares that you would pay for-- but you would have to enter the same data. And if you have to enter the same data- why pay.. LOL

-Jason

JAN

2008

Hi everyone, HIP HIP HURRAY. I just received my first REO Listing. Here is a company I have not seen on this blog yet. I have been doing BPO's for about 4 years and NEVER received a listing. I am from MN and a larger community. www.Olympusasset.com . Anyone that needs E & O Insurance, go to OREP. They are cheapest by far. I love Clear Capital for BPO's I am averaging about $ 2500 per month which is great money for market being so crappy. The other companies that I get BPO's from are Pro-teck.com, Land America. CBC Innovis is looking for agents to perform inspections (cheap pay, but great for newer agents). HAPPY NEW YEAR EVERYONE. Angel

JAN

2008

Good stuff so far. Does anybody now where I can sign up for Chase,National City Bank,Key Bank and Countrywide. I work with some other great asset companies that maybe we can exchange info on. My email is thetierneyteam@aol.com

Jason;

I hear you some people should not be in REO. they have no clue and never will, but you have to play nice! What burns me is that the jafng's wanted nothing to do with REO during the past 15 years, now they all want in. so when the market changes i'm going to get out of DS and sell resales, and relo. See how they like it when I take the food from their plate, and I do not take prisoners!

Jason, settle down.

Prozac? You got Prozac??? I WANT PROZAC (Beavis and Butthead voice)

LOL

You don need prozac just dont read blogs that you know are going to set you off young jedi. Some of the questions are stupid though. Like I'm going to tell you how to get bpo's first, dont think so!

Jeff,

I don't mind helping people.. But I was always raised on "Before I help you, You need to help yourself".

Most of these blogs start off easy- then we have someone come in -- and simply ask for all our money making methods-- Just because they are not in my market? Well, somoene else reading my messages is working in my area and competing with me!

Perhaps we are looking at it wrong-- perhaps we should share ALL our contacts -- let these people screw up-- since we already know they are too lazy to look through the site to find the companies-- then let them fail. So our clients know how valuable we are..

Nawwwww -- I'll just keep doing a good job!

JAN

2008

they all used to laugh at REO, bottom feeders, now they all want to be bottom feeders! Hey Walmart's hiring!

Were going to get hell for this! the poster is loving it though, mucho points!

I found some good information on one of these new Forums http://www.undermarketre.com. I also have worked with many bpo companies but no listings from them, i have an insider contact at a bank.

All great info thanks everyone! I just got approved to do BPO's for Clear Capital. Does anyone know how long it might take to get some work?

thanks...

JAN

2008

I have been doing BPOs for only a few months now and appreciate all the good information this blog provides. Since my goal of doing BPOs was to get REO listings, it helps to understand what companies or personal contacts offer the best opportunity.

Best of luck to all.

Contact are everything. Did BPO's for Clear Capital before, but they have dried out in our area (lots of agents), still waiting to get paid on Proteck BPO's from a year ago.

Countrywide and Well Fargo only take new agents in by invitation - at least in our area (Denver, CO).

JAN

2008

Some companies do not pay. I would not recommend signing up with Advantage Valuation, they are not paying. I started work back in July - August and have not been paid as of 1/7/2007. When I initially signed up with them it was like any other company just submitt your info and zip codes. Now they want you to pay 149.99 per year to receive orders. Don't Do It.

JAN

2008

So I signed up with USRES and got the confirmation email however it says that agents perform BPOs for free. So can anyone here confirm they have done BPOs for USRES and received REO listigs? If so, I am in, however I was more conservative on my zipcodes. I have not heard bad things about this company, but others missusing this practice.

Thanks.

Does anyone here feel a bit like they are being used by doing BPOs for $50 a piece? I completed a BPO last week on a propety that had 4 units, which all had to be inspected and photographed plus it was really hard to find comps and one of the comps didn't have an MLS photo so I had to go take a photo of it. I completed all the infomation and the form generated a bunch of items that needed explanation, which I thoroughly explained (at least I thought so). Then I got a request for another explanation. I literally spent 3 hours on this job. I always spend a great deal of time and effort on determining the value.

It seems like a catch 22--we do the BPOs with the hope of getting a listing somewhere down the road, but because we are willing to do them for so little money do we look like desperate idiots to the asset managers?

Confused,

You didn't mention who you are doing the BPO for. If you are doing it for Clear Capital-- there will never be a listing attached. If you are doing it for someone such as a direct lender-- then you might be getting something more than just $50. However, if you knew it was a quad before you entered-- and accepted $50-- you are a better person than I am.

I do not do interiors for anywhere near $50. I do drive bys and I have my assistant help with those!

-Jason

JAN

2008

Well, the address didn't indicate that it was a quad when I took it. Regardless of that, the company is an asset management company so I hope that down the line this BPO work may lead to a listing. I really wonder how much of a foot in the door doing BPOs really is or is it just working for cheap.

For the person that asked about a software program to track mileage-how about yahoomaps?

You type in all your destinations, it maps it out for you and puts the amount of miles.

I enjoy researching things myself, but if you are new or newer here, you don't know what a wealth of information that there is, and you will ask questions that will be perceived as dumb by some-but we were all there once, and NO ONE should forget that. And if there is a way to share information to work not just harder, but also smarter, then we should.

JAN

2008

Does anyone have expiecence with Corporate Asset Management http://www.camreo.com/ ? There appears to be a fee of $299 to sign up. A small price if you get listings but a waste if not. Feedback would be great.

Thanks!

I think I signed with him CAM. They are a waste.

JAN

2008

Some of the best companies for BPOs for me have been Clear Capital, LandAmerica, Imortgage Services, GOBPO, and Brokerspriceopinon.com. Signed up with clear capital first and got 5 request that same day! LandAmerica is very competitive. You have to virtually be sitting on the site all day and checking to new orders. If you're more than 60 seconds late after the order comes out, then you're SOL, someone else will get it. Same with emortgage. They both run the same software and have agents camped out on the site all day just to accept the orders!

Before I even signed up for activerain, I joined www.universalreo.com . Yes it is a pay site, but boy is it worth it. In all of the post that I've read on activerain, I've never seen a company mentioned that was not on the list of companies from universalreo.com. I have spoken with the owner on several occasions and he's working on becoming a source to issue out orders, much like the REOTrans site. As it is, the site has from 50 to 80 different companies that you can sign up with for REO/BPO's. Yes I know you can sift through the post here on activerain, but I like the convienence of going to one place and finding every site you can find on here and more. Be forwarned though, IT IS A MAJOR PAIN IN THE AZZ TO TAKE THE TIME TO ACTUALLY SIT DOWN AND SIGN UP FOR 50 TO 80 DIFFERENT COMPANIES!!! I believe that the 80/20 rule will rain true here. Only 20% of the people will take the time to actually do it. Guess that's even better for me.

<a href="http://www.mlsfinder.com/nv_glvar/bryanknight/">Click here to search all Las Vegas properties for sale!!!!</a> Bryan Knight real estate consultant in Las Vegas, NV 702-845-8435

Jared

Thanks for posting this information, I have contacted Pat through this posting to ask her a question.

JAN

2008

Goldmine of information here! Thank you to all!

JAN

2008

Great site guys. Appreciate all the info. I've worked with great success with Clear Capital for couple of years but no listings, they won't do that. And they do have a lot of agents everywhere all the time so I mostly get offers when I am at the office or at home watching for them on the computer because other agent are offered the same list at the same time. I don't know what other company doesn't work this way. If you guys do, could you let me know? I like BPO's, you guys can have the REO's. And I like to work Short Sales, I've done a couple of those recently and they're not too bad. Many thanks. LT Ward.

JAN

2008

I have been with clear capital about a year. THey are pretty good. Please let me know of other BPO companies that pay up , and have alot of request for BPO's. This is a great place thankx for all info. email at jh70679@aol.com

JAN

2008

I have signed up with Reotrans and Clear Capital for a few months now and have not received any work from them or any listings. What do I need to do to get the orders? I see another agent get listings in my town. Any help would be appreciated?

I am a Realtor in the Phoenix area and I do BPO's and REO's, all this information is great and I will share if I find a site that has not been discovered. Thanks to all who are contributing and realize that there is enough work out there for all of us who work full time.

JAN

2008

You guys are great. I have found this site so informative. I am an agent that needed this information, and thanks for sharing. I see that its competive and its hard work, so that means many of you old timers really don't have to worry much.

JAN

2008

I'm signed up with clear Capital and Land America it can go by weeks not getting ant requests and some weeks I'l get many,

I guess its all about what the need for your particular area and any given time, hang in there.

This the first time that I log in , I am a new agent and I see Agents who share information are gratefull , but here is like the agents they dont want to share any info , Iam glad i see this web .

JAN

2008

make sure to add this to your list::: This is a huge BONUS....Titanium Solutions. www.titaniuminc.com. This is a Loss Mitigation Consulting Company where your assignments turn into pre-foreclosure/short sale listings. So far so good. I have worked with about 25 assignments and you get paid every 2 weeks. There is a 25% referral to them, but who cares they give you the leads...

JAN

2008

I love working for Titanium. It somewhat 'got me started' with the loss mitigation, BPO, REO stuff. do not think it is for everyone. I think they are growing so fast that there are some bumps etc. I have visited the home office in SLC and they are great people.

I looked on the titaniuminc.com website. Are they just pulling names off public records with lis pendens? If so, is that worth a referral fee, when you can search the public records in your area, or is there more to it? It sounds like they are focused on short sales.

Since it hasn't been posted yet, and people keep asking for it....

this is the link for Countrywide...

http://www.cwfieldservices.com/valuations.asp

You'll need to send an email for an application as they don't have it online.

I have been doing work for them for about 2 years now and they pay $55 for exteriors. I have never been assigned an interior. I was getting up to 20 orders a month, but recently it dropped off to NOTHING. I think it may be b/c of the buy-out of Bank of America.

Good Luck!

JAN

2008

Angel,

Titanium is good if you like to get only 25 dollars per assigment. and yes it is true that you can get the pre forclosure listings if you can get ahold of the people and if they will open up there financials so that you can submit that paperwork also. The down side is that you have to price the home so that it is fair market value so that you can get it sold which may require a short sale approval which titanium is suppose to help you in with negotionation but guess what it dosen't help at all. I have been down that road with titanium and it is just not worth the time that you put in.

I typically get $75 for my Titanium assignments. If you do the BPO and get the financials $125.

Hello All,

You should try PCV MURCOR, There fees are fair, It took me a few months to get my first listing. Since November i've gotten 3 listings. However they do stress quality and turn time. I maintained their standards with hope of eventually getting the listing, and it appears it's paying off.

JAN

2008

I am doing very well with Titanium. I receive assignments on a weekly basis and I DO make contact with the clients. If you DON'T make contact with the client then it is only $ 25.00. I have 4 listings with Titanium so far and if it wasn't for them, I wouldn't have these listings. Titanium also gives you 14 days to get your assignment completed and if completed on time you get a bonus. So I guess you really have to attempt to get in contact with the homeowner. This is the ONLY Loss Mitigation Company where you dont have to pay to join (only for training, but got that back on 1 deal I did with them) and they supply the leads...

JAN

2008

I've NEVER done a BPO and later received the listing, my listings just get assigned.. I almost had to retract that the other day but by the time I tried to accept the BPO it was already taken. 3 days later I received the listing. So maybe it was good I didn't accept, who knows.

JAN

2008

Hope I don't sound stupid, but do the companies pay you directly or your broker?

JAN

2008

Hi Jen,

The companies pay you the Vendor who is doing the bpo for them.

-Keith

I could be wrong but I believe ins some states they have to pay you through your broker. Some brokers may want a piece and require that. I just signed up with someone that if they pay you directly they need a letter from your broker on letter head.

I get paid directly.

FEB

2008

Hi,

Anyone worked with FNIS? Also, I have had good luck with Emortgagelogic.com but I haven't ever received anything from REOTRANS? Anything special you have to do with them???

I'm signed up for Emortgagelogic, but I've never recieved an email notificaiton from them, I happended to be on the site one day and just by luck caught an order using find work feature. I don't think they have a lot of Las Vegas orders. They do kick out the checks in two weeks though! Not working with FNIS. I'm proably signed up with over 50 different companies. I just signed up for the pro version of univeralreo.com and went down the entire marketing list of companies and signed up for them all. Took about two months to get through them all though!!!!

Emortgagelogic calls me when they have them. I get about 6 a week from them and then get listings from them as well. I do a ton with FNIS but never get listings. Let me know how univeralreo.com works out.

I do meny BPO's with eMortgage logic, I didn't think that they do REO.

FEB

2008

I stumbled on this site by accident. I just want to say that in all my years in real estate (16 yrs) I have never heard so many agents share really good information with others Just Because. I have been trying to find out info for many years about REO's but in my office it was the best kept secret. I accidentally found about the Five star conference held in dallas and that was truly an eye opener for me. Since, I have started my own office and attempting like you all to fill out every application I can find. Its sink or swim. One thing I can share is I subscribed to www.DSnews.com and you can get some info form. Oh, one other is www.reoexperts.net this is Caldwell Banker. Thanks so much from Texas.

FEB

2008

Hello all,

I came across this site by accident as well and it is great reading other agents comments. I've been doing real estate for a few years now and have never explored the BPO/REO world. I think I'm ready to give it a try. Does anyone have a list of good providers they could e-mail me to get started? Thanks to everybody on this site for all the help and info!! Take care

FEB

2008

Great Site with Great Info

FEB

2008

If you're looking for lists, go to dmoz.org they have field service companies listed under financial services as well as lists of appraisal companies and asset management companies listed under real estate ....

I am just getting in to doing BPO's and REO's. They seem to be very time consuming but well worth it. I spent the past 2 days trying to submit applications to banks and financial institutions...I should have just checked out Active Rain first and saved myself 2 days of tedious work. Thank you everyone!

FEB

2008

I have tried to find PAS but cannot. Can anyone help with their website to register? I also wanted to thank everyone for their comments. I was going to pay anywhere from 9.99 to 129.00 for lists but then I thought of Active Rain and found a great list of companies to register for. Thank you. Everyone is so giving.

FEB

2008

This site is a great find, informative and sharing comrades. You all be blessed.

FEB

2008

Great site. Love the sharing. Hopefully I can share one day.

I will check this out! hopefully it will help me get more experence. Thank you for the information. This is really great!

I'll ask all you pro's

if you get asked to do an extrior and you manage to get inside should you complete it and ask for more $ as an intrior,

will they usually pay that.

FEB

2008

For those of you sitting by your computer , waiting for an alert or batch order of BPO's , you will never be able to respond as fast as the agents who are receiving this same info on their "Blackberry's".

It is alot faster to "Accept" than waiting to run thru your server

Never accept a BPO unless you know the area or READ what is required.

I was requested to do a 2nd opinion BPO on a 15 acre horse farm with a Custom home on it zoned as agricultural. The agent who did the 1st BPO used Single family houses on 1/2 acre or less w/ residential zoning. Of course I was flagged because the difference between the 2 properties was greater than 35%. By the time I was done speaking w/ mgt , they requested my information & resume to be sent to their REO division which is separate than their BPO division.

Time will tell if another agents error boosted me into the REO side of things , but now when they get an odd property or anything over 1 million in value in that area , they call me and ask me to be ready to hit "Accept" b4 they send out the BPO info.

Laura

FEB

2008

Just applied to Clear Capital and received an email stating to reapply when I have two years experience. I'm six weeks short of it! Hope the other's I've applied to are a little more flexible. BTW, thanks for sharing your info everyone.

Hi Folks

I ran into this site quite by accident and am so thankful for the willingness to share information. I have spent many days reading the posts here and found all the information very helpful. My suggestion to those that are new to BPO's is read the posts here as they are a very good source of info. Don't ask for a list of companies that do BPO's. I foolishly bought a list before I read these posts and later found two sources for free lists. Also, just today through these posts I compiled a list of over fourty companies. Look smart and be smart. Do the research and all the information you need is right here in these posts or somewhere in Active Rain.

I just finished my first BPO for emortgagelogic.com and was paid in less that seven days. I think thats pretty good, don't you.

My thanks to all those who are willing to help and share information. You have been a tremendous help. I have been an agent for 5 years, but have been buying and selling houses for 45 years. I love being a realtor and helping people.

Dick Atkinson Murfreesboro,TN

MAR

2008

Why do some companies want credit card info?? such as Titanium?? We have done several BPO's for clear capital... very easy but you must be quick to accept!!

MAR

2008

I've got most of my listings from ocwen i also found a great reo directory at http://www.assignreo.com

Thanks Tim for web address you provided. From what I could tell there are not many within the list.

thanks to everyone for all the great info. Has anyone done business with Financial Asset Services? I would like to know if they are a waste of time.

MAR

2008

here is something i used a few years ago to collect old bpo checks. sent the company an email stating i would file a mechanics lien in small claims court and place an attachment on their properties unless i was paid. got the check within 2 weeks..

the bpo is like a mechanics workorder to accomplish on the property and at least in alabama you can attach your lien to the property and go after the company in small claims court.

MAR

2008

Thanks for all the information. I think I have signed up with everyone. I hope I get one soon. Thanks again!

Wow - after reading all this great info, I don't even remember what the post was about. I have been out here for over an hour copying urls in and signing up for more BPOs. I have been doing them for Clear Capital for a couple of weeks now and I love it! When I complete one I become obsessed with my inbox until the next one comes in. I have to have one going at all times or I feel left out. Thanks for all the great info! This is why I love AR. Congrats to the original poster - this one is going to rack up the points for ya!

MAR

2008

Thank to all who provided such great information. I've been a REO agent for a year and just left a co. that provided you the listings to a company where you have to get this listings yourself. This info was a great asset.

MAR

2008

Great post. People dont forget to have very beefy profiles with all you BPO companies. Asset managers look at them to find potential agents to list REOs with.

Thanks for all the useful information.....soooo glad I found this. Could someone answer a couple of questions, please. One profile I was completing asked for "Lender References", another for "References". What kind of "Lender" are they looking for and does "Reference" simply mean a personal reference. Thanks.

MAR

2008

Great Blog, So many new people ready to jump in the warm waters of REO........Good Luck guys, i guess for the time being we may have enough to go around for everyone. I ve been doing reo & bpos for about 3 years and ready for the next step. I mean associated with some very tight liped NRBA types any one had any expierence with them.......... they just dont take anyone and all memeber have to approve new memebership........love to get any comments

Sunny...What is a NARBA? Or does anyone else out their know?

HMMMMM

sorry guys....its NRBA.Com

MAR

2008

Has anyone been getting listings from USRES lately?

Just got a 24 hour rush "free" bpo from them today. No listing lately though.

Yes, I've been wondering about USRES and their promises of a "listing" as long as you have enough "free" BPO work accumulated under their system. Although I am registered, I haven't received an assignment for my area yet.

Has this resulted in any listings and how many BPOs did you guys have to do before getting that listing from them?

I receive 2-3 listings from them every month . I do about 15-30 free BPO's for them while I out doing BPO's for companies that pay. It took about 3 mos before I received listings.

Valerie Spivey-Keller Williams Premier Classic

www.valeriespivey.com

Personally, I object to the concept of work for free--until we give you something. I do BPOs for companies pre-list-- that if they foreclose on it-- then they list it with me. However, doing several hundred BPOs for free...

Just my thoughts...

-Jason

MAR

2008

Ok Guy's I'm new to the BPO, REO arena, I have been reading the blogs for awhile now. Just wanted to say thanks to all for all the info! As I continue to learn from the up coming journey I will be more than happy to share what I have learned!

Randy James Re/Max Advanced

Thank you

MAR

2008

How many days/weeks pass between registering with OCWEN and getting a BPO assignment (assuming they are available in my area)?

Great info here!

MAR

2008

I have had the same trouble with usres, I told them that I am not willing to do it anymore because they don't even have any listings in my entire mls area. Sounds fishy to me. And they were giving me a hard time with a bpo that I did for them because they were comparing it to a bpo they had done on that property 6 months earlier. She didn't think that it should have been that price. I finally sent her every listing and sold in the mls in that area and told her you make it say what you want but I am not putting my name on it. They have sent me 3 orders since then and I don't even respond to there e-mails. i agree it wasn't smart working for free and I won't do it again there are plenty of other companies out there that will pay you for doing them and are much easier to work with.

MAR

2008

This is a great post. And I learned a little about Titanium which I have just signed up with but am having doubts as to wheter it's worth my time.

MAR

2008

I just wanted to say thank you very much for all the information. As I am a new agent and trying to learn all of it. Can any one tell me what "PAS" means? Couple people mentioned about it and I am not sure what that means?

Thank you

MAR

2008

Hey guys.....

I've be lurking for awhile.........love this forum. Ton and tone of resources and it's free. I agree with an earlier post where someone said, in essence, you give and you get back. I so do appreciate all of your comments and helpful resources. For all who have contributed you will get returns 100 fold. Thank you so very much...I have learned much. As I am armed with information, I will also post to the forum.

Best regards,

MAR

2008

thanks every one this is great

APR

2008

In regards to REOTRANS.COM, I signed up with them the end of February 2008. I kept checking on the site to find out how many lenders have viewed my posting and that number kept inceasing but stil no BPO orders yet. But I finally got my first BPO Order around the 15th of March. Asset company was Equity Pointe, they were really hard to get in touch with. Interior rush order pays $85. I have yet to recieve a REO Listing.

I, like many, have recently added BPO's to my business. emortgage logic paid within 2 weeks for 2 orders. WOW, after all the bad things I have heard about others that blew me away. They certainly have won my loyalty.

APR

2008

If you send me a list of your REO/BPO companies, I will send you mine (100+ companies)

APR

2008

Also check out the online REO agent directories like www.assignreo.com and reonetwork.com. I signed up and did receive a call a few weeks ago. Good luck

APR

2008

This is a great blog

I am in SW Florida, does anybody have some helpful tip and info for this region?

I am just starting to check into reo and bpo and every time I check the internet it brings me back to active rain.

Thanks in advance

Anne

This is a great thread! I came across it on accident like others. It's great to see that there are other agents out there willing to help others like them. here is a site I found from another blog/thread that I visited

http://fixthisloan.com/index.php?option=com_content&task=view&id=18&Itemid=29

it lists 29 BPO companies for free. I think I got it off of a thread that said "pay me $10 and I'll give you 100 companies" and someone else listed this site.

I'm just starting out and trying to do BPO's for extra money, and not really looking to do the listings, but if they come my way then great.

Thanks everyone for all the great info

APR

2008

Stay away from evil Coast to Coast Mortgage Services, Inc. out of California. They won't pay for your BPOs. You do one or two BPOs for them and they'll tell you that you will be paid in 90 days, and you continue work for them because you are thinking that you're still in the same time frame, but then you'll learn a lesson you don't want to learn...

One of the ways to give "bad" BPO companie a little pain is to find out what bank orders through them and write that bank/s a "nice" letter explaining the treatment you've got. You can also extend your word to respectful Fannie Mae and Freddie Mac. You might even get paid after that.

Truly yours

APR

2008

Hello! Everyone thanks for all the great info. I work the LA area here in California, i have herd of alot of companies here in this site I have sign-up with some of them already but i have jet to receive anything. I'm hoping if anyone in my area has sign up with a good company that will give you reo's... Your info would be greatly appreciated....thk

APR

2008

Great information! Thanks for the post and all the comments as well!!!

Nina- In regards to your question about how long it will take before you start hearing from BPO Companies. It may take anywhere from 1 Week or 3 months. I'm starting to work with new companies I first signed up with in January. I know that a lot of companies I've signed up with are Not accepting anymore applications for California, I'm in the SF East Bay Area. I think Cali is saturated now

I would love to know if there are regional differences with these companies? I live and work in New England and don't see these companies much here, other than Countrywide.

I cannot seem to find a log-in site for PAS? it says you need to be invited. Also, for Ocwen, they are looking for not only credit card information, bank account information...does that sound right?

Thank you!

Rebecca

Rebecca, that is what Ocwen does. They started that several years ago when they said you must have a bank account so they could send your money direct deposit. Also I have never had them charge my card either.

APR

2008

Thanks!

APR

2008

Jared and everyone,

Thanks for the great posts. I have done BPO's for REMUSA www.remusa.com for more than 10 years. None have become listings but they pay between $50 to $65 per order and sometimes more. Thanks again for sharing.