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Can we legally do BPOs?

Mortgage and Lending with Oregon Real Estate Broker

Oregon says a real estate broker cant do a BPO on anything that is over $250,000 or it constitutes doing appraisal work without a license. This is strange to have a limit because the mechanics are the same regardless of size. They should allow it or not with no ifs, ands or buts.  Im hearing that some other states may limit BPO activity.

Ive completed many BPOs since my initial post on this, and can see why there is concern. Some of the sites have EXTENSIVE forms that require most of the same adjustments used by a licensed fee appraiser on a URAR form.

This week I learned more about what you get if you complete BPOs quickly. They look at your 'load ability'.

For example, if you took 5 from one company and turned them in at the last minute due, they rate you as not being able to take more than five next time! If you completed them the same day then they figure your 'load ability' is as high as 15---they usually have a three day requirement.

You can lock yourself out of receiving any more until you are finished with a group.This is important to consider when adding your zip codes to your profile. If you have to drive 30 miles for 45 bucks, it aint owrth it unless you can get more than one to be shot the same day.




Oct 28, 2009 03:07 PM
Joy Manley

Thank you for the information, Marvin.

Oct 30, 2009 01:00 AM