I recently did a BPO for a new company and a few days later the Bank Rep called me, 1st time someone has called to tell me he thought my BPO was dead on. We chatted for a few minutes and he stated that he wanted me to sign up with Select Portfolio Servicing to get the listing, he was also going to make a call to make sure that they spoke to me. I did get the call and filled out the application form. I received the approval last nite. Now that I'm approved and have read the listing agreement, I'm wondering if this is a good move. I'd be interested in hearing from those of you who have worked for them. Any feedback both positive and negative would be appreciated. I don't want to tie up my finances for too long, is the turn around for reimbursement decent? etc.
Virginia,
I'm in Virginia, I am a listing agent for a short sale home here Select Portfolio Services is the lien holder. From the beginning they seemed different that the others. Phones are answered quickly, everyone who answers is able to research the last phone records, time data and anything that has been received by email, ( A good system) however after that the wheels fall off the cart. Those answering the phone have no power...none. Only the under writers can answer our questions and we cannot get to them. I'm going on two months for a short sale approval here in Virginia with Select Portfolio Services. I have had to send paperwork twice due to missing files. Very frustrating.
Virginia, just checking in to see if you decided to work with these guys? I just closed a deal with them on the buyers side. I previously had the property listed with another company but when the Lehman Bros fallout happened, the listing got yanked. Anyway, I had a buyer and ended up selling the house anyway. I'm just curious what company/bank you did the initial bpo for in the first place. (You're welcome to email me direct - TopProperty4You@aol.com) and if you ended up taking the listing?
I sent my package in but haven't heard from this company. I had a couple names there, but not sure if they are the right ones to speak with. Thank you for your help!!
I have worked with Select Portfolio for several years; these guys are the best asset Management Company around. They do have a ton of tasks; however once you learn their systems it is a piece of cake. The asset managers are all friendly and will pile the assignments on you. This year alone I have closed 260+ listing with these guys and am thankful to have them as a client in this economy!! Once you pass the learning curve, I guarantee, you will love working with these hard working and dedicated asset managers.
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Linda McKissick
Bend, OR
Donna, I'm sorry you have had such a horrible experience with past BPO Representatives. I choose not to work for SPS and I was not getting a warm fuzzy feelling from them. I do want to address the BPO Representative (Real Estate Agent) trespassing on your property. We are not to go on the property for an exterior BPO. The only time we should be on the property when we are doing an interior. By then you are working somethingo out or you are not longer in the home. Occassionaly I will be confronted by an angry homeowner or thoughtful neighbor. I'm happy to provide my business card and to even allow them to see my work order. If I am on a public property and I have all my paperwork, I'm not breaking any law. We may not like it but anyone can stand in the street and take pictures of our homes.
I am happy to share my experience on how I finally was paid. However, please understand I do not work to SPS and I will no longer do BPO's for that company.
After 6 months of calling and promises that I would be receiving payment with 6 weeks, each time I called. I never did. It took some doing but I eventually found out what state they are incorporated in (Colorado). I then contacted Corporate Headquarters and told them that due to their lack of payment I would be contacting the Attorney Generals office in both Colorado and NY (where I'm Licensed). I then wrote a letter to both and faxed a copy to SPS, stating that if I did not hear from them with a firm date to expect payment. They missed it and I sent the letter and faxed it to them. Also stating that I was going to go online, contact others who had not received payment and start a class action suit.
That did it, I had my check 3 weeks later. For $775. Mind you BPO's pay between 50 and 85 dollars, so that was a lot of BPO's.
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