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 eMortgage Logic

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Date: January 30, 2009, Number of Replies: 15


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I have done BPOs for over ten years for a variety of companies. Anyone done work for eMortgage Logic? I have never seen as tedious of an interface as what they have.

Well over half of all my business over the years comes from these two:

http://farvv.com/

https://webcenter.elendersolutions.com/webcenter/

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Glory bee Costa Licensed Real Estate Agent,  St. Michaels,  MD

Date: January 31, 2009

have done BPOs for over ten years for a variety of companies. Anyone done work for eMortgage Logic? I have never seen as tedious of an interface as what they have.
Well over half of all my business over the years comes from these two:
Brad I do a lot for e-mortgagelogic. Their prices are low, so I decline them. I assume they can't get anyone else in the area so they will come back on some and pay my price. The format is so small I have to type in capital letters to read what I typed, that is a big problem I have with them.

--
Glory Bee Costa ABR, CRS, GRI,
E-PRO, SRES, ASR, CSR
410-310-9081-Cell
410-763-6001 EXT 107 Gen. Office
Maryland-WaterFront-Homes.com
Glory@GloryBeeCosta.com
Re/Max Gold Realty, LLC
Easton, MD

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Peter Dean, p.a., cdpe, epro, reos Licensed Real Estate Agent,  Miami,  FL

Date: January 31, 2009

I have done BPOs for over ten years for a variety of companies. Anyone done work for eMortgage Logic? I have never seen as tedious of an interface as what they have.

I have done many BPO's for EML and once I got used to there input format, I am comfortable with it. Sometimes their automated QC is a pain but their picture and document upload is smooth.

Peter Dean, P.A. ePro, REOS

Peter@PeterDean.com

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Don Fabrizio-Garcia Licensed Real Estate Agent,  New Fairfield,  CT

Date: January 31, 2009

Brad wrote:

I have done BPOs for over ten years for a variety of companies. Anyone done work for eMortgage Logic? I have never seen as tedious of an interface as what they have.

I just did two BPOs for them. Once I got the hang of their interface, I found it easy to use.
While they don't pay much, they paid much faster than anyone else - I think I had my checks in about two weeks.

Don Fabrizio-Garcia
Danbury, CT

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Mary Perkins Licensed Real Estate Agent,  Prescott,  AZ

Date: February 2, 2009

I have done BPOs for emortgagelogic and yes, their forms are hard to read,
but I do appreciate their prompt payments. On the other hand, I will no
longer do any for Evaluation Solutions(Evalonline) as they Never pay (at
least not since Nov '08). I have 8 that I am awaiting payment for. I even
sent invoices. And then sent invoices with added late payments fees. At
least then I got a response--but still no checks. Beware.
There are some very good companies out there and emortgagelogic seems to be
one of the better ones.

MJ

Mary Jane Perkins, Realtor, e-PRO
Dominion Real Estate Partners, LLC
1129 Iron Springs Road, Prescott AZ 86305
(Prescott, Prescott Valley, Chino Valley AZ)
info@mjperkins.com
www.MaryJanePerkins.com
Cellular (928) 713-2391 Fax (928) 772-8273
TOLL FREE FAX 1-888-241-5816

Oh, by the way...I am never too busy for your referrals!

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Date: February 2, 2009

Evaluation Solutions is definitely not on the top of my list. Average time for them to pay is 90 days. However, they will call you and want the BPO back within 24 hrs. I stopped doing BPO's for them because of their double standards. In addition, I got tired of dealing with the BS their QA people put you thru. The expectation is that after you submit the BPO, you should be around the computer in case the QA fails your BPO as they want you to fix it immediately.

And here is the worst thing. They will reject an appraisal if your variance is over 20%. I understand the concept. However, Evaluation Solutions will tell you to expand the search to even farther than 10 miles vs finding comps in the neighborhood that may have a slightly higher variance. Go figure.

I

Nadim Aziz, ePRO, SRES

Associate Broker , Coldwell Banker

Broker, Paradigm Home Loans

San Jose, CA 95125

Ph: 408.267.0562

Fax: 408.448.8750

Email 1: naaziz@paradigmrealtors.com

Email 2: Nadim.Aziz@Cbnorcal.com

www.NadimAziz.Com

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Date: February 2, 2009

< their automated QC is a pain >

Right, that was what I was referring to: 200-300 character comment section? I agree that the photo upload is smoother than most.

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Carole Tyne Licensed Real Estate Agent,  AZ

Date: February 11, 2009

I thought CT was one of the states agents were not permitted to do BPO's??

My sister in law is an agent there whom would be great at it

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Don Fabrizio-Garcia Licensed Real Estate Agent,  New Fairfield,  CT

Date: February 12, 2009

Carole wrote:

I thought CT was one of the states agents were not permitted to do BPO's??
My sister in law is an agent there whom would be great at it

Carole - This just came out from the CT Association of REALTORS the other day:

"Yes. Licensed real estate salespersons and brokers, even if they are not licensed as real estate appraisers, are allowed, under the law (Real Estate Appraisal Statute ยง20-526), to estimate the value of real estate so long as the analysis is not referred to or construed as an appraisal and is done for:

  • a prospective listing sale of real estate,
  • providing information to a seller or landlord under a listing agreement, or
  • providing information to a prospective buyer or tenant under a buyer or tenant agency agreement. "

They continue: "If a mortgage company asks you, a CT real estate licensee who is not a licensed appraiser, to perform a BPO for them so the owner can re-finance his mortgage, or an attorney asks you to perform a "quick" BPO for an estate, remember - unless you're doing the BPO in an effort to get a listing, to provide information to a seller or landlord client under a listing agreement, or to provide information to a prospective buyer or tenant under an agency agreement, you cannot perform the BPO without being in violation of the law."


Two things:
1. I'm an appraiser, so the above does not apply to me.
2. If you're doing the BPO in an effort to get a listing - and most BPO companies will say that they award the REO listings to those who do their BPOs - then it appears your sister-in-law would be in compliance. However, she should check with her managing broker.

Don Fabrizio-Garcia
Danbury, CT

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Marvin Beriss Information Technology,  Fairfax,  VA

Date: February 13, 2009

Don Fabrizio-Garcia,
That is an interesting set of rules for a broker doing a BPO in Connecticut. Is that fairly common in all 50 states or is there a lot of variance in those rules between the states?
My interest is due to the newly revised Employee Relocation Council Broker Market Analysis And Strategy Report that my company just made available. I am interested in learning more about how that form is or can be used for BPO's around the country.
Marvin Beriss
MB Associates, Inc.
www.mbaiforms.com/ercbmasr.html
Phone: 703-385-3515
Fax: 703-273-3256
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Marianne Robinson Licensed Real Estate Broker,  Meridian,  ID

Date: November 14, 2009

Mary Jane and Nadim,

Evaluation Solutions (Evalonline), are the worst to deal with. I too have performed BPO's for them since July 09, and never received payment. I actually responded to one of the gals, Kate Winthrop that I would no longer be available to help them out. You don't even have a good phone number to contact their accounting dept. Go figure that!!

Regarding the range Nadim, you may want to as a rule of thumb, stay within 15% of the subject. Most BPO companies require this, although some allow up to 20%.

Here's a good one for everyone. Example: Short Sale listing is way below the current market value and you're asked to do a BPO. All your sold and active/pending comps. are showing 15k - 20k above this list price of the short sale. Now you stay within the required 1/4, 1, 5 mile radius of the subject (which ever applies) and 15% adjustment range. Similar homes, same size lots, rooms, baths etc. You cannot come in any higher than the current list price period on the BPO. How do you justify the currently listed price?

Marianne

Marianne1Rob@msn.com

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Lindy Hall Licensed Real Estate Agent,  Houston,  TX

Date: November 14, 2009

Marianne... (boy, this is an old thread)...

The last line(s) of your post disturbed me (<<<You cannot come in any higher than the current list price period on the BPO. How do you justify the currently listed price?>>>),.......
and I'm afraid I'm unable to be anything but brutally honest.
In the example you've outlined, you've made some assumptions...

First, I don't know your history, but it seems to me, that if you have to ask, you may not be properly knowledgeable enough, nor strong enough, to be doing BPOs. (I'm sorry, I know that sounds mean... but not all agents have the innate abilities to do those things...)
Secondly, those "rules/guidelines" you quoted.... duh.... not all properties FIT those guidelines. When the property is in an area with plenty of comps, etc., that is what they PREFER.... but, for example, if there have been no sales within the past year within 1 mile, you WILL have to go further. Same thing with the other criiteria.

Guidelines and rules are NOT written in stone.
There are exceptions... but even then, how could you ALLOW them to sit in their ivory tower and dictate to YOU what the value should be.... they have not seen the property nor the area... you can & should explain inconsistencies & conflicts on the addendum (even though they don't seem to notice that until you read it 'out loud" to them).

If you allow others to dictate to you any value (whether higher or lower) other than what you honestly believe the property should sell for, then you should be reported to somebody.

Yes, I have been at odds with AVM ... when I refused to go outside the nghbrhd to find smaller comps, and again when I refused to reduce the potential sales price on a magnificent property, and again when RECENT comps did not reflect an accurate overview to an area I knew very well....
We must have the courage of our convictions.... even if we lose money, that's how it goes.... we will earn respect.

AVM reduced my ranking because I stood my ground.
So my orders have dwindled significantly.
But my integrity is not for sale.... I don't care who you are.

Lindy in Houston

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Neal Adler, gri,abr, e-Pro Licensed Real Estate Agent,  Studio City,  CA

Date: November 15, 2009

With regards to Evaluation Solutions I started doing BPOs for them back in March of '07. At first they were great to deal with. I would get paid within 2-4 weeks, though their web site says within 7 days. I'd get calls from the processors and I would always accept them. Then about six months to a year after I would always have to call them for my money. It was an ongoing battle. In addition to that the processors would call me the day before and the day the report was due, almost like a collection agency. I would complain to the manager but it did not seem to do any good. One time I was with a client and got a call from one of the processors. Mind you I was wearing a blue tooth head piece and my client could hear her several feet away and asked who that was. After awhile I stopped accepting orders by email or by phone. It's possible they may owe me money probably not much, but when I would have to call them and ask for my money and when some of the orders were completed four months previous, I knew it was time to stop working with them. It's too bad when I first started with them I really liked them. Now I would not touch them with the proverbial ten foot pole.

As far as BPO guidelines. I have completed around 1200 BPOs in the last 2 plus years and typically use standard appraisal guidelines; 20% plus or minus GLA of the subject, comps within a mile, and closed sales in the last 90 days. There are always exceptions to every rule, the first rule I would deviate from is distance, if there are not valid comps I would go further out, then closed sale date, and the last criteria I would deviate from is GLA. On the other hand sometimes the client has specific parameters that you have to go by, meaning proximity to the subject is more important than the GLA or the COE date. Check with the person that assigned the BPO to you.

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Lindy Hall Licensed Real Estate Agent,  Houston,  TX

Date: November 18, 2009

Marianne....

It was pointed out to me, by Brian, that I was extremely harsh in my response to your post about BPOs.
I finally found that posting, and I agree with him.
I do apologize.

Sometimes I do get carried away... typing fast to capture my thoughts... and I really sounded horrible. I really must edit myself more often.
My intent was to be helpful, but I see now that much of it sounded
mean-spirited and socially unacceptable.
Again, I do apolgize.

Lindy in Houston

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Marianne Robinson Licensed Real Estate Broker,  Meridian,  ID

Date: November 18, 2009

I'm sure you misunderstood my example Lindy, that's all it was though, an example of short sale for a BPO needed.

I along with you are in complete agreement, don't bow down and put your integrity on the line.

BTW, I accept your apology although it was a misunderstanding.

Marianne

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