Anybody else have invoices over 30 days for CW. They're racking up quite a bill and are running late...5 wks right now

Same here. Didn't received anything for July. They say that they pay in 2 weeks after orders delivered, well it's about 5 weeks after and they about 3 weeks late. But got all my money for June.

They've always been consistant, about a month to get a check from them....

Not exactly sure what is going on. But if you do work for many companies you might have already gotten paid and not know about it. I received a check last week and was not sure who it was from. After a little bit of research I realized it was from CW. The check said Landsafe on it. They are related to CW in someway. Someone on this form mentioned it last week.

Not a chance Del-I reconcile everything and I've heard the rumors that CW checks may be coming out with Landsafe on the check...but I haven't even got one of those.

Well, since there seems to already be more then one of us that has gotten a CW check that says Landsafe on it. I would say that this is no longer a rumor. Another funny thing is when I called CW last week, I actually got through and was able to talk to someone. Kind of caught me off guard.

I got the Landsafe check also....they really should have a note in with at least the first check letting everyone know it was from CW.

I called CW and as Del said, I was surprised-They answered! She confirmed a merger of sorts and that the checks will all be from Landsafe now. Default Svcs has just fallen under a different CW umbrella now.

Hope the check comes soon :-)

Me too... and I got a bigish check from Landsafe... like they were paying several weeks, instead of the constant stream of little checks from CW

I know an asset manager w/in countrywide. He confirmed that CW has hired numerous people within accounts payable. At one point they were running about 11,000 invoices deep. They have cut that down to 4,000 within the last 30 days. Within another 30 days they should be caught up and turning them around quicker.

Did anybody got their check for any July orders at all? I've been paid for June, but nothing for July yet.

Just hang up the phone with CW. They said they are behind with the payments and now it takes about 30 days to receive the money. BUT if you have orders submitted more then 30 days ago you should e-mail them with order numbers and they will forward it to A/P department. Just sent mine for $660
Just thought it might help to some of you, who still waiting for money..

I too have not received payment for any CW orders submitted since July 1. I e-mailed a list of orders not paid but submitted over 4 weeks ago to the CW BPO help e-mail today. Hopefully the CW accounting dept will straighten this out soon.

Those of you who have received payment for orders in July, please tell us.

Same here, no July payments.

No July payment and it was a record month.

I used to get checks directly from CW but I recently got one from Landsafe for a CW BPO from July.

Is there a connection?

I received a check on August 1st for my BPOs done in the first week and a half of July. They still owe me for the rest of July.

Anyone other than texasgal get paid for any July orders? Im starting to worry.... ;-)

When I asked about a check that was MIA, here's the response I got********

If you want us to void the check we will, but be advised once we "stop payment" on the check and you find it or receive it you will not be able to cash it.

It will then take two weeks to receive a new reissued check.

It will be your responsibility to watch for the check as we do not print or mail the checks from Valuation Services Department, they are mailed out from Texas.

If you are not receiving checks on your side and we have a good billing address for you, then you will need to resolve the issue with your postal service or provide us with another billing address.

*******
Sounds like they're gettin testy!

I have BPO orders that are 7 weeks outstanding right now. Yes, they are getting very TESTY!!! I just got off the phone with CW and they assured me without even asking for my name or looking up my account information that they probably don't owe me for any orders since there is a good chance that they could have been re-assigned. I asked how I would know and they snapped at me to look at my completed orders. I assured them that the orders I am referring to are in my completed orders. They then told me that CW does pay and that checks have been going out regularly and if it is past 30 days then I have problems and I need to submit every order number to them to send to their accounting department. When I mentioned that I am not the only one who has not been paid they again assured me that I am an isolated case and they have not received any reports of anyone not receiving their checks outside of 30 days. After reading others posts about CW canned comments to everyone I am starting to feel like they are having problems and are being defensive and trying not to pay. I think I am done doing any more CW BPO orders until this issue is resolved considering that they now owe me for over 70 orders and they are dishing out nothing but attitude when it comes time to paying. They always get their BPO's early from me and without attitude.

I havent seen a payment for my July orders yet. If it takes too long, that Valuation Services Department in Texas that they are talking about is about a mile from my office. Maybe Ill just stop on by and say howdy... lol

Oh pls do drop by! I hereby nominate Bella to be official spokesgent for the unpaid masses . . .

I 2nd the motion. However, Beverly at Landsafe has an address in Simi Valley, CA.

Anybody else have the excrutiating pleasure of emailing with her? She actually suggested that I needed to resolve my issue with the post office to ensure I was receiving my mail. Oh please...Have you stopped beating your wife??? I feel like I just got pulled over for a speeding ticket.

It's my money dammit, of course I'm going to go looking for it.

I can do that... Yall want me to go T-P their trees? EML and Mindbrinx are close by too. Anyone having any problems with any of them? lol

I am getting nervous here i too have over 70 outstanding

They're into me for $3500+. I dipped into the SEP IRA to make the mortgage this month. Sons of B's.... I'm past sweatin it.

OHSAY and others, this is why I started the other topic of how will our business be affected by what's happening. I am waiting for checks too and I saw a change 2 to 3 weeks ago in this line of business. So we have to think ahead.

Sounds more to me like CW is transitioning to prep for the onslaught of REO's coming down the pipeline by restructuring a bit.

They've been gobbling up some small lenders to get the servicing on their loans.

It is scary b/c they've always been so reliable & b/c the media is doing it's best to scare the wits out of everyone.

I personally would give CW the benefit of the doubt based on their past performance.

Unlike say . . . evaluation solutions . . .

Heck even they eventually ponied up.

Acourse if Bella wants to drop by & say *Howdy* on behalf of all of us, that sounds good to me, too.

CW has ready access to a whole lotta cash if they need it.

nyone, what change(s) did you see in this business? If you don't mind sharing, and what changes did you make? Perhaps a new thread?

I spent a couple of hours today reading some of the threads on the Mortgage Lending part of this forum. It really helped me to grasp whats happening on the lending side of things and to help me try to figure out how to stay one step ahead for my investors. ( I guess this should be a new thread... sorry) Thats one thing about this forum. It is better than any class out there.

I started this thread -Lenders falling - How is the BPO/REO market affected.A few montns ago I was talking to mortgage brokers and appraisers and everyone was getting slow and stalled by some of the lenders, the funds were slow. No one knew what was about to happen but when the REOs were hitting 2006 January, I knew this activity could not be sustained.
Look at this from Indymac-From IndyMac:



For all program areas discontinued on Friday, August 3rd (refer to Lending Guide Bulletin #07-29), 80/20 first and second liens, Closed-end Seconds, Single Spec Construction Loans, NonPrime (except Full Doc, Level 1++ and Level 1+, with decision credit scores > 620), Classic 12 MAT, FlexPay 12 MAT, and FlexPay 3/1 LIBOR ARM: the following ratelock policy will be in place. This policy will replace the current ratelock policy outlined in Lending Guide Section 2610.
For any type of ratelock extension through e-MITS or the Ratelock Desk, loans will be subject to an extension fee of 10 points.
Folks, don’t miss that last bullet. You read it right. An extension fee of 10 points. If you don’t fund one of your pay-option, or short-term ARM or closed-end second loans by your lock expiration that loan is dead. On a $100,000 loan 10 points is $10,000.

August 2: It is important to note that the Company has experienced no disruption in financing its ongoing daily operations, including placement of commercial paper.

August 9: Countrywide Financial Corp. faces "unprecedented disruptions" in debt and mortgage-finance markets that could hurt earnings and the company's financial condition, the Calabasas, Calif., lender said in a regulatory filing.

Fannie Mae CEO says housing woes will continue through next year
August 09, 2007: 05:24 PM EST


WASHINGTON, Aug. 9, 2007 (Thomson Financial delivered by Newstex) -- Fannie Mae (NYSE:FNM PRJ) (NYSE:FNM PRF) (NYSE:FNM PRI) (NYSE:FNM PRL) (NYSE:FNM PRH) (NYSE:FNM PRN) (NYSE:FNM PRM) (NYSE:FNM) sees 'no bottom' to shrinking US home prices and continued problems with borrowers paying their mortgages until the second half of 2008, the mortgage giant's CEO Daniel Mudd said today.

Mudd said Fannie Mae sees US home prices falling about 2 pct this year and 4 pct next year.

In the meantime, Mudd said Fannie has asked its regulator, the Office of Federal Housing Enterprise Oversight (OFHEO), to allow it to expand its ability to buy mortgages from US lenders in order to help provide liquidity in the mortgage market.




We are in the business of finance and we get affected by job numbers, balance of trade numbers and everything. Got to read about it.

Like Texas, I got a check on August 1st for the 1st 1/2 of July.

Ohsaycanyousell...
I think I know exactly who at CW wrote that. She's always like that.

I usually get paid about 5 weeks after the submission date. No sooner They have always kept pretty current with that schedule.

I am not due any more money from them until sometime next week. But I am current.

If anyone is having problems getting payment, what I have been doing that workes for me is to send an invoice to accts payable. I send it as soon as 3-4 weeks have passed, since the website says they'll pay by then. She usually responds within 1 day stating check has already been issued, but I have found that means I will recieve my check in about 5 more business days.

Dear XXXXX,

According to my records, payments for the following orders are outstanding. Please confirm the status of the payments:

1511847
1512315

1507837
1514057
1514077
1514082

1514483
1514983
1515560
1516713
1516884

Sincerely,

Oh say can you sell! Ohmigosh! Youve dealt with her, too. She is very interesting to deal with. But I am working hard at not giving people back the same treatment they treat me with, so I won't talk too bad about her. But she is quite a character. I guess her job is stressful....

I am really trying to live my life right, so I will resist the urge the talk bad about her, suffice to say, I have had good results when I stay on top of things-especially with CW- on a weekly basis. At one point CW owed me over $4000 and I had to go to the Vice President in TX becuase she and her Supervisor kept giving me the run around for like 2 weeks...

I learned my lesson the hard way-track all of your orders by their tracking number and know the date you are syupposed to get paid so you can follow up promptly.

Elkgrove-Thanks for the support!

I'm very OCD about order #'s because of how they pay so my initial request included all of the outstanding invoices and submission dates to help the issue along.

What I don't understand is that if they sent the check on 7/27/07 for orders completed up until 7/8/07, and if they are on schedule.... Why wasn't a check mailed on 8/3/07 for orders completed up until 7/15/07? I havent gotten a check from them in over 3 weeks and I know I've submitted 10-15 orders every week.

Since it's been 2 weeks since they said they sent the check, I had no choice but to have the check stopped and re-issued....yep, have to wait another 2 weeks....

I too attempted to stay positive since I get so much easy work from them...but something isn't adding up....

I will continue to stay positive.. Murphy's law says-Since payment was stopped on the check today, it will arrive in the mail tomorrow :-)

we'll see...

OhSay: I hope it works out for you. I don't think they have a pattern for how they pay. I consider it lucky when I get paid earlier than 5 weeks. My pattern of payment is like this: wait 5 weeks and by then it will be there, with about 1 extra week worh of pay. According to them, it's not past due to be issued until 3 1/2 to 4 weeks have passed. So, I invoice her with order numbers at the point of 3 1/2 - 4 weeks. Then she emails me and says check # XXX in the amount of XXXX has been issued on blank date for the following orders. So then I know my money will be here within about 1 full week. Freaking crazy isn't it.
I aploogize if my post is incoherent, I think I did wayyy too much work this week. And my son's having a sleepover tomorrow while I do a million more BPO's. But I'm not complaining. I've just got to picture spending the money...(;

ElkGrovePro, can you share the CW accounts payable e-mail address here (or send it to me via PM)? I checked their site but all I see is the regular bpohelp e-mail address. Thanks in advance.

Elkgrove... Can you please PM me when your contact sources? I have sent several emails over the last week inquiring about orders that are now 7 weeks old. All of my emails have gone unanswered. I called and actually got Beverly to answer and without even asking who I was she told me that CW pays on time and regularly. She had an attitude from the start and it didn't matter how polite I was. She then stated that if I have not received payment it is because #1) I have moved and have address problems, #2) I have provided CW with an incorrect address, #3) I need to talk with my postman and see why my local post office is not delivering my CW check and #4) I just think that CW owes me money for orders when they don't since they may have been re-assigned. When trying to get any further with her she would just go in circles repeating #1-4 above and getting more and more angry every time. The funny thing is up until now I have always got all of my checks from CW in under 4 weeks and I am not having trouble getting checks or bills from any other sources so it is not a problem with my postman.

Saturday's mail just arrived. Still no check from CW. I did get my CW mortgage bill in the mail today with no problems! Funny how that works.

Boy, I sure hope it's not time for an intervention with CW. Last time we all got together and held firm on evalonline, it made a difference..

How many of you have received the email suggesting that you are having problems with the postal service, from the fabulous Beverly?

ROFL! I pmed those who asked the direct contact persons email address. Anyone else, you can email the default BPO help address and they will forward it to her within about 1 business day. That has been my experience.

OhSay: I had problems with CW from the get go with them. I just thought it was me only...like a fluke. But I think they are just D I S O R G A N I Z E D. Actually, maybe not all of CW, but the accts payable dept and good ol Bev and her darling supervisor.

CW says to contact them if you've not been paid in 3 1/2 - 4 weeks. At that point, I contact Bev with the order numbers and she tells me check is on the way and has been issued.

But, that does not mean I should count on receiving it earlier than 1 full calendar week from the date it was "issued." MAkes no sense to me, but that has been the pattern. I do recieve my money "on time" according to the above schedule, but I consider on time to mean about 5 weeks out. I think when we get it early, we were just lucky. But it is very good to follow uo with them within a 3 1/2 week time frame because what happened to me when I first started with CW is that I waited 5 whole weeks to contact them and they said they had already sent me out several checks for thousands of dollars!!!

Dealing with Bev and her sup it took over 2 weeks to get checks reissued. She was so rude and mean and nasty to me. I had to go to the VP to get my money.

Lesson learned!

Count me in for an intervention. If I do not get a check or a response from CW within the next week I plan on printing and faxing over 70+ orders to CW on a regular basis. Their attitude sucks and I don't feel like playing nice any more when they are not shooting straight with me. From what I am reading here it sounds like they are playing a lot of games which I have not encountered with CW before now. I have several BPO's I am doing for CW this weekend and I am not very happy doing them after my conversation with Beverly yesterday. I am falling out of love with CW very quickly.

Given the ever increasing volatility and uncertainty in our sector, I would love to know if this late payment thing is attributable solely to absenses, illnesses, or the like within the CW field services A/P department that will work itself out in due course, or to something larger with the housing and mortgage markets generally, and CW as a company particularly.

No check from CW in today's mail.....hmmmmm....they were always paying like clockwork before......hmmmmm...one month without checks from them is reason to put them on the watch list.

Just read on http://bakersfieldbubble.blogspot.com that CW closed another office in Bakersfield, Calif, laying off 15 employees in that branch.....hmmmmmm.....

Bumping...

So I got a check today. The previous 'lost' check for orders submitted 7/3-7/12 is still MIA. This check was cut on 8/9 and postmarked 8/11 and it's for orders submitted from 7/12-7/27. I guess that would make them back on time, with the exception of the lost check.

Let's just see how long it takes for the replacement check....

No checks for any July orders in my mailbox...sent 2 e-mails with unpaid orders... will wait little bit longer...hmmm

Bumping, just spoke with beverly...check run was 8/9 and they come out of texas so i am guessing they will be arriving in the following days.

I didn't get a check today but I just spoke with a friend in AZ who just got her CW check that was mailed out on 8/9 for the last couple weeks in July. She is also missing payments for the first two weeks in July. Something obviously went wrong with checks for the beginning of the month on a grand scale.

My check didn't come out of TX like they said it would. Return address and zip code on the post mark were from CA.

Still nothing for all of July here. Have a hunch early July is what's messed up.

Maybe at least we'll see payment for the latter part of July.

I live in Texas and my checks always come from the California address.

Mine came today also for July 13'th to 31'st. still missing the check from july 1st-12'th

Ditto.

Got mine yesterday for the 2nd 1/2 of July.

The listed orders were paid on two separate checks:

1) Check #XXXXXXX payment date 7/27/07 payment amount $XXXXX

2) Check #XXXX payment date 8/9/07 payment amount $XXXXX

Payment address on checks:
XXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXX

Be advised the 7/27/07 was not mailed until last week and if you do not receive the check(s) by next Monday 8/20/07 you will need to contact us and we will void and reissue the check(s).




Thank you,
Valuation Services


This will catch up all of July for me!

Mine came today - from Landsafe. All of July was on it.

Got July Part 2 today.

Part 1 remains MIA.

I also got the end of July's check today that paid on all orders from 7/13 to 7/30. The first check remains MIA.

Dunno if it is true but I got info from an outsourcer that CW is done. Announcement to come shortly. I hope not.

I sure hope not! But then they haven't sent me any work this week.

Got my check today for the 2nd half of July though.

Received 3 orders from them yesterday, 8/13. Hope it's not true :-(

Yes, there is trouble.

Countrywide Leads Mortgage Share Rout on Cash Crunch (Update3)

By Rick Green

Aug. 14 (Bloomberg) -- Countrywide Financial Corp., the biggest U.S. mortgage company, led shares of home lenders lower on concern bankers will cut off cash as foreclosures and overdue payments surge nationwide.

Countrywide, based in Calabasas, California, fell $2.15, or 8.1 percent, to $24.46 at 4:01 p.m. in New York Stock Exchange composite trading, bringing the loss this year to 42 percent. Thornburg Mortgage Inc. lost almost half its value before disclosing its dividend will be delayed. Accredited Home Lenders Holding Co., which took Lone Star Funds to court after the buyout firm withdrew its bid, fell 5.5 percent.

Waning demand from investors for home loans has toppled more than 70 mortgage companies and half a dozen hedge funds since the start of last year. Concern about rising defaults has prompted bankers to reduce credit lines for home lenders. Countrywide, which accounts for almost a fifth of all mortgages made in the U.S., said delinquencies rose for a fifth straight month.

``The mortgage market is just not working,'' analyst Robert Napoli of Piper Jaffray Cos. said in a note to clients. Countrywide ``has the liquidity to work its way through the current environment, but it is still not an easy time.''

While Countrywide's lending totaled $39 billion last month and applications for new mortgages increased 5 percent from July 2006, mortgage funding decreased 14 percent from a month earlier, the company said today in a statement. The drop reflects tighter standards imposed on borrowers, Countrywide said.

Countrywide Delinquencies

Delinquencies at Countrywide's loan-servicing business, which processes payments for other companies, rose to 4.89 percent of outstanding principal balances in July. Foreclosures rose to 1.04 percent, more than double the rate in July 2006.

Amber Cousins, a Countrywide spokeswoman, didn't return a call seeking comment.

Industrywide, overdue payments rose in the first quarter to the highest level since 2002, according to the U.S. Mortgage Bankers Association. Napoli wrote that Countrywide ``loses a competitor or two virtually every day.'' Aegis Mortgage Corp., a Houston-based subprime lender, declared bankruptcy yesterday.

Trading in Thornburg was halted after the shares fell 46 percent to $7.65, the most since the Santa Fe, New Mexico-based company's 1993 initial public offering. The company said after regular hours ended that it will delay its dividend payment for about a month to Sept. 17.

Rating Cuts

Earlier in the day, five brokerages cut their ratings on the stock, citing concern the company may need to sell assets or cut the dividend. Friedman, Billings, Ramsey Group Inc. analyst Paul Miller lowered Thornburg to ``underperform'' from ``market perform,'' saying the downgrade ``reflects the current liquidity crisis.''

Does anyone receive any more than 15 orders from CW? It seems that when I hit the 15 mark each month, my orders stop. Also, still haven't received any $$ for July.

15 is the max you can have open at any time with CW.

I usually get about 30 a month from them, although not the last couple of months(only 15-20)

Countrywide Cut by Merrill; Bankruptcy Seen Possible (Update1)

By Steve Dickson


A Countrywide branch office Aug. 15 (Bloomberg) -- Countrywide Financial Corp., the biggest U.S. mortgage lender, was downgraded to ``sell'' by Merrill Lynch & Co., which raised the possibility of bankruptcy if the company loses access to short-term financing.

``We cannot understate the importance of liquidity,'' Kenneth Bruce, a Merrill analyst in San Francisco, said in a research note today. ``Effective insolvency'' would result should Countrywide's creditors force it to sell assets at depressed prices or investors lose confidence in its ability to raise cash, he wrote.

``If liquidations occur in a weak market, then it is possible for CFC to go bankrupt,'' said Bruce, who had rated Countrywide a ``buy'' since April 2005, according to data compiled by Bloomberg. Countrywide trades under the ticker CFC.

Countrywide's shares have dropped 42 percent this year on concern a credit crunch in the mortgage industry will erode profit at the Calabasas, California-based company. Bankers have curtailed lending to mortgage providers and demanded more collateral, forcing more than 70 companies to seek buyers or shut since the start of last year.

The stock dropped to $22.86 at 8:30 a.m. in early trading before U.S. stock exchanges opened. It closed at $24.46 on the New York Stock Exchange yesterday.

Credit Risk

The perceived risk of owning Countrywide's bonds increased, according to credit-default swap prices that reflect bets on the company's credit quality. Countrywide five-year credit swaps climbed as much as 65 basis points to 440 basis points, according to broker Phoenix Partners Group in New York.

Last week, Countrywide said it had access to about $187 billion in credit. Chief Executive Officer Angelo Mozilo assured investors that the company has enough cash to cope with the market turmoil, and said it may even benefit as competitors are forced out of business.

``We continue to think the company can survive a period of secondary market instability,'' Bruce said in his note. ``However, the steps that it would take to preserve shareholder value would be expensive, likely leading to further share price declines from here.''

Amber Cousins, a spokeswoman for Countrywide, didn't immediately return a call for comment.

One of my investors just told me that today's paper has a big article about Countywide's CHECKS ARE BOUNCING (The Plain Dealer 8/15/2007

I just received a large payment from "landsafe appraisal", as opposed to all previous checks being from countrywide

Edit: obviously they own Landsafe, i just thought it was weird.

The article in the Plain Dealer didn't say the checks where bouncing. It said that Cuyahoga County will no longer accept checks from Countrywide, for fear of them going out of business. I think the county is likely overreacting. Here's the article:

-------------------------------------------

The Cuyahoga County Recorder's Office has stopped taking checks from Countrywide Financial Corp., the nation's largest mortgage lender, because of the California company's warning last week of possible financial problems.

Countrywide traditionally would pay the county by check for mortgage filings it makes by mail, but the recorder's office now will accept only money orders or certified checks for payment of those fees, said Thomas Roche, the recorder's chief of staff.

Countrywide hasn't bounced any checks, Roche said. The decision is purely preventative as scores of mortgage lenders have gone out of business or warned of financial woes.

"This is the one that has the major problem right now," Roche said. "We're just trying to protect the assets of the county." The county has refused checks from a company one other time in recent years, he said, in the case of a title company that was going out of business.

Countrywide's filing payments to the county are modest, perhaps amounting to hundreds of dollars a week. Other companies could be added to the "no checks" list if the county believes they may have trouble covering expenses.

---------------------------

If you do a search in monster.com, CountryWide/Land Safe are looking for Staff Appraisers in several cities, Baton Rouge, Seattle, Boise, Madison, Philadelphia , Austin , Houston, San
Antonio, etc.

I always got paid on time. I Received 2 check's for July, one send 7/27/07 and second 8/9/07, all July orders are paid. Hope you all have been paid too.

OH CRUD!!!
just did 15 for them.

http://biz.yahoo.com/rb/070815/countrywide_shares.html?.v=3

Thanks for being on top of that one LeHoty!

The check covering the 2nd half of July arrived from Landsafe two days ago. The check covering 1st half of July is still missing. I got an e-mail following my inquiry with order #'s that both checks mailed out last week and to let them know this Monday if any checks are still missing.

yep same thing happened to me..there were 21 that I wasn't paid for and I have still haven't gotten the check. Got the last half of the month, not the first half. Emailed them will all order #'s on Monday and haven't gotten a response other than forwarded the request.

Just got a 2nd order today... Maybe all is not lost....just yet...

Nothing at all today..however at the beginning of the month and the end of last month, there must have been 3-4 days I didn't get anything and now so far this month I am at about 34...can get too upset but from nothing at all with BPO's today and then another deal fell b/c the buyer didn't think he could afford a $938 PITI payment, we lost that one (2nd deal in a row on that exact house) I think I have a big black cloud over my head this year...Anyone have any suggestions...

Ok Brevard....you're obsessing...I've seen you post about loosing your deal 2-3 times today now. I know it sucks, but everything sucks right now. Pick yourself up! Dust yourself off! and refocus!

It will be ok, things will work out and the sun will shine again!

This too will pass.

I know, I'm stupid and a little superstitious but it I'm a big believer in Karma. You have to pay into luck before getting lucky. Go be someone elses luck day. Go drop a $20 in a parking lot or quarters on the ground at the grocery store as your walking.
No one else is gonna fix your streak but you! NOW GO DO IT!!

See I need someone like you to kick me in the *** and get me focused and stay positive. You are soooooooo funny. I was just in the shower saying my life sucks, blah blah blah and then I said maybe I need to start volunteering and get out and do some good things..I guess I have to work up my good karma again...I don't have $20 to drop in the parking lot, but could volunteer some time.....

FYI- The replacement check came tocay for the missing 7/3-7/12 MIA orders. Yipee!

That is very interesting that all of us got the checks for the second half of July and we all getting same answer when we ask for a first half: check has been mailed, if you are not get it by the end of the week, call us and we'll replace it. Don't you think they NEVER mailed those checks to us and for those who asking sending "replacement"?

I think that would involve malice and I'm not of that opinion yet. I think there was a big snafu with the change over to Landsafe printing the checks because I was receiving checks regularly from CW until they changed over.

I think Landsafe was in CYA mode and when CW started catching wind of it, the replacements started flowing. Mine was a week earlier than the '2 week' turnaround for a replacement.

Yep, ohsay got it right... Look folks, except for the pontification of one analyst, there's no signs that CW is ready for BK. Credit tight, absolutely. There are problems, but this isn't New Century and it ain't brokerpriceopinion.com either.

CW has always been a great company to work for and there's no indication that they're not. They've always been good pay and they've always been a little screwy with getting checks out. I remember for a while I'd get two checks a week... then long waits.

I think we should pay attention but not be paranoid. This thread is getting way more traffic than CW deserves.

UNLESS you're in my neck of the woods... then you should be VERY SCARED and quit accepting CW orders immediately.

CW is too large for BK. CW needs mega-tons of cash to operate. I heard one analyst say that CW borrows most of its operating budget. In the past few weeks, even CW couldn't get a loan. It's making sense that CW stalled the payments out from its operating units (such as field services) while CW talked with the fed and other world banks to figure out how to resolve the credit market mess. That's my take. But then again, it could just be an administrative snafu during the cutover to Landsafe for our payments.

Reuters
Countrywide ads tout safety amid report of layoffs
Monday August 20, 5:00 pm ET

NEW YORK (Reuters) - Countrywide Financial Corp sought to reassure customers on Monday it is safe to do business with the company, while a published report said the largest U.S. mortgage lender has begun layoffs to help cope with a credit crunch.
The company ran full-page advertisements in Monday editions of The New York Times and other newspapers assuring readers problems in the mortgage market do not affect the safety of federally insured deposits at its Countrywide Bank unit. It also said the bank is "well capitalized" and that "the future is bright."

Countrywide ran the ads after the Wall Street Journal, citing an internal e-mail, said Countrywide's Full Spectrum Lending unit has begun laying off employees. Full Spectrum offers mortgages to people with less than "prime" credit or who cannot fully document income or assets.

The unit's sales force on June 30 numbered about 6,785 people, or 38 percent of Countrywide's total sales force of 18,091. Any job cuts would reverse the trend from January to July, when Countrywide added nearly 7,000 employees as smaller rivals fell away. It said it ended July with 61,586 employees.

Rick Simon, a Countrywide spokesman, declined to provide a copy of the e-mail or confirm its contents.

Fear about Countrywide's stability grew after the Calabasas, California-based company last week unexpectedly tapped an entire $11.5 billion credit line to help fund operations. At least two Wall Street analysts said the company could end up in bankruptcy if market conditions worsen.

Customers flocked to Countrywide branches last Thursday and Friday, worried their money was not safe, even with Federal Deposit Insurance Corp backing.

Like many mortgage lenders, Countrywide has struggled with rising delinquencies and foreclosures, and an unwillingness among bankers to extend credit, and among investors to buy the loans it makes. Analysts have said difficult market conditions may force Countrywide to reduce mortgage lending.

The company's shares were downgraded on Monday to "underperform" from "market perform" by Frederick Cannon, a Keefe, Bruyette & Woods Inc analyst.

Cannon said a loss of thrift deposits poses a "meaningful risk" that could reduce profitability and that "the likelihood of a dilutive capital raise or a distressed sale" has risen. He said Countrywide can survive without such actions, but will have an "impaired ability" to compete with large bank rivals.

Countrywide shares closed $1.62, or 7.6 percent, lower at$19.81 on Monday on the New York Stock Exchange. They have fallen 53 percent this year.

I still have not got a payment for first half of July, but received an email from them on 8/14/07:
"Below orders were paid on check #000696**** payment date 7/27/07 payment amount $*****

Be advised this check went out last week and if you do not receive by the end of this week let us know and we will void and reissue."
Today I called to tell them to void and reissue, b/c it's almost a month since they mailed it and you know what they said? There was a delay and all checks dated 07/27/07 went out TODAY.
So when they sent me that e-mail they knew that check still have not been mailed. Now tell me why to lie? I can understand the delay, just tell me the truth!

I wrote them days ago about the 21 outstanding orders from first part of July and it was forwarded on and I haven't heard a word...so hope to get that check soon, everyone needs to keep this part updated.

JuJ thanks for sharing that info. A/P wrote me 8/15 saying it would be here by Monday. It wasn't. I wrote Monday to let them know that it's still MIA and no word back.

Has anyone got their check from the first part of July? I am still waiting.

Also, has anyone got their check for BPO's that were done in August? A check came yesterday and it was for 2 BPO's done on the 3rd. I did other BPO's the same week and wondering if I now have to wait another month to get paid for the rest of the month.

CW is really starting to get bad at paying on time. :-(

I got my July checks without any problems, but they still owe me about 50 orders from August. Has ANYONE gotten paid for August? I can't keep accepting them when they owe for 50, and they are my bread and butter..............

Lord knows EML hasn't sent out or posted a single order in my area for months.

It is only Sept. 3rd, still the 2nd in some time zones! Be thankful that you get 50 CW orders in a month! I would kill for that many and be happy to wait more than a month for payment!

True, but I'm just wondering b/c I've never had to wait more than 2 weeks for a CW check. Certainly never 30 days, so I am curious about August payments. What good is 50 orders a month if I end up doing them for free? So much talk about whether they will go under or not that I want to keep my eye on this.

Interesting article

Real estate's slowdown trickles through local economy
This Labor Day weekend finds all sorts of professions, from movers to mortgage brokers, affected by the sluggish pace of local home sales.
By JEFF COLLINS
The Orange County Register

Emily's Cleaning Service of Tustin averaged a Realtor referral a week during the housing boom, earning $200 for six hours work cleaning homes that had just sold. The company now gets about one such referral a month.

The slowdown in the housing market hasn't created much of a hardship for owner Emily Montero. There still are plenty of customers willing to hire her. But others relying on real estate aren't so lucky.

Real estate agents and mortgage brokers are being squeezed out. Appraisers have seen their six-figure incomes cut in half. Movers are selling trucks suddenly standing idle.

But the hemorrhaging doesn't stop there. This Labor Day weekend finds consequences of the housing slump trickling down through all sorts of professions – from termite inspectors to escrow officers and even newspapers that have seen a decrease in real estate advertising.

Because so many depended on a pie that's half as big as it was in 2005, professionals of all stripes are eating out less and cutting back on personal spending. Some have taken jobs elsewhere to keep food on the table. Others are diversifying, moving into commercial real estate or other related fields to supplement their incomes.

Certainly they made a lot of money in the boom, and many set aside a cushion for slow times like this. But it's painful nonetheless, industry insiders said.

"I think every person in the real estate industry has been impacted , from the appraiser to the real estate agent and mortgage companies," said Huntington Beach appraiser Cindy O'Dell.

"It's hard for all of us to make a living," added Jack Williams, owner of a Brea mortgage brokerage and past president of the California Association of Mortgage Brokers.

This Labor Day, we examine just a few of the professions pinched in the downward housing spiral.

REAL ESTATE AND MORTGAGE BROKERS

It's been a year since Realtors began reporting that the slowdown is chasing many from the ranks of their profession.

"We're already seeing the first steps of people leaving the business, and it's going to increase," said Mike Cocos, general manager of ERA North Orange County. "Our agents are not making as many transactions, so they're not making the income they're comfortable making."

Membership in the California Association of Realtors declined by 9,000 members statewide in the first half of the year, falling to 190,000 members in June, spokesman Mark Giberson said. The association projects that it will lose 5,000 more members by December.

In Orange County, local association membership appears to be holding. It's up slightly for the Orange County Association of Realtors based in Laguna Hills, but down 1 percent at the Orange-based Pacific West Association of Realtors. Pacific West, reports, however, that it's had a 32 percent drop in the number of new members signing on so far this year.

Membership in the local chapter of the California Association of Mortgage Brokers is down about 12 percent, from more than 500 to around 440, said Ed Leyba, outgoing Orange County chapter president.

"A lot of them are pretty much leaving the business," Leyba said, noting that in his own office, the number of loan officers has dropped from 11 to two.

APPRAISERS, INSPECTORS, MOVERS

The trickle-down effect has affected home inspectors, termite inspectors, appraisers and movers, too.

"There are fewer assignments," said Carol Chirpich, president of the Southern California chapter of the Appraisal Institute. "I talked to some of my colleagues. One told me that business is off by 25 percent, while others have virtually no work coming in."

Some appraisers are becoming more resourceful in finding work, branching out into estate and litigation appraisals. Chirpich has begun teaching others how to do appraisals and uses her free time to take more courses.

Similar pressures are faced by home inspectors, hired when a residence is in escrow to report on the property's potential defects. Scott Swickard, president of the Orange County chapter of the California Real Estate Inspection Association, said his group's membership has fallen to around 100 members from 130.

One thing offsetting the decrease in inspections taking place during escrow is more homesellers are trying to get a jump on the competition by doing "listing inspections" – making homes more marketable by letting buyers know early on what defects a home has, rather than at the last minute.

Some home inspectors are thinking about other sidelines. Some have taken full-time jobs and perform inspections on the side.

Swickard said his own business took a big hit last year, but he's managed to stay even with last year's pace so far this year.

"I think I've been more effective at marketing," he said.

ETHICAL ISSUES

Appraisers regularly face tremendous pressure to overvalue a property so a lender will fund a transaction, Chirpich added. A handful of appraisers now are giving in to such pressure to get more work.

"If an appraiser refused to bend to pressure, they would no longer get assignments and many times would not be paid for completed assignments," she said. "To keep work, (some appraisers) will bend to the coercion of the broker."

Mike Snow, president of Snow's Affordable Moving Co. in Santa Ana, said the housing slowdown also is causing an increase in "bootleg" or unlicensed moving companies.

Snow said some moving companies have been unable to afford the insurance they need to do business, and as a result have lost their licenses.

"Some of them still operate, using rental trucks, the U-Hauls and the Ryders, so they don't get stopped," he said.

Not everyone is getting crushed. Experienced professionals, aware that the housing market is cyclical, prepare for such times by saving up a cushion to offset lean years like this.

"Some brokers are doing very well. Some are wondering when the day comes they'll have to put the sign out, 'Will work for food,'" said Williams of the state mortgage brokers association. "It depends how well established they are and how well protected they are (by) putting money aside for days like this."

Housing sector jobs falling

I just got a check from LandSafe for my CW BPOs completed in the first few days of August.

I got mine for first part of July a few days ago.

Update: I got a check yesterday for the 1st week of August.

I did a bunch of them this past week. My concern, my office will change location the first of next month. Such a pain in the you know what trying to update the address info for all BPO companies. Hopefully they read my e-mail and don't screw up.

Edit: BTW, do they make checks payable directly to you, or to your broker(whichever you request)

You might need to submit a new w-9 to make sure your checks are sent to the right place.

I don't even remember what I wrote down on the W9 since I applied months ago. But just read this thread, and hopefully I get paid within this month since people here are getting them in two weeks or so after completion.

I have recently completed my first 25 orders for CW, starting 9/30, when should the payments start? I have been reading the thread but I am not sure if its every 3 weeks or 5 weeks. I am in No. CA.

I just started with them two months ago. Got my first check in about 30 days but that was only for part of the month of September. I was wondering the same thing...Do they only write checks once a month?

Lately they have been paying twice a month. When I started with them, they were sending a check about once a week but no longer. Now it seems to be 2 times per month.

They ought to be sending out the checks for the 2nd half of September anytime now. I wouldn't be surprised if it was in the mailbox today or tomorrow.

Thanks for the clarification.

Texasgal you were right. I went home and got my check for the last part of September yesterday. Its nice to get two checks a month...

Are the CW checks coming from LandSafe?

Yes.

So after getting my check for the last part of September on the same day you did, just today I received my check for the first part of October. They paid me for all orders completed between 10/1 and 10/11. I also completed orders for them on the 12th but I guess those will be on the next check.

So yay for getting paid early, but now it's becoming even harder to predict exactly what the new pay schedule is.