On a funny side note about Ocwen, I called them yesterday to make sure we were registered to get listings from them. The woman on the phone said she would check and email me the status. Well, she emailed me information on submitting reimbursements. Not sure what to think of that. haha!

Thank you Dr REO. And I'll have you know that I didn't get to be a Rocky Balboa look-alike for nothing !

Get this one. I have a 35,000 property. My asset manager... which I can't pronounce his name... wanted me to cut my commission so they wouldn't take such a loss. Yeah sure... no problem... They are already taking the 1.4 or 1.6% from me. This is not a good property, not in a good neighborhood. Throw me a bone! I have not gotten one over 100,000 from Ocwen! Split that with your broker, and you are a rich man!

I have one (soon to be in escrow) that I had an original listing agreement on that said 2%, the last extension I received had the new comission structure. When the AM asked me to send the buyer documents, he asked me to send the original listing agreement.. Interested to see how much I actually receive. Sometimes I honestly think they are just trying to confuse us with all of this...

Status

I did the same thing and they left it alone, so I am covered 2.1% plus the $700 property management fee

What did I miss? When did this $700 property management fee come about? I noticed it today on a addendum from where I was the selling agent and I saw the listing agent was getting it. I never got this before when I was the listing agent....

if you think thier REO is bad you should see their short sale's. 4% max. even if they hold the second and will not recieve a penny anyway!!!

Ok, now I got an AM that changed the commission on the addendum to reflect my commission at 1.6%, referral at 1.4% and the selling agent at 3%

When I put it in the MLS I advertised selling commish @ 2.5% so I could make 2.1%,(there is nothing in the listing that says I have to offer 3% to buyer's agent.

So selling agent filled in 2.5% commish and the AM changed it to 3% and mine to 1.6%

This 2.1% worked on another deal and a different AM, it really makes me mad, the other agent is fine with the 2.5%

Don't get me wrong I am happy to get the listings but damn I work hard to get these properties ready and sold and now 1.6% come on.

Anyone else tried this? offering 2.5% to buyer agen, I re read LA and nowwhere does it say offer 3% to BA

Be aware agents; I have a listing with them after they accepted an offer they changed my commission from 2% to 1.6% and no $700 for management. My listing agreement with AM is for 2%. I let the AM at Ocwen know that if they don’t honor their own listing agreement I will have my attorney handle this for me.

It sounds like it depends on the AM. If you're lucky, they will leave it at what you have written in on the addendum. Or, they might choose to change it back to 1.6%. I don't see anything on the listing agreement itself that says it's got to be 3% to selling broker but I'm sure they could point to it somewhere if they wanted to.

Why should it be up to the AM? Aren't listing agreements contracts and legal and binding? Why should Ocwen not be legally bound by a contract between them and the Realtor? Is it legal that they change a Realtor's commission once the property is under contract and then not honor their own listing agreement and reduce the commission even more? I'm really angry with this situation. I'm tired of Ocwen and the way some of their asset managers seem to not know what they are doing or even what their own broker manual says let alone their listing agreements. Now, I've had some great asset managers on the VA side of it.

Exactly - The commission belongs to the listing broker and it's up to him/her to dispurse as he/she sees fit unless specified to the contrary. They cannot change your commission folks, they are bound by the listing agreement just as much as you are. They can however cut you off and never give you a listing again. We're talking about Ocwen here though so that may be a blessing in disguise.

Can anyone tell me if the $700 management fee is direct deposit?
Or does it get paid with the commission?
Thanks!

Good question!, if it is for the maintenance of the property such as the mowing, electric and all the other headaches...then I shouldn't have to split this with my broker, right?

Fat chance on that though...

does anyone have a copy of the new commission structure? all the emails im getting from them show the old structure.

thanks!