I have a signed listing from June. With the old Structure... we had a deal and it fell apart, three days on the market, ten showings later. New deal. Now the asset manager wants me to fill out July 07 Addendum A which has a special space for the Property Managment fee. I submitted the old that I aleady had filled out. Frankly, I don't see how they can cut my commission after they signed a listing with the old structure. But then again, they pretty much do whatever they want.

It is paid through escrow.

Fill it out with the old commission due you on the listing agreement and leave the prop mgmt section blank. The new addendum doesn't change your listing agreement.

so does anyone have a copy of the new commission structure they can send me? i never got one.

also, as for the bonus, did you all ever find out if its direct deposited, or sent with your commissions?

There isn't really a structure like there used to be. IT's just part of the listing agreement. It says the seller will pay 6% or 5.75% if the purchase price is over $500k. The broker will pay a referral fee of 1.4% of the purchase price and the minimum commission is $2500. That's about it. It does not state what the co-op has to be (at least mine doesn't).

I have zero experience with them but do have a question. When the gods smile and you double side an Ocwen listing, do they mess with your buyer's side commission?
Jim

when you get a price reduction or a listing extension, they will send a whole new listing agreement that will have the new amounts -- i have one closing next week where they have sent a note to the title company to pay out 3% to the buyer's agent - i have let the title company know, along with sending them a copy of the new contract, that it is not stipulated how much to pay the buyer's agent and we are paying them 2.7% - i guess we'll see who they listen to in a few days -

so my first closing since this took effect, and when the commission came in, not only was there no bonus, but it also reflected the old commission structure.

our closer said that all the paperwork they received from Ocwen showed the old structure, so they acted accordingly. there is nothing that can be done now, except try to get Ocwen to redo paperwork, which I know there is no way.

Not even sure what to do on this. It plainly says on my listing contract the new structure, and I have emails from my AM stating i get the bonus as well.

That blows Stl. Unfortunately, Ocwen is a circus and short of paying off the clowns you'll probably end up with peanuts.

the old commission schedule is better -- no 1.4% kickback to Ocwen -- you're unhappy or happy STL? and who is the title company? shouldn't they be going by the listing contract you submitted to them -- or called you if they were unclear about pay-out? since when does the seller decide who pays what to whom -- should be by listing contract and if not mentioned in contract, left up to the brokerage (as to buyer's agent pay-out) -- was it a national title company?

I have an old listing agreement and an executed contract with a sales price under $200,000 which is supposed to pay 2.20%. When the seller signed the addendum, my commission was changed to 2%. I have emailed and called the am several times regarding this issue and he chooses to totally ignore me. I even sent him the listing agreement that clearly shows I'm supposed to get 2.2%. He does however answer emails relating to other issues but if I mention the commission in the same email, he ignores it. The escrow is closing soon. Would you pursue by going to his upper management or would you let it go?

curious - the old agreements were based on the list price (at least mine were), not the sale price. You might want to double check the commission addendum that you signed and see if the commission they are paying is correct based on the original list price.

Thanks for the feedback OHAgent. I think I understand now. What I don't understand is why the AM couldn't respond to me and tell me I'm wrong and refer me to that line in the Addendum. I understand they are busy but after 5 emails you would think I would have received a response. This listing has been way over-priced from the very beginning and it took forever to get a price reduction to be in line with the current market. I was not involved at all with coming up with the list price. Everytime I questioned how the list price was determined, I received no response. I received a message one day asking me to verify if the utilities were on. This was before there was any mention of getting the listing. I really appreciate you taking the time in helping me resolve this issue.

There are too many decent full commission accounts with competent and attentive asset managers to waste my time splitting 50/50 with an asset manager that may be eaten by a tiger at any point in time and is barely understandable.
And, they can't take no for an answer. I've been declining their listings ever since the moved the operation to India, and still they send listings. I suppose the upside is Ocwen keeps some competitors too busy to go after the decent accounts.

Update

I sold 4 on the new commission structure and have all 4 addendums signed, only one I had to fight. On a $200k house, I'm actually making more than before. Offer 2.5% to selling agent, 1.4% to Ocwen and I keep 2.1% + $700. That's 2.45% total, better than the 2% they paid under the old structure. On a $100k house, I make 2.8%.

My point, is they contest offering 2.5% or contest the addendum, fight back. Until they change the addendum and mandate giving 3%, they have to pay. Good luck all.