We have to start using them. Anyone able to provide the 411?
Good, bad, ugly? Don't like having to pay to get an expense reimbursed but "you plays da game you takes your chances".

Grandpa,
the system is pretty complicated; there's tons of information in the system and it's a chore at times to sort it out. The good news is they review submissions and pay very quickly. They will not direct pay any vendors. You front everything and they reimburse you.
If you are working with the same asset management co's that I work with that requries LPS, they already require that you front the HOA fees and untilities, but have their own vendors for everything else so you arnt fronting keyouts, initial trashouts etc.
LPS has a required training program with all the details.

Thanks we took all the training. Good to know they pay quickly at least.

Love LPS. Always pay quick - I get a check in no less then 10 business days. I have been using the system for awhile and once you get the hang of it - you will love it too. The one thing you do have to remember is that if you have a repair done - pictures of before and after go to the asset manager - not posted in the system. Once you pick it up - you will have no problems.

I started off rough with them, but now it is smooth and I am a satisfied customer. The trick with them is actually with your REO company. They (The REO comp) have to set you up in LPS, and you need a number for each REO. Once you have that you are golden. And a piece of advice-- I keep track of my LPS invoice numbers, which are independent of all other info in the invoice. 1 small detail that helps when tracking. I use the address number followed by 1 for the 1st, 2 for the 2nd 3rd for the 4th. My last one got to the 10th invoice so it was #11610. House number is 116. I record that on the invoice paper version too. as LPS # 11610.

My last 10 invoices have been smooth and fast pays.

I have been using Invoice Management for over 2 years. I like the system except for the $5 per invoice charge. Bank of America and HomEq are the 2 companies that I list for that use the system.For Bank of America I pay all bills up to $2500.Anything above that they pay my contractors directly.

Ditto to what everyone else said. Except for the "Love LPS". I don't love having to pay to get my own money back, but considering some of the alternatives...

Seems like more and more AM companies are going to them all the time though.

Are you sure you have to send before and after photos to the AM and not on LPS? I haven't used it YET but am about to.

It depends on the REO company. Each has it's own guidelines. LPS is only a platform.

Thank You all for the info.
I too do not like paying to get my own money back but am willing to do what it takes without complaint.
"Thank You Sir, May I have another."

Yep, there are some companies we work with that you send pics to AM (well, we always do this anyway) and some (Green River for one) that go to LPS with the invoice. Just ask an LPS contact about whatever particular bank the job is for as it'll save time if you do it the right way up front instead of having them kick it back for no pics.

Doesn't the $5 charge go away after a period of time. Or is it forever, like the stamp?

The $5 goes away after you submit the 5th billing for each asset.

Two important things...be sure to set up at least two users, so that if you get locked out on one you can get in on the other and one thing that bothers me to no end is having to change your user and password every month, and they won't take similar ones.
Good luck, I about tore my hair out at first and wanted to punch my monitor. I had to work at home because I swore so much over this, but once you get used to it, it will be okay. I'm almost used to it and I have hope that it will be okay anyway.

This is why I have an assistant to take care of my reimbursements, cause I probably would have gone through with the whole punching the monitor thing. :-)

Actually I'd be more apt to throw it out the window than punch it.

And no, unfortunately the 5 bucks doesn't ever go away. Like wij said, they only charge it for the first 5 billings for each asset, but often we never hit 5. Actually, the best thing to do is to try to consolidate as many reimbursements on one invoice as you can. Not always able to consolidate everything, but if you can average $10 or $15 bucks on an asset instead of $25, the savings can add up.