Well ech0es, I don't know if BoneFish is a QC'r but I am. Let me respond to some of the things you mentioned.

I think that is good to say that a good BPO Vendor whould have under his belt at least 100 REO listings of his own sold in the past 2-3 years, and at least 30-40 bpos done monthly for either CC, EML, etc. And a request for proof of those records would be great !! Maybe this way we can eliminate the ones that have no knowledge about a distressed market (someone said that short sales are considered as REOs ... and one would go to the extent of considering a short sale like an REO ... but never when the short sale is in a superior condition and has upgrades throughout and they want to sell it for the same price as an REO that has missing appliances, needs drywall and flooring repairs, has an overgrown yard and delapidated siding, etc.) ... And maybe some proof of how many REO bpos, distressed valuation BPOs, or Fair Market BPOs have been done constantly by that individual for the past 12-24 months. I think that this would eliminate a lot of the newbie’s who are just trying to break into the business by giving lower than average quality of work.
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I'm very amused by the fact that you mention REO listings as a requirement even though a large segment of BPO's done are not for REO purposes. Also you state 30-40 BPO's a month for companies as a requirement. So how would you suggest agents prove this? The work product is paid for by the Mill and they own that product. Do you expect the mills to be offering their competitors confirmation? Agent information is highly guarded. A mill isn't going to want to share a good agent with another company. I also hope you're not suggesting the idea of sharing reports with other companies to verify your own work history. As BPO's contain very sensitive information such as borrower information ECT. If you did share BPO's with other companies, you would be compromising a borrower’s privacy.

The other part that I do not understand is that you don't believe in letting 'newbie’s' break into the business. You were allowed to prove yourself when you were new. Why wouldn't others be allowed to have the same chance?

'And for the QC people which have just been hired and are on their first 500-1000 bpos, I say it would be good for them to take the same classes, bpo certifications and REO certifications that we are req1uired to take. And must have a Real Estate Sales or Broker's license, or even an Appraiser's license. A license that was used before and they can show proof of their real estate experience ... I don't need a WalMart door greeter QCing my work. No matter how many classes or cerifications they have if they don't hold a real estate license !! And they have never delt with real estate before on a daily basis ...'

Now, as for QC people that have just been hired. They are trained, sometimes by fire, but trained. I've been doing this for over 7 years. Some of the best QC'rs I have had the honor to work with, have not held a real estate license. Having a license is good, but it does nothing if you don't have the experience and knowledge to back it up.

I think of it as a 16 year old with a shiny new license. Just because you were able to pass the test, doesn't mean I'm handing you the keys to my BMW let alone let you teach someone else how to drive it. Sadly, some of the best drivers I've found have been the ones without licenses (Probably because they know if they get into an accident or break a law there are a lot harsher ramifications.) Funny how that works isn't it.

If I had a choice, any agent that wanted to sign up with a mill, would have to do a free start up BPO in their area to show they can give a quality BPO in a quick TAT. Based on the score of that BPO would be where you would fall with the company for your starting rating.


But thats just my own opinions...

J~

echOes

FHA 203k.....needs work and repairs can be financed

Question:

Do you know what a FHA 245 loan is?.......just curious.

Correction: almost everything can be upgraded with an FHA 203K loan ... nothing structural

LOL CandyMan ... you got me wih that one

Grampa: you were right !! I had to Google for FHA 245 and got to an FHA 245(a) section about Growing Equity Mortgages for limited income people

CandyMan: how did I do ? :P