Newburgh, NY · Member since 2017 · 33 posts · 11 votes
Hello, I have always wondered what differentiated each company in terms of their broker price opinion products?
I work with several of them and always wondered to myself, does a certain company's report complete a different task for the lender? Is it based on who they see at mortgage/lender conventions? Is there something else?
Yep. It depends on who is willing to kiss up to the bank, and meet all their requirements, for the least amount of money.
This is absent a division of the bank owing a BPO company.
Good luck!
Hi James:
Thanks for your quick reply. When you say absent division of the bank owning a BPO company like for instance; Xome Settlement Services parent company is Nationstar Mortgage?
I appreciate it and I wish you wonderful New Year. Blessings!
Realtor and Investor · Scottsdale, AZ · Member since 2017 · 1k+ posts · 1k+ votes
8y
Sometimes they have licensed agents do them. We used to get these requests through our office all the time. They only paid like $50-75 for the BPO, but the "hope" was that you would get the listing when the lender took it back through foreclosure (reverted). It was not a great deal, and they rarely came back as listings. It was a lot of work for nothing.
So, to speak to your point, if it gets in the hands of an agent who doesn't know how to complete a BPO, they can look very different from a competently completed form.