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BPO's need your help!!!

Residential appraisal questions go here.

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BPO's need your help!!!

Postby Mako on Wed Oct 28, 2009 8:13 pm

I received this from a friend. It says, "Please feel free to forward this e-mail to all of your associates that may have an interest in joining this call to action." So I'm posting it here so everyone can help. :mrgreen: Maybe someone could paste it over on the other forum as well. :WM:

If you follow the "Automatic E-Mail to NAR" there's a form letter filled out for you (helpful huh?). It starts off "I'm a Realtor® in good standing." I haven't checked, but I'm not sure Fiserv requires their BPO'ers to be Realtors®. Like I say...I haven't checked so it's possible I'm wrong. :WM:

Please everyone...write NAR & give them your opinion (especially if you are a Realtor®). :wink:

Dear Fiserv BPO Vendors,

This e-mail is a call-to-action to step up and become involved in the protection and advancement of our BPO industry. While “the sky is not falling”, valid pro-BPO information is lacking. Showing interest, becoming involved and providing information shapes policy. We need you to be a link in that chain to ensure that Broker Price Opinions are defended, protected, and advanced. We need to let the industry’s federal trade association, the National Association of Realtors® (NAR), know how valuable and important BPOs are to you.

As you may already know, the BPO industry is being unfairly targeted by a few “special interests” and those who simply do not know the value of the Broker Price Opinion and its uses. Recurrently we have detected ill-fated attempts to block or restrict the use and practice of BPOs at the state and even at the federal level. Fiserv along with a few trade associations such as the Real Estate Valuation Advocacy Association (REVAA) and the National Association of BPO Professionals (NABPOP) are actively defending and advocating the BPO industry. Fiserv supports the BPO industry and we are asking all of our vendors to join together and take action to defend the BPO industry.

Since performing BPOs is a vital aspect of many REALTOR’s® business model, we want to encourage the National Association of REALTORS® (NAR) to stand with us in our efforts to protect, defend, and advance the legitimate generation and use of BPOs. NAR bills itself as “the voice for real estate”, and since BPOs are such a growing method of valuation we would like the NAR to put forth a pro-BPO policy. You, as REALTORS®, can give voice to this much-needed policy by contacting NAR via e-mail; letting it be known that BPOs are important to REALTORS® and the real estate industry in whole. The objective is a simple one, to have NAR establish a strong affirmative policy regarding the production, payment, and usages of Broker Price Opinions.

The most advantageous method to send a message to NAR is to send them an e-mail. There are two e-mail options, an automatic e-mail (verbiage, subject, and addresses automatically populate the e-mail) or an e-mail that you can write in your own words. An e-mail in your own words will be more powerful and we encourage you to take the time to write an e-mail. For automatic e-mail, simply click on the following link Automatic E-Mail to NAR (some e-mail programs will not allow automatic population. If the above link does not pull up a new e-mail, you will have to follow the below link and use the “copy and paste” option). If you would like to write the e-mail in your own words, follow the below link where we have provided some talking points that you can use as reference as well as the e-mail address to send the e-mail to. Click on the following link to access either option http://www.nabpop.org/Advocacy-CallToAction.php

The greater the number of requests that NAR receives, the greater the message will be. Please feel free to forward this e-mail to all of your associates that may have an interest in joining this call to action. The above page is accessible to the public and being a vendor of Fiserv is not a requirement to participate in this call to action.

BPOs are a “win” for the mortgage industry, REALTORS®, and consumers. In today’s tight mortgage environment, BPOs are a key tool, which, for example, is reflected within Obama’s Homeowner Stability Plan designed specifically to help troubled borrowers restructure their debt.

In addition, the top mortgage servicers utilize BPO’s when evaluating the best course of action when reviewing short sales, REO strategy, and portfolio reviews. While appraisals are the preferred product for underwriting newly originated loans; for many other purposes, BPO’s are faster, less expensive, and are performed by professionals like you, who have their finger on the pulse of their local market.

The vast, indeed overwhelming majority of NAR’s membership – the agents and brokers, would benefit from a strong proactive “PRO-BPO” policy stance. This call-to-action is to let you know that, as a dues paying REALTOR® member, NAR needs to hear from you. With your help, NAR will realize the importance of BPOs to you and do the right thing, by issuing a pro-BPO statement or policy. Our organizations will then be afforded the powerful opportunity to stand shoulder to shoulder, defending and advancing the mutual interests of our groups’ members.

NAR is recognized as the leading housing trade association. Government, the media, and a host of influential folks turn to NAR for real estate information and opinions. To be sure, NAR has tremendous political clout, which is why it’s so important that they adopt a pro-BPO stance and policy. REALTORS® have the chance to urge the Association, to take a stand in support of their business practices. By sending NAR an email we can show the Association how much BPOs are supported by their members.

Fiserv would like to thank you in advance for your efforts and for your support of our political advocacy of BPOs.

If you have questions or comments, please contact NABPOP at 800-767-0743 option 102 or Support@NABPOP.com" onclick="window.open(this.href);return false" onclick="window.open(this.href);return false

Fiserv Valuations Vendor Management
Last edited by Mako on Wed Oct 28, 2009 8:24 pm, edited 1 time in total.
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Re: BPO's need your help!!!

Postby Steve Owen on Wed Oct 28, 2009 8:24 pm

I'm not sure this is a fight I want to take on. First, I don't disagree with much of the information in the e-mail. It would be nice to counter some of the arguments concerning brokers knowing their market (the unstated corollary is that appraisers don't) with some logic about unbiased opinions. However, the trickle of appraiser letters going to the NAR will be swamped by the flood of broker letters. So, I don't think it's a fight we can win with that organization. But, if someone here wants to take time to write something up, I will be happy to plagiarize the parts I agree with and send it along.
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Re: BPO's need your help!!!

Postby Mako on Wed Oct 28, 2009 8:38 pm

Steve Owen wrote:I'm not sure this is a fight I want to take on. First, I don't disagree with much of the information in the e-mail. It would be nice to counter some of the arguments concerning brokers knowing their market (the unstated corollary is that appraisers don't) with some logic about unbiased opinions. However, the trickle of appraiser letters going to the NAR will be swamped by the flood of broker letters. So, I don't think it's a fight we can win with that organization. But, if someone here wants to take time to write something up, I will be happy to plagiarize the parts I agree with and send it along.


Defend your industry or don't. :WM: I've done one appraisal in five years...I really don't have a dog in this fight. Except I'm concerned about BPO's being used for lending purposes for obvious reasons. You thought "Skippy" was bad. :WM: Based on what I've seen & heard with my own two eyes & ears is that the greenest of the green agents do these BPO assignments. I know there are those who'll offer agents who "specialize" in these things, but I've never met one. In my experience, THEY'VE ALL been agents who couldn't cut it as agents...so they're given BPO's by their Brokers so they can buy a loaf of bread.

It's all about the Benjamins (I mean $40 bucks :oops: ).

Read it again;

As you may already know, the BPO industry is being unfairly targeted by a few “special interests” and those who simply do not know the value of the Broker Price Opinion and its uses. Recurrently we have detected ill-fated attempts to block or restrict the use and practice of BPOs at the state and even at the federal level. Fiserv along with a few trade associations such as the Real Estate Valuation Advocacy Association (REVAA) and the National Association of BPO Professionals (NABPOP) are actively defending and advocating the BPO industry. Fiserv supports the BPO industry and we are asking all of our vendors to join together and take action to defend the BPO industry.
The portal to the 'Battlefield' reads; "Stay out of here if your hide's thin and you're easily offended. Because you will be.”
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Re: BPO's need your help!!!

Postby Senior Jefe on Wed Oct 28, 2009 9:04 pm

My appraiser side says BPOs should be a felony. My investor side says this is America and incompetent agents should have a right to perform BPOs, especially on properties I'm considering. When I weigh it all, I think it's best to leave things just the way they are. Mako what's up buddy? Rumor has it some pipqueak, liberal AMC runner worked you over in a kickboxing match, weren't you carrying that night? :D
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Re: BPO's need your help!!!

Postby Mako on Wed Oct 28, 2009 9:49 pm

Senior Jefe wrote:My appraiser side says BPOs should be a felony. My investor side says this is America and incompetent agents should have a right to perform BPOs, especially on properties I'm considering. When I weigh it all, I think it's best to leave things just the way they are. Mako what's up buddy? Rumor has it some pipqueak, liberal AMC runner worked you over in a kickboxing match, weren't you carrying that night? :D


DUDE :!:

Liberals don't kickbox - the men knit doilies & bake crumpets! The women might kickbox though...I'd probably lose to the bearded ladies too. :shock:
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Re: BPO's need your help!!!

Postby skibs on Wed Oct 28, 2009 10:55 pm

NABPOP? Are you sure this isn't a joke?
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Re: BPO's need your help!!!

Postby Mako on Wed Oct 28, 2009 11:21 pm

skibs wrote:NABPOP? Are you sure this isn't a joke?


Positive.

They're obviously feeling some heat from "special interest" groups (yeah...like REAL valuers). Otherwise they wouldn't bother with this e-blast. :WM:

Somebody should post it on the other forum. They have more members (for the time being). Even though we have our differences - this is something every appraiser should get behind.
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Re: BPO's need your help!!!

Postby Corporate Lackey on Thu Oct 29, 2009 8:52 am

Mako do you have a link to your quote?
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Re: BPOs need your help!!!

Postby Edd Gillespie on Thu Oct 29, 2009 9:58 am

Thanks for sharing this effort with us Mako, but I am going to decline becoming involved based on my experience and convictions. Based on that experience I have concluded that the use of BPOs in place of appraisals continues to dump junk on the public with regard to real estate values. The BPOs I have seen are in the realm of what we call "skippy" appraisals. Neither are sufficiently supported by carefully analyzed data.

If the organization decides to dedicate itself to improving the quality of BPOs and appraisals (the letter you posted is about defense of the status quo not improving quality) I would be glad to reconsider. Until the quality improves, I think BPOs should be restricted for use by brokers only. They can decide if they wish to pin their reputations and clients to low quality advice.
Edd “In the real estate economy, there are no guarantees that reason will prevail in a market where emotions run high and the amount of misinformation runs deep.” Jonathan Miller in The Matrix. So what’s an appraiser to do?
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Re: BPO's need your help!!!

Postby skibs on Thu Oct 29, 2009 10:05 am

Got a call out of the blue yesterday from some guy at PNC Bank. Said they acquried National City and had a condo they needed to sell. Wanted an appraisal to help them establish a list price. No REO addendum required. Was OK with my quoted $350 fee but unfortunately couldn't cope with my estimated 10 day turn (busy these days). This sure sounds like something the banks would normally get a BPO for. Maybe their experience was not so good. Hardly hard evidence though, I didn't get the job.
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Re: BPOs need your help!!!

Postby Steve Owen on Thu Oct 29, 2009 10:18 am

Edd Gillespie wrote:Thanks for sharing this effort with us Mako, but I am going to decline becoming involved based on my experience and convictions. Based on that experience I have concluded that the use of BPOs in place of appraisals continues to dump junk on the public with regard to real estate values. The BPOs I have seen are in the realm of what we call "skippy" appraisals. Neither are sufficiently supported by carefully analyzed data.

If the organization decides to dedicate itself to improving the quality of BPOs and appraisals (the letter you posted is about defense of the status quo not improving quality) I would be glad to reconsider. Until the quality improves, I think BPOs should be restricted for use by brokers only. They can decide if they wish to pin their reputations and clients to low quality advice.


I think you got this wrong, Edd. (I have a tendency to skim these things, too.) Mako wants us to fight against the e-mail purpose, which is to get real estate agents to write NAR in support of them being able to do BPO's under the status quo.
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Re: BPOs need your help!!!

Postby Edd Gillespie on Thu Oct 29, 2009 11:09 am

Coulda fooled me. I read it again. I still don't see anything in there that talks about fighting for what I think is right. Show me. Even his subject line indicates to fight for rather than against BPOs, notwithstanding status quo, which I read into the whole thing since I didn't see anything about improving BPOs or restricting their use.

Mako, can you clarify your intentions?
Edd “In the real estate economy, there are no guarantees that reason will prevail in a market where emotions run high and the amount of misinformation runs deep.” Jonathan Miller in The Matrix. So what’s an appraiser to do?
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Re: BPO's need your help!!!

Postby tel on Thu Oct 29, 2009 12:21 pm

Edd, I suspect the OP's comment & title were made with a bit of :sarcas: , at least I hope so.

Last week I was talking to a 'BPOer'. This is what she said. "It is all about the money, I make a $50 box and the work I do has to fit into that $50 box. I can do 10-12 BPOs a day. Run to the property & take a couple of pictures, and then 30 minutes to write the report." AND I actually got to see the magic $$ list of adjustments.

Oh, the TAT is 24-48 hours. Same as what most AMC clients want for appraisals. Go figure.
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Re: BPO's need your help!!!

Postby Steve Owen on Thu Oct 29, 2009 12:55 pm

Edd, Mako posted the e-mail with the request for Realtors to write NAR in support of BPOs. One link is all filled out and if you send that letter you would be in support of their position. However, the other link allows you to write your own letter. Mako suggested that we support our own industry. It is a bit cryptic, but it becomes clear if you read it, including the emoticons.
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Re: BPO's need your help!!!

Postby TC on Thu Oct 29, 2009 1:05 pm

I paid 200 bucks back in 98 for a Realtor to give me a BPO to remove my PMI. He told me they only paid him 50 bucks. Did I care? Hell no, I got my PMI dropped.

Do you think the typical HO cares about his/her appraisal, no, only if the number is not hit.
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