BPO fees ?

[Bob Ipock]

Chad,

The BPO does not give a value...it gives a "probable selling price". A BPO can't be used for a "mortgage loan origination, including first and second mortgages, refinances, or equity lines of credit".

 

[Meandering]

Chad,

The BPO does not give a value...it gives a "probable selling price". A BPO can't be used for a "mortgage loan origination, including first and second mortgages, refinances, or equity lines of credit".

That might be true in your state,

But I doubt it.

The BPOs I've seen ask for market value, no definition and if you troll the Sales folks blogs, they're all saying the BPO is asking for market value.

And then about 6 months ago, I believe some regulator found that some BPOs were not stating market values, and the regulators lost their minds because the banks must have an opinion of market value from a BPO.

.

 

[Bob Ipock]

That might be true in your state,

But I doubt it.

The BPOs I've seen ask for market value, no definition and if you troll the Sales folks blogs, they're all saying the BPO is asking for market value.

And then about 6 months ago, I believe some regulator found that some BPOs were not stating market values, and the regulators lost their minds because the banks must have an opinion of market value from a BPO.

.

As is often the case...you are uniformed and wrong.


http://www.ncleg.net/Sessions/2011/Bills/Senate/PDF/S521v5.pdf


93A-82 "probable selling price"





93A-83

b -6

c -10

f restrictions

c -10