• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Loan Prospector and BCE Emergis Vendor Contract

Status
Not open for further replies.

Carol

Sophomore Member
Joined
Feb 6, 2002
Anybody sign up to apply to be a vendor for the new Freddie Mac Loan Prospector program? You have to sign all kinds of legal documents with BCE Emergis, pay a $350 one time up front fee, $50 per year and $5 per appraisal transmission fee. And if I understand right, to be on the vendor list, it is mandatory to give them checking account info so they can draft when and as they please from your account. BCE Emergis is the same company that set up the infamous E-Relay....you know, the one that took everyone's upfront money and never sent any orders through relay. Didn't I hear recently that E-Relay was discontinued?

I'm interested in feedback on what others think about this and any info the have. Maybe I reading the contract forms wrong. I hate when the want you to sign a contract that is several pages long. Feel like I need to have an attorney look it over. Which should not be the case to just use an internet portal to transmit an appraisal.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Carol,

I consider any person/company that wants to charge me for orders and then wants my bank account number to deduct their charges as a crook in the making. I would feel like a real sucker if I went along with that. To them my answer would not be just "No!"; it would be "HE** NO!!!"
 

Carol

Sophomore Member
Joined
Feb 6, 2002
I agree, Pamela. What I can't figure out....Freddie Mac is going to use their portal for all appraisal ordering and you have to sign these contract forms and be approved with BCE Emergis or no do business with Freddie Mac. Why would they allow this?
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Woah! That's the new Freddie Mac portal that is necessary to be able to do those Freddie appraisals???? I knew about it but hadn't checked it out yet.

BAD, BAD FREDDIE to be in cahoots with these slimes!!! Add on one more reason to work on getting away from lending appraisals! If Freddie wants to insist on this 'portal', they ought to pay for it!

Wonder just WHO is making the money off this!?!?!?!?

If 5,000 appraisers sign up and pay the $350 each.... that's $1,750,000 just in initial fees!!!!!!!

20,000 out of about 80,000+/- appraisers sign up: $350 x 20,000 = $7,000,000!!!!!!!!!!!!

WHO owns this site???
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
BCE Emergis lost my respect about 7 years ago when the contacts were all heavy accented Canucks (with ATTITUDES).

They billed me for a bunch of stuff that I should not been billed for inclusive some erronious messages that THEY sent to me. Being a small office I noticed and asked that those charges be removed from my bill.

Then they still charged me for several months of 'use' after I had told them to (well we won't say exactly WHAT I told them :twisted: )...

Then there was 7 or 8 months of wrangling as they attempted to collect on what I considered erronious charges.

The billing office(s) are now located in the states, you get to talk to American English speaking folks who are a lot nicer.

I think they are stripping data from every thing that goes through their 'portal'. I am not big into conspiracy theory, but this seems to me to be a pretty major anti-appraiser scam.
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
I like this idea!!!

I think I'll start marketing again--charge my new clients a one time up front fee of $350, a $50 a year for-me-just-bein-here fee, and a $5 per EDI fee--oh, and I need your bank account number so I can collect my fee--fee.

Think of the possibilities--we can start chargin everone, or every company who wants our business! We can call it a--if-you-want-my-business-fee.

As far as I'm concerned this is a dead experiment that ended in the 90's.

-Mike
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Carol,

I can't believe that you would EVER consider allowing someone unfettered access to your bank account. Why don't you just write the number and access codes on the wall of your nearest public restroom?
 

Carol

Sophomore Member
Joined
Feb 6, 2002
Airphoto--no way will I sign up under these conditions. Sorry state of affairs .....greed of the highest order. But this is Freddie Mac and I bet plenty of appraisers will sign up anyway. All appraisals generated as a result of Loan Prospector will be processed through BCE Emergis' portal. As I said, I am interested in any other feedback or info other appraisers have regarding this situation.
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Carol,

Think I saw somewhere where no-one knew of anyone who'd done any FreddieMac work .. might be an interesting poll ..

Feel like I recall having an argument with SMS (before their demise) when the Loan Prospector was being tested .. they'd order appraisals for Freddie Mac, and were all kinds of offended when I filled in the blank with:
"MAC, Frederick" as the client ..
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
So let me chime in here for a minute or two. Freddie Mac is saying all appraisal orders must go through BCE Emergis or they will not purchase the loan? If this is how I am reading it does this not take the ordering of the loan away from the Loan Officer? Ok so BCE is ordering the appraisal for Freddie Mac do we collect the fee from BCE? Are they giving every appraiser access to their account so the appraiser can take their fee from their Bank Account? Who is responsible for payment and when do you receive your payment? If they are say 45 days late on paying do they wait 45 days after they pay to take that $5? Just some questions for clarification.

Secondly playing devils advocate; if this works and takes the appraisal ordering process from the LO and they pay your rates on time (day after completion) and the LO could not hassel you after completion or try to pressure you before after and in the future of completion of the loan and no more stupid request for comp checks would this not be worth it? Raise your fee the $5 or $25 dollars to cover the yearly costs.

Just some thoughts and questions.

Ryan
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks