July 17, 2007

Introducing the Opportunity System

PCV Murcor is very pleased to announce its new order assignment process. It is called the Opportunity System.

With the Opportunity System, each order will be offered to multiple vendors at the same time. The vendor who first accepts the order will receive the assignment.

The assignment is sent out to all our vendors who service the area where the property is located. They have the opportunity to Accept, Decline or submit a Counter Offer. **Please note that if you Accept the order you are agreeing to the terms of the request; Fee, Due Date, Order Type and Requirements for the report.**

The assignment will appear in your New Opportunities queue until someone accepts it. It will then be automatically displayed under Open Orders on the accepting vendor’s dashboard. If you either decline the assignment or submit a counter offer, it will still show on your queue until the order is assigned to someone else. You will be given the ability to change your mind. You have an option to accept the assignment until someone accepts the order.

In an event that you submit a counter offer, a status showing Pending Approval will be displayed. When a request is denied, the assignment will automatically be removed from your New Opportunities queue. On the other hand, when a counter offer is considered, the revised Offer of Work will be sent out for confirmation. It will still show under the New Opportunities section, with a status showing Counter Offered Accepted. YOU MUST CONFIRM the counter offer before beginning to work on the assignment.

TERMS:

Vendor Dashboard - It is the vendor’s PCV Murcor homepage where it lists the vendor’s new, current and old assignments. http://dashboard.pcvmurcor.com

New Opportunities – A queue in the Vendor Dashboard that shows all new assignments offered to multiple vendors. Immediate response to Accept, Decline or Conditionally Accept the assignment from the vendor is needed.

If you have any questions, please contact your Vendor Support Specialist.

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I pray for a time when the tables will be turned to these type of arrangements.

Are they hardballing fees? Doesnt seem that out of line, first come first serve, better than a comp pull first.

Similar to how some banks order commercial assigments

All the big lenders use a similar system for commercial, but it's not usually on a first come/first serve basis. In commercial there are so many different variables and different scopes of work, they get bids over a day or two, then decide.

Having come from a residential background, I can understand Anna's frustration. It has to do with getting tons of mass emails while you are out of the office asking for a fee quote, then getting one at the end of the day cancelling the request. But I agree with Tucker that it's a heck of a lot better than a call from some phone monkey asking for a comp check.

Hope you are not working for the posted fees. $200 for a 1004. That is PCP(not a typo...lol) way of getting lower fees. Let the scavengers bid to get the job. Lowest and fastest wins.

Turn the tables... we have to do that. Don't take the assignments.

Yeah, if they are using it to lower fees, Im not for it. But if fee is not an isse then like I said its better than "Comp pull fishin".

We decline this order because we do not accept "blanket orders", where several appraisers appraise the property and the highest appraisal is accepted at the lowest fee.

Be advised that your firm and relevant communications is being forwarded to the "Mortgage Fraud Division" of the Federal Bureau of Investigation in Phoenix, Arizona.