C-REPS Performing Broker Price Opinions - BPOs

This page is geared for organizations who order and use Broker Price Opinions (BPOs) regularly - Banks, Lenders, Mortgage Servicers, Asset Managers, Financial Institutions, BPO & REO Companies, Appraisal Management Companies etc.

 

It doesn't cost anything to ask about a credential --- it rolls off the tongue, literally. Simply asking for a C-REPS costs nothing and will benefit you operationally on many different levels. The BPO and REO Companies who give preferred BPO vendor status to C-REPS (NABPOP BPO Certified) vendors have indicated either a very low or nonexistent BPO submission rejection rate. In the rare instances where a clarification is needed on a C-REPS BPO submission, the corrections are minimal. Simply put, C-REPS know how to do good and accurate BPOs.

 

Why are C-REPS superior? C-REPS are members of the National Association of BPO Professionals (NABPOP). NABPOP is the BPO Certification Authority for C-REPS. NABPOP provides a robust and comprehensive BPO Education and Training program for its members. The BPO Certification test is a stringent test which is designed to test and train for proficiency and attention to details, not simply good test taking skills. NABPOP's BPO certification test has developed a reputation as the best in the industry because not only is it the original BPO Certification test in the industry, it has been reviewed and vetted by many of the quality oriented BPO/REO companies, evaluated, and refined for years. NABPOP illicit input from every level of the industry - BPO/REO Companies' QC departments, banks, lenders etc... - to include input from members as part of the performance criteria to be a C-REPS (see below). NABPOP has set the gold standard for BPO Certification and Education which are are tremendous resource .

 

Asking for C-REPS to do your BPOs is a great way to support NABPOP and their efforts to advance and protect the BPO industry. NABPOP is a BPO political advocate for the BPO industry and agent/brokers rights. Political advocacy is very expensive and resource intensive. As a consumer of BPOs, simply asking for C-REPS to do your BPOs generates more demand for agents and brokers to sign up to be members of NABPOP. This not only will this give NABPOP more resources for political advocacy, it increases NABPOP's overall numbers. In the political arena, the bigger the organization the more attention lawmakers will give the organization - politicians think in terms of votes - the bigger the organization, the more potential votes.

 

There are two buzzwords in the BPO industry - turn around time and accuracy. Using C-REPS will reduce overall turn time and increase accuracy. When a BPO vendor knows the fundamentals of pricing houses and property, their accuracy increases tremendously. When a BPO vendor knows how to complete a BPO in accordance with customer specifications, rejections are rare - fewer rejections translates to faster BPO turn around time. Additionally, the BPO companies who give extra consideration don't have to spend time and resources trying to weed out the less than competent agents. A C-REPS competency is essentially established by passing the stringent BPO Certification Exam. All the AMCs, BPO, and REO Companies who recognize and give extra consideration to C-REPS have significant increases in their operational proficiency when utilizing C-REPS for their BPOs. It intuitively makes sense to use a more educated and a professional who is serious enough to join a professional trade association and go to the extra lengths to learn the right way of doing things and then prove they know what they are doing by passing an exam.

 

C-REPSThe C-REPS designation is a performance based designation. The higher a C-REPS scores on their certification test as well as the more performance criteria they complete, determines their standings with AMCs & BPO/REO Companies as well as sorting higher in the "Find a C-REPS" directory. In short, the better a C-REPS performs to maintain their designation and certification, the more work they receive.

 

The following is a summary of the requirements and performance criteria of a C-REPS.

Requirements:

  •  Member of the National Association of BPO Professionals in good standings
  •  Adhere to NABPOP code of ethics
  •  Score above 80% on the NABPOP BPO Certification test

Performance Criteria:

• Certification Score (a higher cert score = more performance points)

• Re-certify quarterly

• Subscribe to an approved data service which provides market analysis

• Contribute to NABPOP’s body of knowledge, any one or combination of the following:
      •  Participate in BPO Certification beta testing
      •  Submit case studies of BPO experiences or scenarios
      •  Review and submit suggestions on BPO educational materials
      •  Submit Certification testing questions
      •  Submit articles relating to BPOs, valuation, and/or home pricing
      •  Submit efficiency tools for BPO job completion
      •  Coach and/or mentor less experienced BPO practitioners

C-REPS Certificate

 

 

The above Performance Criteria is participation which adds significantly to the body of knowledge which each C-REPS can access. This, in turn, significantly adds to a C-REPS skill set, resources a regular real estate agent or broker do not have.