Broker Price Opinions have been around for over 20+ years. Even after all this time, there isn't one adopted set of standards or guidelines in the valuation industry which classifies exact requirements from those offering BPO's. Unlike the appraisal business, that uses the Uniform Standards of Professional Appraisal Practice (USPAP), the BPO business is still evolving in this area. Thankfully, an organization stepped up the plate to help bat in defense of the BPO business having similar standards and guidelines.
The BSB BPO Standards Board and the National Association of Broker Price Opinion Professionals (NABPOP) saw a void in the BPO Industry that needed to be filled. They took that opportunity to create a uniform, standardized system called the BPO Standards and Guidelines (BPOSG). This system is now being recognized and accepted throughout the entire industry! They deserve MAJOR Kudos for that!!!
To date, the BPOSG has been adopted by more than a handful of BPO and REO companies across the nation. Fortunately, solid training opportunities are now available for those in the industry because of the creation of the BSB BPO Standards and Guidelines.
I feel that it is absolutely critical to the success of those in the BPO and REO business to be familiar with the NABPOP's Standards and Guidelines. As agents are completing BPO orders, they find that a company doesn't offer a set of guidelines on how to complete their forms, this would be a perfect opportunity to break out and utilize the BPOSG. If you haven't downloaded it yet, click here to do so right now: http://www.bpo-university.com/bposg.html
Founder of BPO University/Co-Founder of BPO Automation Group