# PAS is going down the same path as FAS



## Splinterpicker (Apr 18, 2012)

I have had approved invoices not getting paid on yard cuts then do a dewint. 12 days check is hand. When the Realtor looks on the portal these clowns say PAID on all invoices.:no:

UNBELIEVABLE 

Anyone else having a similar experience with them ??


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## JDRM (Apr 16, 2012)

Who is PAS?


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## Splinterpicker (Apr 18, 2012)

premier asset services


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## Guest (Aug 8, 2012)

Yuppers. The realtor for us is saying they don't show paid and just keeps resubmitting duplicate every week. We got 2 checks this week but are still 90 out on some. Our Realtor said they are going thru internal changes again. Taking properties and reassigning them saying they are to "far" from their office.


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## Guest (Aug 8, 2012)

Not having that problem with them "yet". Receiving check in the mail in 10 days-2weeks, although it used to be 7-10 days. Grass cuts/re-cuts, re-hab work, misc repairs. I heard they cut out 50-60% of the Brokers giving all the properties to the remaing 40+% and making some internal changes which has slowed things down as far as payments. One of the Brokers I work with complained and found out some of the "newbies" handling approvals for payment have been dropping the ball.
All in all, THE BEST CLIENT I'VE WORKED WITH IN THE LAST 2 YEARS


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## thanohano44 (Aug 5, 2012)

danny1217 said:


> Not having that problem with them "yet". Receiving check in the mail in 10 days-2weeks, although it used to be 7-10 days. Grass cuts/re-cuts, re-hab work, misc repairs. I heard they cut out 50-60% of the Brokers giving all the properties to the remaing 40+% and making some internal changes which has slowed things down as far as payments. One of the Brokers I work with complained and found out some of the "newbies" handling approvals for payment have been dropping the ball.
> All in all, THE BEST CLIENT I'VE WORKED WITH IN THE LAST 2 YEARS


Loved doing work for them. The broker we worked with was doing some shady ****. He lost the ability to list their properties.


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## Guest (Aug 9, 2012)

Going down? 

they've been owned by FAS for over a year or so. PAS used to be Wells Fargo's BACFS


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## Guest (Aug 9, 2012)

As I stated in previous posts about PAS, I'll ride this train till it runs out of track. One of the brokers I work with seems to get the majority of properties in my area from them. The other Brokers, not so much. I'm not on the "Repair Dept's" approved vendor list, still waiting to move up the list. Long story short, had a partner, parted ways in January, had to change company name and re-file everything, but still getting all the work that they let the Broker get bids on. If they have the repair dept get the bids then my chances of getting the job are diminshed greatly. I still submit a bid to the broker that he submits to the repair dept and sometimes I get the work via "agent referal". Just changed the locks on a house yesterday,(4000sq ft) 2+acres of land needs alot of outside grounds sprucing up, around 4k of work that I'll probably get next week but the big ticket work (50k ish), (int/ext painting,carpet,re-finish hardwood,etc) will be 50/50 at best on me getting it.


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## Guest (Aug 9, 2012)

Cruz @ ANDERCO said:


> Going down?
> 
> they've been owned by FAS for over a year or so. PAS used to be Wells Fargo's BACFS


That's odd. The last check I received from PAS still had Wells Fargo's name on it. Not just drawn from a Wells bank, Wells Fargo was the name on the check.


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## Splinterpicker (Apr 18, 2012)

Cruz @ ANDERCO said:


> Going down?
> 
> they've been owned by FAS for over a year or so. PAS used to be Wells Fargo's BACFS


where did you hear this or what proof do you have ?? I still submit bids and they get approved with WAY BETTER than FAS pricing. Without some documentation of the purchase / merger I don't see it in the operations, and they pay within 12 days. FAS minimum 30 days out


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## Guest (Aug 15, 2012)

splinterpicker said:


> where did you hear this or what proof do you have ?? I still submit bids and they get approved with WAY BETTER than FAS pricing. Without some documentation of the purchase / merger I don't see it in the operations, and they pay within 12 days. FAS minimum 30 days out


I was actually a 21 day vendor with FAS for the last 2 years or so. They overnighted me a check every tuesday for work that was completed during the week of 21 days back. Now of course we only have 3 houses with them any more...


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## Splinterpicker (Apr 18, 2012)

tenec said:


> I was actually a 21 day vendor with FAS for the last 2 years or so. They overnighted me a check every tuesday for work that was completed during the week of 21 days back. Now of course we only have 3 houses with them any more...


Makes me wonder if with the Sg purchase of BOA property management if FAS is REALLY screwed. I am afraid I dont see it anyother way. Why would SG let FAS have a the work ??
A cardboard house on a scateboard is going to be my new RV. I'm outta here


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## BPWY (Apr 12, 2012)

splinterpicker said:


> Makes me wonder if with the Sg purchase of BOA property management if FAS is REALLY screwed. I am afraid I dont see it anyother way. Why would SG let FAS have a the work ??
> A cardboard house on a scateboard is going to be my new RV. I'm outta here








SG should call up FAS and tell them " we hear you're a little slow over there and struggling a wee bit. We're prepared to make you an industry standard offer to buy you out."


And the proceed to offer them FAS style pay for the entire thing. :laughing: :laughing: :laughing: :laughing:


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## Splinterpicker (Apr 18, 2012)

BPWY said:


> SG should call up FAS and tell them " we hear you're a little slow over there and struggling a wee bit. We're prepared to make you an industry standard offer to buy you out."
> 
> 
> And the proceed to offer them FAS style pay for the entire thing. :laughing: :laughing: :laughing: :laughing:


We live in interesting times 
I think Dale M got out at the right time and let someone else purchase a chrome coated sinking ship


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## Guest (Aug 16, 2012)

as hard as I try I just can`t feel sorry for them:thumbup::thumbup::thumbup::thumbup:

make your bed lie in it!


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## Guest (Aug 16, 2012)

PropPresPro said:


> That's odd. The last check I received from PAS still had Wells Fargo's name on it. Not just drawn from a Wells bank, Wells Fargo was the name on the check.


Not 100% sure, but I believe it's LPS not FAS that has an association with Wells Fargo/PAS now. Back in February one of the Brokers I work with told me. I contacted LPS to see about signing up but they require that damn E&O insurance so I passed.
All the checks I receive are Wells Fargo "Mortgage Services"


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## JDRM (Apr 16, 2012)

danny1217 said:


> Not 100% sure, but I believe it's LPS not FAS that has an association with Wells Fargo/PAS now. Back in February one of the Brokers I work with told me. I contacted LPS to see about signing up but they require that damn E&O insurance so I passed.
> All the checks I receive are Wells Fargo "Mortgage Services"


95% of my work orders from LPS are wells fargo poperties, since chase properties are no longer being serviced, and I personally would get the E&O if that would get you in bed with LPS, I think they are great to work for! It is not that expensive, I pay 85$ monthly for GL and E&O, although it will be going up im sure once they audit me. :thumbup:


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## Guest (Aug 16, 2012)

JDRM, 

E&O at $85.00/month? I'm sure we eould love to know the name of your carrier. Minimum premium with all the carriers that offer Property Preservation E&O is in the $2500 range for up to $40,000 in receipts.


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## SwiftRes (Apr 12, 2012)

FremontREO said:


> JDRM,
> 
> E&O at $85.00/month? I'm sure we eould love to know the name of your carrier. Minimum premium with all the carriers that offer Property Preservation E&O is in the $2500 range for up to $40,000 in receipts.


Here was my quote from last November, specifically for property preservation, . Each $ column is for $1k/$2.5k/$5k/$7.5k deductibles. It does note in policy that mold remediation is excluded. I went with another policy, don't have that on hand, but want to say it was around the same pricing. This is for 6 digit gross.

$250,000/$250,000 $757 $718 $700 $681
$250,000/$500,000 $963 $914 $890 $867
$500,000/$500,000 $1,100 $1,045 $1,018 $990
$500,000/$1,000,000 $1,307 $1,241 $1,208 $1,176
$1,000,000/$1,000,000 $1,375 $1,307 $1,272 $1,238
$1,000,000/$2,000,000 $1,650 $1,568 $1,527 $1,485
$1,000,000/$3,000,000 $1,788 $1,698 $1,653 $1,608
$2,000,000/$2,000,000 $1,993 $1,894 $1,845 $1,794

Edit: Mt Vernon is carrier.


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## JDRM (Apr 16, 2012)

FremontREO said:


> JDRM,
> 
> E&O at $85.00/month? I'm sure we eould love to know the name of your carrier. Minimum premium with all the carriers that offer Property Preservation E&O is in the $2500 range for up to $40,000 in receipts.


I will pull my quote, it has been a while. I use york jersey.


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## Guest (Aug 16, 2012)

I just got a quote for e&o from 3 of the approved carriers and the minium charge is 2500 a year and its 13.4 per 1000 in sales. That was the cheapest, york jersey was almost double that. I currently have insurance thru the hartford insurance and its for mortgage field services and a pay 9.7 per 1000 and it has no minium. Some of the nationals require a select group of agents so if you want to play your have to pay.


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## Guest (Aug 17, 2012)

wmhlc said:


> I just got a quote for e&o from 3 of the approved carriers and the minium charge is 2500 a year and its 13.4 per 1000 in sales. That was the cheapest, york jersey was almost double that. I currently have insurance thru the hartford insurance and its for mortgage field services and a pay 9.7 per 1000 and it has no minium. Some of the nationals require a select group of agents so if you want to play your have to pay.


Sounds Like SG told them to that a long walk off a short plank!:thumbup:

sorry but e & o insurance in for realtors!


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## Guest (Aug 17, 2012)

SwiftRes said:


> Here was my quote from last November, specifically for property preservation, . Each $ column is for $1k/$2.5k/$5k/$7.5k deductibles. It does note in policy that mold remediation is excluded. I went with another policy, don't have that on hand, but want to say it was around the same pricing. This is for 6 digit gross.
> 
> $250,000/$250,000 $757 $718 $700 $681
> $250,000/$500,000 $963 $914 $890 $867
> ...


Mt Vernon does not write Property Preservation E&O. They do write a property management policy with no extensions of coverage for contracting over $30,000 per year. That is underwriten by Essex Insurance Company. 

A.M. Best says there is a Mt Vernon Fire Insurance Co who is a "fire only" insurer....


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## Guest (Aug 17, 2012)

Starbaby,

I understand your feelings about it should be only for realtors...or doctors...or lawyers...or insurance agents .... or.......******X

The reason why all these companies only allow a certain group of carriers is because they know that these "select" group of companies extend coverage to the "Service Company" NO OTHER COMPANY does that but these few (3-4). There are a lot of JOKE companies out there that say they provide coverage but in reality they don't. 

Personally, If these companies did not use the contractors policy to cover themselves than E&O would not be required. Otherwise, ALL contractors need E&O if required or not.


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## Guest (Aug 17, 2012)

FremontREO said:


> Starbaby,
> 
> I understand your feelings about it should be only for realtors...or doctors...or lawyers...or insurance agents .... or.......******X
> 
> ...


I understand the reason for it and really would have a problems with it. but these companies are getting so bad with there pay,it just seems like a joke. like FAS worked for them for yrs and then they started requiring us have e& o insur. I will be dropping them when I have to renew my insuanre with them.


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## Guest (Aug 17, 2012)

Yep its screwed up..... make sure to purchase tail insurance when you drop the policy. That is when these service companies start turning claims on your policy. Crap stuff from years ago ALL get dumped on your policy to see what they can collect on and UNFORTUNATELY you (contractor) gets to pay the deductible on every freakin claim UNLESS you close a LLC or Corp otherwise the basturds go after you personally.


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## HollandPPC (Sep 22, 2012)

FremontREO said:


> Yep its screwed up..... make sure to purchase tail insurance when you drop the policy. That is when these service companies start turning claims on your policy. Crap stuff from years ago ALL get dumped on your policy to see what they can collect on and UNFORTUNATELY you (contractor) gets to pay the deductible on every freakin claim UNLESS you close a LLC or Corp otherwise the basturds go after you personally.


This is a true story. CYA


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