I'm in Colorado Springs and there are roughly 20 agents in the network already. How many REOs are they planning on dealing with to need so many agents? Today is my last day in their system and I'm not renewing because I don't do BPOs for a discount.
Lamco is the proud owner of an REO slot machine. You do a few BPOs so you have some coins to put in, and then pull the arm and see if an REO comes out. Most of the time no and if you win you should quit while you are ahead. Sometimes they send the email stating a potential listing, but that's just a spin that came up with 2 out of 3 for REOs when you have to get all 3 to win. I gave it a shot and don't recommend them. Nice people but I don't believe in what they're trying to sell.
I signed up with LAMCO in florida around Sep 2010 & did not receive a BPO or REO listing until June 2011 at which time I was sent an ext BPO order to perform. I accepted the order, completed the report early & have yet to be paid. I have been getting emails requesting that I sign up for their lifetime membership for almost $500. I replied that I was not inclined to register agin due to the lack of activity but I would be willing to pay the fee if they could provide me with referrals of agents in my area that have been getting REO/BPO assignments. In response I received a call from the sales person but was on the phone with an asset manager for another AMC. He had left a very condescending voice message that he could provide agent referrals but that successful agents answer their phone. I would not recommend this company based on my experience above. I hope this helps.