ValuAmerica's main function is setting up lender-owned vendor management companies. ValuAmerica provides the software and the vendor lists and gets them started. A couple of years ago, they decided that they could save their clients' boat loads of money if they could get the abstractors to type all of their searches into their website. Now, the lenders can fire most of their typists and let their abstractors do that work.
As an added bonus, ValuAmerica saw an opportunity to make money too. They knew the abstractors were so desperate for work that not only would they continually lower prices for work, they would also do all the typing and PAY for the privilege. Thus the "technology fee" was born.
ValuAmerica has pressured some into accepting the additional workload and paying the additional fee per order by telling them that their network of lenders would only use them if they agreed.
So... if you want to do more work and not only do it for less... BUT PAY THEM FOR THE PRIVILEGE... completing that vendor enrollment package was your first step. Personally, I would not-so-politely decline.
Best,
Robert A. Franco
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