The headline from Safeguard Properties today is that 4,200 victims — err, vendors — have joined their network in FY2022. In good times or bad, that number is a testament to the turnover ongoing in Ohio. Fact of the matter is that I would be extremely concerned when a NAMFS member publicly admits that they have an extremely high onboarding rate while refusing to concede the attrition rate. At the end of the day, it is white noise in an echo chamber. With rates as low as they are in the Industry today, coupled with 7.1% inflation, the reality is that the $3 inspections being rolled out are actually only worth about $2.18 in today’s money. And when you factor in the profit column of chargebacks, most vendors are making a negative return on investment. And when you combine this with Altisource’s new $199 fee to get paid for work; when you factor in the inordinate amount of money being dumped into Deanna Alfredo whom spent nearly two years as the Business Director for a foreign national in India and now packed full of cash by ZVN; and when you look at the foreclosure rates still far below pre-pandemic levels, the reality is that the time to exit the Mortgage Field Services Industry is now!
As you look towards 2023, the time to prepare entering the real work force is now. Now is the time to begin working towards US government contracting, tenant occupied flips and turns, as well as getting your technological house in order.
We wish those still trapped in the abusive relationships with NAMFS members a Happy Holidays and when you are ready to make the jump, we will be here to assist in a comfortable landing!