The battle for control of the polycarbonate space is heating up. Generally referred to as clear boarding, Fannie Mae has ordered all of their properties to be replaced by it in the stead of plywood. And while firms like SecureView, ran
by Safeguard Properties’ founder, Robert Klein have touted the product as a be all end all, it is rapidly becoming a nightmare for Minority Females and Labor. As Foreclosurepedia recently reported, within months of roll out, Cyprexx, only the second FNMA approved vendor by and through their Invisiboard, jacked the prices up arguing a TWENTY FIVE PERCENT increase on their end with respect to pricing wholesale. Only problem is that FNMA is not increasing the price they pay to install it. And, when coupled with the simple fact that National Association of Mortgage Field Services (NAMFS) Members all have mandatory, embedded discounts in play upon that which FNMA pays, the reality is that clear boarding may be the straw which broke the camel’s back. Fact of the matter is that FNMA allows the reglazing to be bid and many are doing just that as opposed to paying the exorbitant markups which every NAMFS Member marketing the material is doing. Even more concerning according to those we spoke with is the specter of charge backs on the latest half baked scheme rolled out by Eric Miller & Co.
While Lowes has played with the idea of attempting to enter into the market space, according to Brian Deal, fact of the matter is that Home Depot is entering, come August.
Home Depot’s currently advertised price is $407.13 which no one would pay for. Curious what the price is come August? $110 flat. And you pick it up in the store Nationwide. And that will most assuredly give SecureView and Cyprexx a run for their money. Only problem is that it is through a discounting program financed by what appears to be both the Originator and Prime Vendor, Mortgage Contracting Solutions (MCS), in this case. This would tend to violate the terms of an independent contractor. The same argument is made about Cyprexx providing the product to alleged independent contractors. Where we already have two, federal rulings that have determined Minority Females and Labor are misclassified employees and a final one against MCS in a matter of weeks, it just goes to show that regulation is coming and it will be swift when it hits. The only people whom seem not to understand this are the Miller Regime!
