What comes around goes around. National Association of Mortgage Field Services (NAMFS) members are poised to push out a round of permanent layoffs of Vendor Management (VM) Teams in the next several weeks. The millions of dollars obtained by NAMFS members through PPP — documented below — appear not to have been enough. And for many within Labor, the news is bittersweet after the abuse and lack of appreciation they have stomached during COVID. As one contractor put it, “It couldn’t happen to a more deserving group of people this Christmas.” Reflecting back upon the thousands of emails I have received with respect to NAMFS member fraud, I would tend to agree.
It would seem that downsizing is ongoing everywhere. Foreclosurepedia spent the earlier part of last week speaking with people about ResiPro‘s loss of the Hudson Home Management contract throughout the Northeast.
Many knew that ResiPro would be on the chopping block. With fifty percent down payments taken and work not being completed — or completed with a cornucopia of issues — Hudson’s purchasing of Northsight Management was inevitably to be used upon their Portfolios. And while Northsight may be the current flavor for Hudson, the reality is that I am skeptical of their ability to perform long term. Moreover, though, the reality is that Hudson and Northsight have begun moving an employee based work force to perform services upon their larger ticket items and that will, ultimately, not bode well with Labor.
INSURANCE COMPANIES RECEIVING BAILOUT
To me, insurance companies — the very same ones whom are demanded to be used by NAMFS members — feeding at the public bailout trough is most obscene. Insurance is pre-paid and these firms testify to the fact that they are financially solvent. Needing bailout money could call that into question. Of note is that on the high end, Brunswick Insurance chose to pay their employees an amount of $3,623 +/- per week. That is over $14,000 per month if completely devoted to employees. Not bad for doing absolutely nothing other than taking Minority Females and Labors money.
GOLDEN TROUGH AWARD FOR BAILOUT MONIES
Sentinel Field Services gets the Golden Trough Award for bailout monies. According to documents exclusively obtained by Foreclosurepedia, Phil Johnsen and his Team claimed benefits for only 7 people — amazing that only 7 people work at Sentinel. If we take the high end of the funding, they are being paid $6,250 per week. That is $25,000 per month! We reached out to Johnsen in an attempt to confirm this or the possibility that there was a typo. No answer was forthcoming.
ALL THE USUAL SUSPECTS
In the same way that NAMFS, as an Association, has become corrupted as observed in its Executive Director, Eric Miller’s salary, so to have NAMFS members become accustomed to free money. In the case of Miller, his salary consumes over 99.7% of all NAMFS member dues according to their latest IRS tax filings obtained exclusively by Foreclosurepedia. With respect to NAMFS members, they have laid off enormous swaths of their personnel, continued to push misclassified employees — legally mandated Essential Personnel — into harm’s way without Personal Protective Equipment (PPE), and cranked up the chargebacks such as those at Northsight Management. Here are some of the NAMFS Regionals and what they collected.
