The far reaching effects of President Biden’s Executive Order on Ensuring Adequate COVID Safety Protocols for Federal Contractors are just now being realized. Over the past week we have been taking a deep dive with the US Department of Housing and Urban Development (HUD) and their Management and Marketing (M&M) Asset Manager (AM) and Field Service Manager (FSM) contracts. We learned that COVID vaccinations will be required for those subcontractors actually perform services upon HUD’s distressed assets. Many have been curious, though, whether only Labor will be required to vaccinate. For example, Listing Agents whom interact with the asset are similarly situated when it comes to both contracting and spreading COVID. That question was answered yesterday,
As a listing broker performing on Federal property, they would either need to have been vaccinated or provide proof that they had received a negative test within the last 3 days any time they are required to be on site at a HUD owned property.
And while Labor is generally unorganized, the Realtors are all members of the National Association of Realtors (NAR). Foreclosurepedia reached out to the NAR last week and have had no comment. It is rather surprising being that the NAR was the top spending lobbyist for 2020. Part of the NAR’s refusal to comment may be connected to the the Justice Department’s Antitrust Division filed a notice of withdrawal of consent to a proposed settlement with the NAR. The department has also filed to voluntarily dismiss its complaint without prejudice. The department determined that the settlement will not adequately protect the department’s rights to investigate other conduct by NAR that could impact competition in the real estate market and may harm home sellers and home buyers. The department is taking this action to permit a broader investigation of NAR’s rules and conduct to proceed without restriction.
Labor within the Mortgage Field Services Industry appears to be evenly split on COVID vaccination. The predominately blue collar sector looks at the latest round of regulatory compliance far differently than the white collar sector. Fact of the matter is that while Management continues to force down compliance, it does such as unfunded mandates. The last price increase in the Industry was years ago and, in fact, pricing has continued to plummet as we will discuss in future articles.
With respect to vaccinations, there are no costs associated with them. The compliance, though, is another story. The infrastructure is there which is one good thing. In fact, one Massachuttes based firm is offering verification of not only COVID vaccination and testing, but additionally includes verification of background checks, education, and insurance The cost? It’s under $40 per year and includes real time integration with any work order system. The larger question which presents is whether or not the National Association of Mortgage Field Services (NAMFS) will attempt to hijack it for personal gain as they did with the background checks and allowing Aspen Grove Solutions to monopolize. Millions of dollars are made off the backs of Labor having to submit to the background checks — which not a single financial institution or US government agency requires — while Management is not subject to them. There is valid concern that the same thing will apply with COVID vaccination.
