Eric Miller, the Executive Director of the National Association of Mortgage Field Services (NAMFS), and Matt Zoldowski, Verisk Account Executive and NAMFS President, have had a credibility problem for several years now. As the grand scheme to whitewash the antitrust implications of Zoldowski’s Verisk gobbling up all property preservation software went south rapidly, the harsh reality of Housing and Urban Development (HUD) stepping in became clear. And as if antitrust wasn’t a serous enough reason for Verisk to back off from its seizure of the Mortgage Field Services Industry’s political arm, they chose to double down and virtually take over the entirety of the NAMFS 2023 Conference. Here is what a Senior HUD official had to say about the potential for antitrust,
The price hikes as they gobble up the competition would certainly help lay the groundwork for an Anti-Trust case. Either way, it does certainly raise certain security concerns. I know that it’s at least on HUD’s radar, as it came up in an internal meeting I was in a couple weeks back where concerns were raised.
Eric Miller has presided over a decade long downward spiral of NAMFS with his salary far surpassing the total amount of member dues, for years now. As 2019 was the last time that NAMFS publicly released its nonprofit tax return, the IRS 990, many are now concerned about fraud and corruption. As a testament to the fraud, waste, and abuse emanating from NAMFS members, over seventy percent of all Labor has left the Industry according to NAMFS own documentation. So, with Labor gone and Verisk firmly in the driver’s seat of controlling NAMFS itself, the time to polish up the vampire image of NAMFS has begun. The first step has been for NAMFS to partner itself with the National Association of Default Professionals (NADP) a recently rebranded association of folks whom engage at multiple levels with distressed assets — think how vultures pick away at the bones of the dead. The reality, though, is that not a lot is really known about the new and improved NADP nor the cursory statement issued by NAMFS about the new partnership between they and NADP.
What we do know is that REOMAC changed their name in 2021 to the National Association of Default Professionals (NADP) and formed their new corporation in Florida. Strangely, though, they retained both the reomac.org branded website as well as the foundation. Mark Paniccia, NADP President, stated that the rebrand was to, “…to more accurately reflect the organization’s charter as well as better identify with the professionals and companies that comprise the association’s membership.” And while that may be one of the reasons, the reality is that the record is extremely sparse. In fact, NADP Executive Director Brandice P Pelfrey appears to wear the same hat at many institutions according to a search through Florida’s SunBiz with some of those companies dissolved.
The National Association of Default Professionals (NADP), formerly known as REOMAC, was recently selected by NAMFS to begin their clean up process. Surprisingly, while NAMFS did a press release, NADP
must have missed the Memo as it appears nowhere on their website. We inquired of NADP whether or not they had concerns with NAMFS refusing to release their IRS 990 for public inspection, required by federal law, and they refused to answer which brings yet more questions about the relationship going forward. Building on that, though, is the upside down benefit strategy wherein NADP members may attend NAMFS events for the same price as NAMFS members. The reality is that there is only one event open to NAMFS members per year which is their annual #FraudFest. And as this year’s NAMFS #FraudFest is simply a timeshare sales event put on by Verisk, I am not really looking at that one as a barnstorming event that NADP members will be breaking the doors down to get into. What we do know, though, is that the REOMAC Foundation, which appears on the NADP website, is the same name as that of the REOMAC Foundation which had their 501(c)(3) status revoked by the Internal Revenue Service on 15 May 2021. The name is the same as displayed on the NADP website located here. Once again, NADP was not forthcoming with confirmation about their foundation’s nonprofit status nor the EIN of their foundation.
This is the problem when one begins digging deep into these viper dens. One the one hand, NAMFS and NADP both have many of the same players such as ServiceLink and First Allegiance and on the other hand, the use of IRS nonprofit tax status appears to be used in order to obfuscate the horrendous losses currently being experienced. With respect to NAMFS, the numbers speak for themselves. As we begin to unravel the latest NAMFS partnership with NADP, it is having all the hallmarks of Gate House Strategies. We will keep the Foreclosurepedia Nation in the loop as we do a deeper dive. Both NAMFS and NADPÂ have our contact information should they like to clarify the record. To date, both associations have chosen to remain silent.
