Over the past several weeks, storms have ravaged the Midwest and Southeast. Foreclosurepedia was not immune to them. And while the Foreclosurepedia Nation stepped forward to assist us getting set back up again, an odd thing was afoot. Inspections were bottoming out, across the board. In fact, firms that used to receive enormous amounts of disaster inspections had only a trickle of them flowing out. Moreover, though, Mortgage Contracting Services (MCS), through their parent company Littlejohn & Co.‘s recently purchased GIS Field Services, are failing to meet their quotas. It is no surprise as GIS Field Services pays $5.90 per inspection in New York City and Chicago and throughout vast swaths of the Midwest and Southeast.
Sticking with the mysterious pre-conveyance inspections disappearing, Realtors nationwide are reporting the abysmal conditions of what little inventory remains in the HUD M&M AM and FSM. 24 Asset Management led the charge in historic cuts in pay by offering $15 for an interior and exterior inspection combined with a maid service and grass cut. And JGM Property Group‘s attempt to create P 4 Management LLC to keep funds rolling and sidestep HUD C.5.1.12.5 isn’t sitting well with Labor, either.
When it comes to Field Service Technicians and their rate of pay, things get even worse. The normal 60+ days wait for pay coupled with the worst 6-month Core and Core Services PCE inflation jump has eroded Labor’s willingness to get bogged down in a battle of chargebacks. Building on that, the lies being told about HUD Adjusted Bid, are coming back after the work is done. And when you bring in the fact that MCS demands up to a THIRTY FIVE PERCENT kickback — no other word for it — most firms are simply done with the bullshit.
Recently the IAFST Federation of Labor (IFoL) began to take matters into their own hands. As a labor-centric caucus of the International Association of Field Service Technicians (IAFST), IFoL has already begun reaching out to Fannie Mae, Freddie Mac, and HUD demanding answers to why hundreds of millions of dollars in price hikes have been give to Prime Vendors without a penny going to Labor. With some not content to allow the process to work its way through the system, some are calling for unionization. We are currently reviewing some documentation making its way to the Consumer Financial Protection Bureau (CFPB) which has begun the inevitable amplification of anti-trust claims. Taking note of the fact that two institutionally based funds control the vast majority of the Industry with each lowering the price each time they buy a company, it may soon be beyond their spin control.
IFoL’s segway into the insurance industry, in combination with their large move into property and facilities management — both in the public and private sectors — has begun to increase the pay of Labor substantially. It has also begun to reduce the amount of skilled Labor in the Industry. And no amount of spin or rhetoric from the order mills, the underlings of Prime Vendors, will change that.
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