It’s been a tough year for Verisk‘s right hand man, Eric Miller. Miller, the Executive Director of the National Association of Mortgage Field Services (NAMFS) — or, as many call him, the shill for the National Association of Default Professionals (NADP) — has been less and less relevant over the past several years. Fact of the matter is that his annual #FraudFest 2024 is tens of thousands of dollars underfunded and NAMFS membership has hit all time lows under 100 as we hear. Miller’s totality of failure is best summed up by Insane Clown Posse’s Suicide Hotline lyrics, “I hit rock bottom and then I fell in a hole. And then I fell through the floor of that hole some more.” Look, anyone with a Magic 8 Ball, even without batteries, knew where this was going. I mean you have Mortgage Contracting Services (MCS) celebrating the term Boots on the Ground, which Miller hates and Bret Douglas and I coined over a decade ago; you have his membership — or lack thereof — collecting the the hundreds of millions of dollars in price hikes from Fannie Mae, Freddie Mac, and HUD all the while refusing to support Miller or NAMFS financially; and culminating the final decline of NAMFS.
For months, many of you have been asking me to get back in the podcasting seat. And we heard you. Starting next week, we will begin to crank up the Foreclosurepedia Podcast once again!
The biggest story, though is the release of the NAMFS Tax returns for the past several years, by the IRS. While 2020 is missing 2021 and 2022 paint a horrible picture there, with Eric Miller still collecting $110,000 per year plus benefits as his salary. This brought is annual salary to $118,529. To put this in clear language, Eric Miller’s salary consumes 198% of NAMFS member dues which were $59,684 for FY2022. More telling, though, is the fact that NAMFS lost $62,104 for FY2022 coming on the heels of losses in FY2021, as well. Think about that, for a moment. With consistent membership losses over the past decade, Miller’s salary has remained constant. There is no doubt that the fix is in and that the NAMFS Board of Directors are complicit. The NAMFS IRS 990 tax return spells it all out, as seen below.
The issue that presents is with volumes at all time lows and Eric Miller’s failure as an Executive Director when it comes to recruiting and membership retention, why is he still being paid such an exorbitant salary? Moreover, though why is the NAMFS Board of Directors complicit in financial losses of nearly $70,000 in order to fund Miller’s lavish lifestyle? Anywhere else, if you have failed, for over a decade, you are not rewarded with this type of pay in addition to flights, resort destinations, banquet feasts, and an open bar tab. And when this is being done to finance Verisk’s antitrust takeover of our Industry, to whom Miller is beholden to, perhaps it is time for both the IRS and the Department of Justice to not only investigate Miller, but the very Board whom signs off on his pilfering of the coffers.