Tue Mar 28 8:40:59 EDT 2023
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The New Norm: Lack Of Labor Prompts Deep Cuts At Nationals

The following are a few excerpts from a larger article appearing on Foreclosurepedia over the weekend which occurred between Foreclosurepedia and several pre and post conveyance providers in the Mortgage Field Services Industry.

On layoffs and tech:  The layoffs are coming and it is going to be the new norm. Look, the only way any of us are still around is to have our names tacked up on the little plastic banners at the Five Star or IMN or wherever. But that comes at a steep price. We’ve peeled back just about as far as we can on what we pay Labor. Technology, if you call it that, really happens behind the scenes. PPW — Verisk as you say — is really just this front facing piece that collects information from those in the field. When it comes into us we have to mold it. You are right when you say that for every work order issued, we repackage it multiple times. But that is done with other pieces of tech that we pay for.

On lack of capitalWhen you spoke of capitalization and who has it and who doesn’t you kinda hit a sore spot with a lot of C Level folks. As you know, we are not owned by a larger firm and I don’t think hedge firm is really the right word, but I’ll roll with it as it’s generic. Look, my company is paying when paid I mean we have capital to fall back on but why wouldn’t I? When I have to compete with say Guardian who has the ultimate backing of two huge entities and backstopped by SoftBank, it’s hard to make mistakes. And then the problem of Labor. I know you continue to drive home the point that Labor is getting the shitty end of the stick, but the reality is that many of these folks have nowhere else to go. I mean that is capitalism. So, if I make a mistake or a GSE decides not to pay me or slow pay me I still have to pay Labor and that comes out of my pocket immediately. MCS, Guardian hell ServiceLink can all go to their parent companies and pull the money. I’m not saying that’s unfair, but it makes it hard because I have to go pull that note at a higher rate if I don’t have the capital in house.

On EducationThe one thing none of us want is ongoing education in the Industry under one roof. I know that sounds horrible, but look there isn’t one size fits all. You were talking about how we all repackage a work order and the problem there is that I may have a I don’t know a FHA inspection, ok? And then I know that I have a Client whom is on the marketing side of that — appraisal, the realty side, whatever. So, I may throw in a few more photos like up and down the road. But when you test someone, say on the FHA regs and it doesn’t call for that then the education butts up against regs and that gets dicey. All of us tell our vendors how to do the work order and many of us have instructions on the website on how to do it. Forget about the employee misclassification, what I am driving at is we all have a way of doing it and that is how we market it upward to the Clients we bid on.

On ChargebacksYeah, you really stirred up a shitstorm on that some years ago. Everyone knew it was a line item to bump the margins, but look, some of them were spot on. I saw that article about NFR and how they were squirming around to explain the Wells Fargo sheets sent over and that is really kinda how it goes down. We used to have Teams that could fight them, but honestly there is no longer that kind of money floating around. And if we start kicking up dust, then our Client might decide not to renew our Contract. If you want someone to blame, blame HUD or the banks. HUD knows exactly what is going on and if they thought it was wrong they would have come down on us a long time ago. I’ll grant you it’s all cat and mouse. You follow the cases; it’s no mystery. I mean it’s the cost of business and it doesn’t just hit Labor, as you say, we eat a lot of them ourselves.

Sand Castle Field Services Leads Charge Refusing To Pass On FNMA Pay Hikes

You knew it was coming when Foreclosurepedia first published on the pay raises issued by Fannie Mae several weeks ago. #TwoForVerisk NAMFS Executive Director Eric Miller and NAMFS President Matt Zoldowski's faux statements about committing funds for Labor were as transparent as HUD's discussion about Verisk's monopolization of software in the Mortgage Field Services Industry last month. Serial fraudsters to the very end.

The reply of Sand Castle, coming on . . .

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Detroit News Lays Out The Brian Johnson Drug Lord Conviction

Brian Johnson, former NAMFS member and GTJ Consulting President's $10 Million in embezzlement for drugs continues to be a thorn in the side of the Industry. #TwoForVerisk, NAMFS Executive Director, Eric Miller, and NAMFS President Matt Zoldowski already are under a cloud of suspicion with respect to a potential antitrust situation with Verisk controlling the only software used in the Property Preservation Industry sans inspections. And when Foreclosurepedia broke the story, back in 2018, building on . . .

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Guardian Emerges As Leading Force In The Industry

Guardian Asset Management, currently performing over 90 percent of all Housing and Urban Development (HUD) Management and Marketing (M&M) Field Service Manager (FSM) work orders has been quietly making the transition into Single Family Residence (SFR) portfolios, tenant occupied maintenance, and tenant turns. It was a natural progression that many have missed due to their inability to have both capitalization as well as a solid network of Labor. At the helm are Jerry Mavalia as CEO and Dan Leader as Chief Operating Officer. Both bring decades of experience and it shows when you begin to drill down!

Credits: REI INK November 2022

It is one thing to simply land a contract and pump out the work, it is quite another to work with Labor! And Guardian has been hitting all of the notes. In discussions with the International Association of Field Service Technicians (IAFST) Foreclosurepedia spoke with and was advised that not only are pay rates increasing, the timelines of pay are becoming more in line with real world expectations. Quicker pay? Who can argue with that?! In our discussions, we were highly impressed in the diversity in the portfolio, overall.

As we recently saw, with respect to Spectrum Solutions losing all of their money in the collapse of Silicon Valley Bank (SVB) and having to rely on the FDIC to replace their deposits, Guardian is in a completely solid position when it comes to the ability to nimbly ensure that Labor is paid. Many members of Labor are still awaiting Spectrum’s payments and in an environment where cash is king, Guardian is batting 1000 which is what Labor cares about, at the end of the day.

One of the great administrative decisions Guardian implemented is the ability to deep dive payment issues. From the IAFST’s point-of-view, having payment issues addressed in 72 hours of less, is at the forefront of why their Membership ranks Guardian at the top of their list. And the stats are equally impressive! According to REI INK’s November 2022 article, they are off the charts,

22.5M inspections completed, 8.2M properties secured, 8.7M properties maintained, 5.6M homes repaired, and 15 years in business.

The verdict is in! If you want to perform in the Mortgage Field Services Industry or on the Single Family Residence side, Guardian is the company to be with during these uncertain times! You can apply directly below and a Guardian representative will reach out to you to discuss onboarding today!


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Spectrum Solutions Gets Hit During Silicon Valley Bank Collapse

It is the age old story of pushing off problems on Labor's shoulders. Spectrum Solutions just sent out the below email stating that because Silicon Valley Bank collapsed, they couldn't pay, but don't worry, they would get that money out just as soon as the FDIC cleared it. Look, it demonstrates two things about National Association of Mortgage Field Services (NAMFS) members: 1) They will place all of their losses on your shoulders; and 2) You will never share in any of the profits. Additionally, Spectrum . . .

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