Wednesday, August 4, 2021
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DUNS Number To Be Retired On SAM Accounts

Foreclosurepedia had stated, some years ago, that the requirement to obtain a Dun and Bradstreet (D&B) account and a Data Universal Number System (DUNS) number in order to participate in US government contracts unfairly forced a gauntlet of unsolicited marketing upon Contractors. The DUNS number is necessary to access the System for Award Management (SAM) which is the US government’s contract platform. While the DUNS number is free, the minute one applies for it, they are subjected to upselling which makes even used car salesmen blush. The DUNS number will be replaced by a SAM Managed Identifier (SAMMI). By April of 2022, the federal government will stop using the DUNS number to uniquely identify entities registered in the System for Award Management (SAM). At that point, entities doing business with the federal government will use a Unique Entity Identifier (UEI) created in They will no longer have to go to a third-party website to obtain their identifier. Active registrants will have their UEI assigned and viewable within; there is no action for registered entities to take at this time. This transition allows GSA to streamline the entity identification and validation process, making it easier and less burdensome for entities to do business with the federal government.

The U.S. General Services Administration (GSA) recently announced the award of a $41.8 million-dollar five-year contract to Ernst and Young LLP (EY) that will replace the decades-long contract held by Dun & Bradstreet to provide entity validation services, currently known as the Data Universal Number System (DUNS®.)

This move will affect every federal agency and the hundreds of thousands of contractors, individuals, and other organizations registered to do business with or receive grants from the U.S. federal government in this all-encompassing transition away from the DUNS to a non-proprietary unique identity identifier.

This March 18 notification is a huge blow to Dun & Bradstreet (D&B) which in just the last fiscal year was awarded over $68 million in 192 federal transactions across defense and civilian agencies. And in the last ten years, D&B realized over $639 million in federal revenues providing similar proprietary DUNS-related services to all federal agencies, according to

Foreclosurepedia will continue to monitor the situation and provide consultations to those firms conducting business with the US government.

Millions Of Evictions To Begin Monday 02 August 2021

Sixteen percent of all renters in the United States are facing eviction Monday according to the Center on Budget and Policy Priorities — that is roughly 11.4 Million people. In what has become a legal tug-of-war spanning two Administrations — Trump and Biden — the end of the road has come. And while the US Census Bureau survey pegs the number at 7.4 million tenants reporting that they are behind on their rent, 3.6 Million of those are at  “somewhat likely” or “very likely” to face eviction over the next two months. To put this in a geographical perspective, in Ohio nearly 134,000 renters say they are very or somewhat likely to face eviction. In Florida, more than 350,000 people are behind on rent. Georgia is charting 25 percent of all renters in arrears. And in New York, more than 860,000 tenants are behind on rent. It is most dramatic, though, in Texas where thirty-one percent of the 4.7 million renters said they had “no” or “slight” confidence in their ability to make next month’s rent, according to the Census survey.

The White House announced Thursday that it would not extend the moratorium because of the prospect of legal challenges, which have been spearheaded for months by landlords. The Biden administration cited a Supreme Court decision last month that kept the ban in place until July 31 but made clear that a majority of justices believed the CDC was exceeding its legal authority.

Contrary to popular belief, nearly 40 percent of all rentals are owned by mom and pop landlords. Many of these folks invested into real estate in hopes of securing retirement and instead have been forced to sell off their assets for pennies on the dollar to hedge funds whom have been borrowing at near zero percent interest — all with the blessing of the Biden Administration. It has been a double edged sword. On the one hand, the Biden Administration has allocated multi-billion dollar tranches of assistance for renters and landlords. Virtually none of that money has reached their target. In fact, New York has not even touched a single dime of the first tranche of funds. All told, out of $50 Billion only about $3 Billion has ever been used — and how much of that was used for administrative overhead is a number yet unknown.

Added to the nightmare of the inability of the Biden Administration to protect its citizens from eviction is the increased spread of COVID in the Delta variant. At the time of reporting, Florida was the epicenter reporting is highest daily infection rate ever with 21,368 cases.

For the Mortgage Field Services Industry, it is a boon. Much like morticians during COVID or roofers during the storm season, opportunities abound. The opportunities, though, are predominately with non Industry providers whom service their own portfolios. If you are interested in pursuing any of these accounts feel free to reach out for a Consultation.

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HUD To Roll Out 5 Region Inspections Contract

The US Department of Housing and Urban Development (HUD) is preparing to open up a multi-region construction draw contract. Contractors will perform inspections of HUD Multifamily (MF) projects under repair, construction or substantial rehabilitation. MF projects serviced by the Contractor under this contract will involve either HUD-insured or HUD’s Capital Advance programs. The contractor must assist all parties (owner, sponsor, architect, builder, mortgage company, consultant) in construction contract administration procedures, issues, and the preparation and submission of HUD forms. HUD anticipates awarding up to two contracts for each of the five regions but reserves the right to combine regions into one contract award if one contractor receives an award for more than one region or expand or reduce the size of a geographic region under an awarded contract. The following are the FHA Regions up for grabs,

Northeast Region (by FHA zone): Washington D.C (000) and 13 States: Connecticut (017), Delaware (032), Maine (FHA 022), Massachusetts (023), Maryland (052), New Hampshire (024), New Jersey (North 031 and South 035), New York (Buffalo 014 and New York City 012), Pennsylvania (East 034 and West 033), Rhode Island (016), Vermont (026), Virginia (051), and West Virginia (045).

Southeast Region (by FHA zone): Puerto Rico (056) and 8 States: Alabama (062), Florida (North 063, Central 067, and South 066), Georgia (061), Kentucky (083), Mississippi (065), North Carolina (053), South Carolina (054), and Tennessee (Knoxville 087, Memphis 081, Nashville 086).

Midwest Region (by FHA zone): 6 States: Illinois (Chicago 071 and Springfield 072), Indiana (073), Michigan (Detroit 044, Grand Rapids 047, and Flint 048), Minnesota (092), Ohio (Cleveland 042, Columbus 043 and Cincinnati 046), and Wisconsin (075).

Southwest Region (by FHA zone): 9 States: Arkansas (082), Iowa (074), Kansas(102), Louisiana (064), Missouri (East 085 and West 084), Nebraska (103), New Mexico (116), Oklahoma (East 118 and West 117), and Texas (Fort Worth 113, Houston 114, and San Antonio 115).

West Region (by FHA zone): 14 States: Alaska (176), Arizona (123), California (Los Angeles 122, Riverside 143, San Diego 129, San Francisco 121, and Norther 136), Colorado (101), Hawaii (14), Idaho (124), Montana (093), Nevada (125), North Dakota (094), Oregon (126), South Dakota (091), Utah (105), Washington (171 and Seattle 127), and Wyoming (109).

Below are anticipated volumes based on CLIN bidding,

HUD is anticipating that the RFP will roll out next month. If interested in bidding, reach out to Foreclosurepedia to schedule a Consultation to see if you are eligible. A DUNS and SAM Account are both required. If you do not have one, Foreclosurepedia is able to obtain them for you.

Wells Fargo Removes Personal Lines Of Credit

In a sign of the times, Wells Fargo has announced that they are ending all personal lines of credit. The bank is shutting down all existing personal lines of credit in coming weeks and no longer offers the product, according to customer letters reviewed by CNBC. Adding pain to the delivery is the fact that Wells Fargo’s actions may negatively impact their customer’s credit scores. The cascading impact of this on the economy is anticipated to stymie what little recovery there has been, thus far, during the COVID pandemic. Whether or not other financial institutions are reading the same tea leaves is yet to be seen. What we do know is that this action is almost an identical picture of how the 2008 Financial Crisis began to unfold.

Foreclosures To Increase But Not How You Expect

According to CNBC, roughly 7.25 million homeowners have entered into forbearance programs at one point or another during the COVID crisis — roughly 14% of all homeowners in the US. Today, 28% of those homeowners — 2 million or so — remain in active forbearance. And out of the 146,000 plans reviewed this week, 44,000 homeowners left forbearance, while the plans of 102,000 were extended.

The nation’s mortgage servicers are gearing up for the biggest wave of delinquent loans since the subprime mortgage crisis, but this time they say they are ready.

The U.S. Commerce Department said sales of new houses have dropped 5.9% on an annualized basis. Home prices are at record high. The National Association of Realtors said sales of existing houses have declined four months in a row. Consumer confidence has declined. Inflation is rising. Commodity prices climbed as demand surged, driving the cost of new houses higher. Sales of existing houses declined in all regions except the Midwest in May, the National Association of Realtors, a Washington-based trade group, reported. The median price for existing housing of all types in May was $350,300, up 23.6% from the same period a year ago. Total housing inventory was 1.23 million units in May, up 7% from April’s total, but down 20.6% from one year ago. The National Mortgage Bankers Association, a Washington-based trade group, said loan applications decreased 6.9% for the week ended June 25 from the previous week to the lowest level in about 18 months. The average interest rate for a 30-year fixed-rate mortgage backed by the Federal Housing Administration dipped to 3.19% from 3.21%.

The math on all of this is that the first round of homeowners whom took the forbearance are now entering into their last quarter of postponing the inevitable. And multiple waves of these homeowners will begin to hit their maximum of 18 months of no payments.

And while many are lauding the Consumer Financial Protection Bureau’s (CFPB) Final Rule on Regulation X which postpones foreclosures through 31 December 2021, the reality is that it is only prolonging the collapse. When coupled with the final CDC Moritorium extension through July and that imposed by Fannie Mae through September, it is fair to say that the days are numbered on the artificially high valuations created as a byproduct of the government smokescreen created at the behest of their corporate masters. More on point, though, with federal courts ruling against governors whom are attempting to suspend federal unemployment, it is looking like the perfect storm is brewing for October.

This week and next, a total of more than 350,000 borrowers will be reviewed for extension or removal from forbearance, according to Black Knight. Of the 146,000 plans reviewed this week, 44,000 homeowners left forbearance, while the plans of 102,000 were extended. With roughly two-thirds of borrowers remaining in forbearance, Black Knight estimates that 575,000 plans will expire in September and the beginning of October, meaning mortgage servicers will be facing the daunting task of dealing with about 15,000 troubled loans per day.

The key number to look at is 15,000 troubled loans per day. Even in the best of times, there is no way to marshal such a labor force to be able to service at those levels for prolonged amounts of time. Part of it is attrition and the other part is that the technology isn’t there — at least not on the National Association of Mortgage Field Services (NAMFS) member side. Don’t get me wrong, handling 15K per day isn’t that much of a feat. The issue that presents is that you are at 90K in the first week. And those continue to spiral upward until you hit, at minimum, 1.5 Million. As each one requires the inspector first, the Field Service Technician next, and the routine services ongoing, you are easily at 270K per week by the first month. There simply isn’t enough manpower whom are willing to perform $3 inspections and wait on their pay for 60 days — provided that the NAMFS member doesn’t seize it under a charge back. I suppose it bodes well for Labor — if Labor believes that volume will make up for pricing. That has been the historical madness and I see no reason why it would change.