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Home#OpNAMFSCFPB: Are The Kickback Investigations Coming To Town?

CFPB: Are The Kickback Investigations Coming To Town?

The Consumer Financial Protection Bureau (CFPB) has kicked off 2014 as more of a lion than a lamb. Good for the consumer and bad for shady businesses. Brena Swanson, over on HousingWire is reporting that CFPB fined Fidelity Mortgage Corporation (FMC) $81K for kickbacks to an unreported bank.

The Consumer Financial Protection Bureau will continue to take action against schemes that steer consumers to lenders through unscrupulous and illegal business practices.” — CFPB Director Richard Cordray.

When you look at the Mortgage Field Services Industry, one would think that it is ripe for CFPB Investigations. I mean I have documented upon the plethora of cases wherein National Association of Mortgage Field Services (NAMFS) Regime Members have colluded over the years. In all due candor, the Industry looks like a text book example of Sherman Act violations on steroids.

The latest demands handed down by the NAMFS Regime to further, what looks to me, as an artifice and scheme of forcing Contractors to spend egregious amounts of money upon a non discretionary selected beneficiary is beyond the pale of what I call kickback. While it may be legal to require background checks, demanding that Contractors select the precise recipient of the Provider is criminal as I see it — Pay to Play comes immediately to mind.

It becomes even more questionable when a Not For Profit such as the NAMFS Regime furthers the financial interests of both a financial institution such as Wells Fargo and a For Profit, foreign national such as Aspen Grove Solutions.

Eric Miller, NAMFS Regime Executive Director, is no stranger to corruption, though. His former employer, Lender Processing Services (now Black Knight), has been embroiled in hundreds of millions of dollars of settlements and fines. He was the Vice President of Business Intelligence for LPS. When one looks at his stellar rise within the NAMFS Regime; when you take into consideration that Miller has never performed field services within the Industry, you begin to wonder how it is that he is awarded the ONE HUNDRED THOUSAND DOLLAR PLUS ANNUAL SALARY WHICH CONSUMES NEARLY SEVENTY PERCENT OF ALL MEMBER DUES.

Is it much like the placement of former LPS employee Chuck Sockol as Vice President for ASONS and the Chairman of the NAMFS Regime Membership Committee. It is my opinion that there is a direct correlation between the LPS Contract Awards to ASONS his transition to both ASONS and the NAMFS Regime. As early as 2009, Suckol was currying favor with the NAMFS Regime Board. I mean it is a rabbit hole with no known depth — until now.

Word has it, though, that many NAMFS Rank and File are not renewing their bribes — I mean Membership Dues. Sorry about that typo. I wouldn’t be surprised if Miller himself is out manning the phones in an attempt to suck blood — money — out of folks to help continue his lifestyle made possible by his salary.

The NAMFS Regime is soon to be a page in the history book of corruption; a by line in the annals of greed during the sub prime crisis. The question which presents is what will be the proverbial body count left in the wake? In this I mean how many Companies are going to be destroyed to keep the hierarchy of the NAMFS Regime Elite functioning on life support?

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