Mon Jan 30 22:18:36 EST 2023
Home#OpNAMFSCoreLogic: Back To Basics Of Backbilling?

CoreLogic: Back To Basics Of Backbilling?

CoreLogic is looking abysmal these days. Nothing new, though, as this is the same with virtually all National Association of Mortgage Field Services (NAMFS) Regime Members. Truth be known, their Property Preservation Arm never made anything which could be remotely considered a profit so nothing new. What is new is that CoreLogic is out attempting to prop up how they look. Now, whether that is because Altisource or others are looking at them, or the shareholders simply needed to be whipped back into shape, I don’t know and really do not care. HousingWire was out hustling  for CoreLogic yesterday. This is a paragraph out of their Article,

In an effort to control spending, the company noted that it launched a cost reduction program designed to lower its 2014 operating expenses by at least $25 million. Cost savings relate primarily to workforce reductions, the outsourcing of certain business process functions and cuts in spending on real estate and outside services.

 Now, Jackson has always hocked his wares in support of which way the wind blows. My Article on how HousingWire and the rest of the two bit rags hung Altisource and Ocwen out to dry and then changed direction after I Published in Support of Ereby is a classic case-in-point. This situation is a bit more dicey, though. CoreLogic has serious problems. Anand K. Nallathambi, CoreLogic’s Chief Executive Officer (CEO) had quite a bit to say during CoreLogic’s Earnings Call. Let me drill down a bit as that is what I do as a Trained Media Professional for you,

As we all know, the mortgage market has been undergoing a major reset from a refinanced to purchase-driven market cycle. This reset has been gathering steam since the middle of 2013. In the first quarter of this year, we estimate that mortgage volumes were down approximately 60%. The combination of higher mortgage rates, regulatory uncertainty, severe winter weather and seasonality produced the lowest level of originations in the last 14 years. Over the past 3 years, we have transformed our business in anticipation of this historic reset in the mortgage market. Specifically, we have expanded our D&A segment and created a significant footprint in insurance and spatial solutions.

On a six month spread, CoreLogic is down 15.72%. Their Year To Date (YTD) is even more abysmal at a 20.55% loss. Look, back in the day when I studied for my Series 7 the Securities and Exchange Commission came down HARD on the Pump and Dump scheme. Hey, I am a lover of the Pink Sheet days, but I thought they had become a thing of the past. When I opened up the HousingWire Article and then listened to the CoreLogic Earnings Call, I realized that there is nothing new under the sun.

When Nallathambi rolled out his, “… higher growth, higher margin company … ” I cringed. You see, anyone touting High Margin is cutting corners somewhere. Steady and strong; stay the course — Now, I pushed the Pink Sheets and was DAMN GOOD at it so I fully recognize bullshit when it hits the radar.

The Major Financial Institutions all realize that residential mortgages, especially the legacy shit, are to be avoided like the plague. How does this translate? No margins; liability which puckers actuary’s assholes so tight you can’t get stick pins though them, is what you get with the trash out there today. And the bubble which I stated was present 8 months ago while the rest of the Drive By Hacks were selling ma an pa on bullshit? Yeah, just that, and now it has burst. More on point though, had these pundits been keeping up with the fact that the majority of purchases were CASH PURCHASES and also duly noted that the Securities were NEVER GOING to roll out on the Blackstone’s of the world, we wouldn’t have Vlad Putin laughing at us in the Crimea.

I digress. CoreLogic is going to cut costs by sticking it to Contractors, mark my words. For any of you out there whom think otherwise, I recommend that you take a read through my Predictions To Date Scorecard: 100% Accurate.

The reality, though, is that most of you whom read this are going to stick with what HAS NOT been working for you, to date. To coin yet another term, it is BATTERED CONTRACTOR SYNDROME. The clinical diagnosis is identical to Battered Person Syndrome. Here, for those technically inclined, let me lay out the medical data so that I am able to have it attributed to me in the Journal of the American Medical Association (JAMA). I like JAMA as I grew up with it when other kids were out reading Boy’s Life and Hustler.  😉

The International Statistical Classification of Diseases and Related Health Problems (ICD) Code is probably an ICD-9-CM with a Diagnosis Code of 995.81. The  Diagnostic and Statistical Manual of Mental Disorders (DSM) IV-TR is probably going to remain silent on Battered Contractor Syndrome (BCS) as it is novel in its application — the DSM is dependant upon funding anyway. To continue,

  • The abused thinks that the fraud was his or her fault.
  • The abused has an inability to place the responsibility for the fraud elsewhere.
  • The abused fears for their life and/or the lives of their children (if present).
  • The abused has an irrational belief that the abuser is omnipresent and omniscient.

There is NOTHING NOVEL about the pathology involved in BCS. It is classically mistaken for a Love – Hate Relationship.

So, as many come to me for BCS therapeutic treatment; I have a cure for Battered Contractor Syndrome, I recommend a strong prescription of both abstinence and diversification. Reach out to Foreclosurepedia today and tomorrow you could be successfully working in Facilities Management.

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