As the the Department of Housing and Urban Development (HUD) contemplates requests from the International Association of Field Service Technicians (IAFST) request for fuel surcharging, National Association of Mortgage Field Services (NAMFS) members continue to refuse pay hikes. And as even the State of California is now considering fuel rebates on income taxes, it would seem everyone, except NAMFS members, understand that fuel and inflation are having a dramatic impact on Labor.
To that point, as National Mortgage News is reporting, [h]undreds of thousands of borrowers more than 90 days delinquent and in loss mitigation plans aren’t paying, a new study reveals. Across all investors, 964,464 mortgages remain seriously delinquent and not in forbearance, with 49% in loss mitigation plans as of Feb. 7, the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute said. Of those 474,071 borrowers in loss mitigation, 72% aren’t paying, according to data compiled from Black Knight and the RADAR Group. The figures come as foreclosure activity begins to rise, with an estimated 56,000 foreclosure starts in January, the report said. (January filings related to foreclosure were up 29% from the month before according to a separate report by Attom Data.) Of the 53 million active loans held by investors, 707,104 remain in forbearance, with a combined $136 billion in unpaid balances. The report comes after the Consumer Financial Protection Bureau’s COVID-related borrower protections for preventing immediate foreclosure proceedings ended Dec. 31.
What no one is talking about is the simple and salient fact that keeping the distressed assets moving through the pipeline is a national security issue. The one thing which any financial institution is looking at, when it comes time to underwrite MUNI bonds or a country’s debt, is how many assets are there; how many are occupied; and how much taxation is recouped from them. The tip of the spear, when it comes to distressed assets, are the Inspectors. Before anything may move through the pipeline, an Inspector must go and inspect the asset. And now, more than ever, the ability to get the inspection performed is at the peak of vulnerability. Inflation is at 40 year highs and climbing as fuel has hit all time highs and no end in sight. If there are no Inspectors to perform the work within the Industry, the Real Estate sector will seize up overnight. It is a nuclear option which NAMFS members appear not to be concerned with believing that the US government will bail them out, once again.
Foreclosurepedia, in conjunction with the IAFST, approached HUD requesting a fuel surcharge which would be a pass through payment direct to Labor without Management being able to keep. And to that point, this weekend, Foreclosurepedia is hosting an Invitation Only podcast which will be presented to HUD. There are still three openings and if you would like to participate, reach out NOW with your contact and company information and the reason why you feel you would be a good addition to the Roundtable.
The fact of the matter is that the Industry is entering an economic singularity. What I mean by this is that those NAMFS members whom are beholden to enormous debt and are mandated to specific profit regimens are incapable of reorganizing under these new economic conditions. Even more concerning, though, is that as Labor continues to leave the Industry, the specter of chargebacks are climbing by the day. And as Wells Fargo continues to push its agenda of mandatory COVID vaccination upon Labor while stating there is no Doctrine of Privity when it comes to litigation challenging the chargebacks, the reality is that what small amounts of Labor remaining are looking to exit.
So, if you are looking to exit the rat race that forgot about Labor over 30 years ago and want to work direct with private label hedge funds whom pay on time and pay well, feel free to select one of our Products below.
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