Economic Woes Finally Cascade Into Industry

NAMFS Woefully Underfunded As Virtual Conference Falls Flat

National Association of Mortgage Field Services (NAMFS) Executive Director Eric Miller appears to have believed that the Mortgage Field Services Industry is immune from COVID as best I can tell. The second day of the NAMFS #FraudFest is set to kick off on the 14th — a total of 4 days of being trapped in a surreal NAMFS menagerie —  in a virtual reality world where avatars are king and and content is simply an echo chamber. Even more concerning, from a financial standpoint, is there appears to be 14 exhibitors whom are evenly split between those selling products and those hoping to find Labor. The price tag comes in at $500 each which equals $7,000. Just as concerning are the actual sponsors of the shindig. There are only eight of these folks ticking in for $32,000. That would appear to be $39,000 total. That is down from $110,850 last reported in the NAMFS IRS tax returns obtained exclusively by Foreclosurepedia. And it is those numbers which have many top tier Industry executives on edge.

Miller’s salary is $119,789 and as of the latest NAMFS tax filings. This salary consumes over NINETY NINE POINT SEVEN PERCENT of all NAMFS member dues. I want the obscenity of that to sink in for just a moment. For every dollar that struggling NAMFS members pay in dues, Eric Miller puts NINETY NINE POINT SEVEN CENTS in his pocket! That is simply his salary, though, and does not include all of the NAMFS paid junkets, perks, and comps thrown into the mix.

And if anyone out there has the gall to say it is going good, I refer you to the story broke exclusively by Foreclosurepedia detailing the fact that Caroline Reaves and MCS defaulted on nearly half a billion dollars in loans. In fact, so untenable was the leadership she exhibited with respect to paying what she and MCS owed that MCS had to sell out — yet again — to a new master! I wager the guess that either Reaves is retained to simply put lipstick on the pig when necessary or is kept around to continue with the process of shopping and burying debt. I say this as there is no other way that a CEO would be retained all these years when time and again the company is forced to resell due to fiscal irresponsibility.

The All White NAMFS Board of Directors has, for far too long, looked at Minority Females and Labor as easy marks. It is amazing to me that for over 30 years, NAMFS could not find a single minority to voice their opinion on the Board. It is all the more telling that now, more than ever, diversification is being fought to the death inside NAMFS.

Usually, I attend the NAMFS #FraudFest under a guest ticket. It is always great to press the flesh and listen in on what is being said around the proverbial campfires. This round was simply too embarrassing. I wrote a large and extensive piece on how it was unfolding and I just couldn’t pull myself to slip in. I mean spoofing and IP is old hat to me. Problem was, I would have been to tempted to start doing back flips with my avatar and trolling all the sidebar private messaging like an Anonymous Habbo Hotel raid.

It is bad out there. I documented the millions of dollars in bailouts collected by NAMFS members under the Paycheck Protection Program (PPP) loans. In several of the cases, the money went straight to pad the salaries of corporate executives. More on point and extremely telling was that both of the larger insurance providers took bailouts, as well. Never something that instills financial confidence in clients whom pay them for coverage. Here was the Golden Trough Award for PPP loans,

Sentinel Field Services gets the Golden Trough Award for bailout monies. According to documents exclusively obtained by Foreclosurepedia, Phil Johnsen and his Team claimed benefits for only 7 people — amazing that only 7 people work at Sentinel. If we take the high end of the funding, they are being paid $6,250 per week. That is $25,000 per month! We reached out to Johnsen in an attempt to confirm this or the possibility that there was a typo. No answer was forthcoming. — FYI as of 12 October 2020 still no answer.

Volumes are in the shitter, there is no other way to put it. And what little work currently flowing outward, is under Sauron’s all seeing eye — had to get my Hobbit on! And it is only going to get far worse over the next several months. Other than inspectors, Foreclosurepedia does not forecast any growth before late Q1 2021. The Industry, by in large, has become precisely what I predicated over 15 months ago. The Industry has become an institutionalized wasteland marching to the beat of a distant metronome. And quite frankly, there is only one firm I have seen whom has been able to keep their Labor friendly policies in place:  Guardian Asset Management (GAM). When I pick companies I believe are going to make it, for the long haul, there are a lot of criteria I look at. Ownership, track record, ability to act independently, trailblazers — you get the point.

Guardian has walked the walk for several years now. When Labor was stiffed by multiple firms, they stepped to the plate and made International Association of Field Service Technicians (IAFST) members whole — not just a small payment, but WHOLE! Time and again, when asked to take a chance on newbies, they stepped in. And with respect to financial solvency, Guardian is backed by an almost limitless war chest of funds from both New Residential and Fortress.

What’s left for those on the Field Service Technician side is a clear and distinct choice going through at least March of next year. There is an inordinate amount of rehab and restoration saturating the Gulf Coast right now due to multiple hurricanes hitting and several more on the way. There is also a gold rush of new home construction ongoing throughout Florida, as well as in Atlanta and Birmingham. And finally, not only is there a tremendous amount of skilled work to be had, Investors are lining up and chomping at the bit to loan money to qualified candidates whom want to do their own fix and flips.

For the die hard, blow hards out there whom are committed to NAMFS unto their dying breath, I wish you folks all the luck in the world as you are going to need it. In fact, your chances of making it with NAMFS are about as good as Trump winning the next election. To that point, many remember when I predicted his victory nearly two months in advance as well as Brexit a month in advance. And to be clear, I like neither Presidential candidate. America has far better to offer her people than a couple of burned out octogenarians.

As many know, my days in the preservation trenches are numbered, now. The reality is that I have fought the battles and won the war. It is Labor’s turn to decide if it wants to be organized or not. If it does, the IAFST is there willing and ready. If not, Caroline Reaves and firms like MCS will gladly take your money to fiance their bloated, debt ridden carcasses. The truth is that my relationships with Investors, today, is far more tenable to assist Labor on the construction side than attempting to argue over mask or no mask rules and collecting on the plethora of chargebacks which are kicking into high gear again. Of note, MCS has been identified as attempting to chargeback contractors through 2015.

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