Getting Organized: Strength In Numbers Translates To Higher Pay

Will New Residential Pull Out Of The Guardian Asset Management Deal?

I did an interview yesterday and one of the questions asked took me aback. The interviewer asked, “Why are you so adamant about organizing Labor?” If you are Labor, it is pretty self evident. In fact, since the time of Gaius Julius Caeser, organizing to repel the elitist suppression of the common man, has been a way of life. Similarly, in the fashion of John Galt, why would any man sacrifice his productivity in order to solely benefit the one whom rules over he? In essence, we must never allow anything to interfere with the cognitive apprehension of facts — the facts in which the National Association of Mortgage Field Services (NAMFS) has, for over two decades, bled Labor dry.

Revolution, of any kind, is a delicate undertaking. The violent upheaval which precipitates the event must always be tempered by an ability to slow the swing of the pendulum.

The Mortgage Field Services Industry no longer is capable of performing its duties. Oh, there are now a handful of vampire squids, all collectively under several roofs, which purport to have all the bells and whistles necessary to address foreclosures. And Foreclosurepedia predicted, nearly 18 months in advance, the consolidation we saw recently. More on point, though, it is the consolidations, themselves, which puts our Industry in such a precarious position. The one fell swoop purchasing of Chronos Solutions, Guardian Asset Management, Altisource, et al., not only has the US Department of Housing and Urban Development (HUD) attempting to reconcile the legality of the transfer of Management and Marketing (M&M) Asset Manager (AM) and Field Service Manager (FSM) contracts to foreign controlled entities — HUD refused to do such when MCS purchased AMS — but also whether or not it continues to behoove Labor to continue working with them.

Foreclosurepedia has repeatedly reached out to HUD, New Residential, and Guardian Asset Management in order to determine whether or not the $35 Million in M&M FSM contracts will carry over in the sale. And as is generally the case, none have been forthcoming other than to say that lawyers are involved.

The reality is that with respect to Mortgage Field Services, if you thought it was hard getting paid by singular firms, it will be next to impossible under the corporate regime. The reality is that when a company is bought and not rebranded to its new ownership — at least in our Industry — it never bodes well. Adding to the quagmire is the simple and salient fact that even the information we are able to obtain is convoluted. Take, for example, the ATTOM Data headline: Foreclosure Starts Decrease Nationwide, But Increase in 42 Percent of Local Markets; Q2 2019 Foreclosure Activity Below Pre-Recession Levels in 62 Percent of Markets. 

The future of the Industry will be controlled by those whom are capable of organizing and their ability to properly exit the current setting and restructure within the new spaces such as rehab and restoration for hedge funds. Moreover, though, with the impacts of the Dynamex ruling and AB5 being adopted by other states; with the specter of successful class action litigation in Georgia and Texas challenging employee misclassification, Labor would do well to unify under the banner of the International Association of Field Service Technicians (IAFST) whom has been at the forefront of protecting rights and improving wages.

If you are tired of the rat race and want to move forward into the real world of contracting, Foreclosurepedia has been helping Labor for over a decade! Below are some of the services we provide.


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