Today’s High Frequency Mortgage Field Services Industry is falling victim to its own propaganda. I wrote earlier upon Paul Magaha being wooed away from Lender Processing Services (LPS) over to Assurant Field Asset Services (AFAS). Herein lies a perfect example of the business as usual scheme. Magaha, not a Contractor, but more of a Yes Man for hire has presided over the National Association of Mortgage Field Services (NAMFS) Regime Berghorst Affair for several years now. Heather Berghorst, the disgraced former NAMFS Regime Secretary is part and parcel why regulations are sorely needed within the Industry. The problem, though, is that people like Magaha always seem to get titles like Compliance added to their name when, in reality, they cannot find their head from their ass.
The Consumer Financial Protection Bureau (CFPB) has stormed into the Industry. Catch phrases like Compliance and Due Diligence are now holding Financial Institutions and Portfolio holders alike accountable for their actions or lack thereof. Unlike a tempest in a tea pot, CFPB is scrutinizing everything — and I mean EVERYTHING! Take the Berghorst Affair: Magaha knew precisely what was going on and even at the last NAMFS Regime Love Fest in Texas, everyone on the Board was in the loop. So, when Magaha swaggers around like he understands Compliance it is immaterial if he is unwilling to do or take legal actions to prevent criminal activity.
I do not personally know Magaha. He strikes me as some spoiled rich brat whom read about Harley Davidson and wanted to follow Madonna’s Strike a Pose routine. The picture speaks volumes. What I am driving at is the Mortgage Field Services Industry seems bound and determined to ensure that the US Government comes in and takes over — NOT REGULATES — the Industry. I am not alone in this thought process. Several inside the Beltway have communicated that they believe the Pre Conveyance side of the Industry would be far better ran by say the CFPB. All bullshit aside, it would be within the parameters of the legislative intent as well.
Wall Street names like Lehman Brothers, Bear Stearns, Citigroup and Merrill Lynch are all fresh on the mind of those of us whom study finance. The $182 Billion Dollar Bailout of AIG and the federal takeover of FannieMae also. Juxtapose this with the recent bankruptcies and financial insolvencies of Boyd Property Preservation, Berghorst Enterprises, Buczek Enterprises, A&M Recovery … the list goes on ad infinitum. The problem is that sooner or later people like Altisource, MCS, Safeguard Properties, et al., are not going to be able to bury the bodies in simple Chapter 7 or disappearing acts. At some point in time, the CFPB is going to begin to question whom knew what and when did they know it.
The Mortgage Field Services Industry had the opportunity to self regulate. In typical knee jerk reaction to that which Foreclosurepedia has written — Education, Background Checks, etc. — the NAMFS Regime searched for a way to make money on a crisis and shovel a bucket of shit down everyone’s throats. The sheer terror of the NAMFS Board to come to terms with the fact that they may have to reach across the aisle has ensured, now, that even their own financial solvency is questionable going into 2015. All because of Eric Miller’s ego and pride.
I do not know what Miller tells the rest of you out there, but I do know this: I wrote to Miller, yet again, and stated that I felt a representative from NAMFS should come down and pitch the NAMFS Education Model to folks at the FAST Conference. It was met with dead silence. Listen carefully to me on this point. If this Industry continues to believe it is an ALL WHITE DOMINATED Industry and continues to ALLOW FRAUD TO RUN UNCHECKED and does NOTHING TO ASSIST CONTRACTORS with Compliance there will eventually be RFQs rolling out on FedBizOps for the Pre Conveyance work.
It is not surprising that Miller and the rest of his ilk are afraid of me. People like Miller never had to see combat let alone have their word questioned. The reality, though, is that Contractors need options to examine with respect to how they are going to do things right and Education is a key component. Now, granted Eric Miller will receive no Bribe Money or other illicit chemical gifts at the FAST Conference (and I do not know if that is how NAMFS works but I personally believe it is) the reality is to allow your ego to condemn Clients to only a single Education Plan is ignorant at best. My word is Gold in this Industry as ANY SOURCE will tell you. I gave my word I am not going to ask a SINGLE QUESTION of any presenter at FAST in Florida on 02 August 2014.
FAST is a chance for Contractors and Clients alike to meet up and talk about how each may better work with each other. I see the NAMFS Regime’s fear in this as it removes their ability to influence people. Ask yourself this, though, “What has Eric Miller’s limp dick policy gotten you so far?” I will tell you, NAMFS Membership guarantees scrutiny from CFPB. For 2014 Tax Season you may REST ASSURED that it will also guarantee you attention from the Internal Revenue Service (IRS). I did not stutter when I said that, either.
Glass – Steagall protected the United States from the banks. Clinton made sure that protection was removed and we are where we are today. Unless and until the Contractors and Clients sit down and figure out where to go, CFPB will become what Glass – Steagall was to the banks vis-a-vis the Clients. I want you people to sit down and contemplate less than one percent of all Contractors becoming so pissed off that they have nothing better to do than file CFPB Complaints. Make no mistake whatsoever when these federal investigators begin to learn terms like Discoloration they are going to move mountains to bring in the US Department of Justice.
