Earlier today, Foreclosurepedia spoke with a Senior US Department of Housing and Urban Development (HUD) official with respect to price adjustments on the Mortgagee Letter (ML) submitted to the SF Housing and NSC last month by the International Association of Field Service Technicians (IAFST) located here. Coming on the heels of a meteoric rise in inflation, record high fuel prices, wood and other materials at historic highs, the reality is that ML pricing has not been meaningfully increased in 30+ years. With the additional cratering of stocks, increase in unemployment claims, and record high service sector increases in pay, the reality is without an ML pay increase; without an ML pay increase targeted directly to Labor as the IAFST proposed, the ability for HUD – FHA to service their distressed asset portfolio will be near impossible in the coming months.
The biggest problem with pay hikes in the Mortgage Field Services Industry is the unaccountability of Prime Vendors to ensure that the monies reach Labor. Word on the bricks is that Fannie Mae raised inspection pricing by $5. If true, while novel there is no legally binding environment to ensure that Labor will ever receive a penny of that $5. Moreover, though, with three to four order mills in between Labor and Fannie Mae, the reality is that Fannie Mae has no legal authority to enforce the $5 pass through to Labor.
Here is what HUD had to say with respect to adjusting the ML,
As you know, July 31st will mark a year since the HUD moratorium expired. The word that I’m getting is that HUD does plan to meet in advance of the date to discuss among other things, ML pricing. To my knowledge, they haven’t set a specific date yet. However, with increasing inflation and interest rates, and foreclosures now being allowed to run their course, we are also anticipating an increase in REO inventory.
The question that presents is whether or not Labor — what little Labor remains — will stand up for the pay hikes in the pipeline. A right is only as valuable as the willingness to defend it. If you are a member of Labor or Management, we encourage you to join the IAFST and work with us to implement pay hikes throughout the Industry. You may join by clicking here. If you are wanting to expand your profit pool, why not consider one of our Products below and begin working direct with private label hedge funds and direct US government contracting!
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