Mon Jul 22 14:04:28 EDT 2024
Home#OpEdIndustry Technology and the Anti Trust Shell Game

Industry Technology and the Anti Trust Shell Game

Antitrust in the Industry Software Ecosystem

Over the past decade, only two things have changed, when it comes to technology in the Mortgage Field Services Industry. The first is a massive price increase. And the second is the near complete control of all work order software now owned by Verisk. Today, Verisk controls all property preservation work order and bidding software for the entirety of the foreclosure ecosystem. And when it comes to inspections, within the Industry, there are only two pieces of software, InspectorADE and EZInspections. In fact, Housing and Urban Development (HUD) is well aware of the anti-trust setting currently being fostered in our Industry,

I don’t know that it would move into the Anti-Trust space yet, but it does certainly appear to be headed in that direction. The price hikes as they gobble up the competition would certainly help lay the groundwork for an Anti-Trust case. Either way, it does certainly raise certain security concerns. I know that it’s at least on HUD’s radar, as it came up in an internal meeting I was in a couple weeks back where concerns were raised. — Senior HUD official 26 January 2023

The irony of all ironies is that Verisk has a Policy on Modern Slavery. I mean, you cannot make this shit up. Now, I am not that well versed in what slavery is or is not, but I will tell you that buying up all software options and then increasing the price certainly IS NOT working towards freedom for all! It is a hypocrite’s position and as hollow as the souls of the Verisk executives, themselves.

The cost of EZInspections has remained flat, for quite some time; however, the price of InspectorADE recently rose to an astounding thirty-two cents per order. While I do not know what InspectorADE’s expenses are, I know you fluff revenue when you are looking to sell. And it would come as no surprise to find out that Verisk’s next move is on the inspection software providers.

And while Prime Vendors may consider that pennies on the dollar, the reality is these very same Prime Vendors demand the use of InspectorADE to complete their work orders. When you address the average of $5.90 paid, per inspection, by Prime Vendors like GIS Field Services, a subsidiary of MCS.

If you are tired of the outrageous pricing, being billed multiple times to multiple inspectors up and down the inspection ecosystem, you are not alone. Later this week, we will be sending out anonymous Surveys to take the pulse of how bad it is, for submission to the CFPB and DoJ. Let your voice be heard or reach out direct!

Paul Williams
Paul Williamshttps://foreclosurepedia.org
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