Over the weekend, an email was sent out to hundreds of National Association of Mortgage Field Services (NAMFS) Members, financial institutions, government agencies, and yes, myself. And on the eve of the NAMFS #FraudFest in Orlando, the reality is that NAMFS Members are now collectively sharing proprietary and confidential information. Forget the fraud; forget the corruption, what we are talking about is the fact that Eric Miller, the NAMFS Executive Director, has given a green light to the sharing of data to financially benefit others. This email was not created by myself. It included some email addresses I had no access to.
The email ought to be taken serious by those whom do not want their information sold for profit. It would appear to originate from an original Initial Secure LLC employee. And while all of you are terrified to confront Miller, let alone those whom have committed fraud upon you, the sharing of your name, age, date of birth, social security numbers, addresses, driver’s license information, and banking information should terrify you.
And as opposed to how I have protected information in the past, if these databases leak, I will make them front page. My reasoning for this is that the time has come for both Labor and Management to confront the problems they have both contributed to. If NAMFS Members are allowed to share the information for profit, then the information should be shared with the public for safety.
In full, unredacted form, here is the email,
To all of our Asset protection partners,
Beyond the visible names in the TO: field, this message has been Bcc’d to 274 others …. NAMFS attendees … executives in the Foreclosure Industry …. our partners at the National Asset management companies …. the Asset managers at the major banks …. NAMFS board members, and many preservation vendors. So as you attend the conference this week -just know- those around you are thinking the same thing.
We wish to make you keenly aware of what is coming in the industry … it’s coming. The industry is about to be undercut and controlled by a Regional Field Vendor that has recently entered the market.
INITIAL SECURE LLC
Hidden Owner: Mike Kazi, John Riedl
Resident Agent: NORTHWEST REGISTERED AGENT SERVICE INC.
Registered Office Address: 2222 WEST GRAND RIVER AVE STE A OKEMOS MI 48864
Allow me to explain their business plan:
Most of you are familiar with a company called Virtuworx. While Virtuworx claims to be a US based company, owner Mike Kazi and his partner John Riedl, have the IP’s addressed to servers set up in California, however process ALL of the work in Bangladesh and pay slave labor rates. Let me tell you WHY this is so important to you.
Virtuworx has been processing invoices onto the National’s websites for years. They also service 100’s of field vendors and interact with every 3rd party software used in the industry. Mike and John have meticulously data-mined the systems of each of the companies that they are involved with….. and guess what they have filed away ?
Who has which Bank assets under contract — when, how long, why, and who are the decision makers? Where are the highest concentration of distressed properties being serviced – by State, by Zip codes? What is the price structure of each National – Safeguard, MCS, NFR, ServiceLink, A2ZFS, Carrington, all of them? Which Field companies have multiple subs working for them? How much is being paid to Subs…in each service area – what is the highest and lowest paid? Who are the subs, subs-of-subs, boots on the ground guys that actually produce the best work /productivity? What are the stress points of order processing for each of the Nationals? Which properties / territories have been passed around from National to National ……. and a whole lot more.
We all know now that we ALL process overseas despite what we sign off on – a big industry lie. There is no 1 group that has collected so much data, from so many sources—all competing against each other. Now, utilizing this data, Mike has formed a company that you all know as INITIAL SECURE LLC. He has been able to direct the solicitation of the Nationals- speaking their language – as he knows where their deficiencies are. He has been able to solicit the services of any and all of the best performing field vendors by offering a better pay then they currently receive ….as he does not have to pay for his order processing at his wholly owned off-shore processing company- Virtuworx. His costs are being subsidized by all of the other Regional and National contracts he has for order processing….. in violation of the industry requirements.
INITIAL SECURE LLC has the goal of becoming a National- undercutting the entire market structure by exploiting the weak points….Processing costs, accuracy, and loyal field support. — I know this plan from the inside.
What the Nationals don’t know, is that not a lot of new faces enter this industry – What does happen, is that the boots on the ground that work for Regional companies, just move around…. working for whomever will promise the most work-now- and at a price that allows them to barely feed their family. ….. Instability in this industry is the result.
You can expect the INITIAL SECURE Team to go directly to the bank clients, undercut the National’s pricing to the Banks, Process orders for nearly nothing off-shore, and Control the national landscape….until they are discovered to be nothing more than a paper company…. shoveling and processing work orders, with no local knowledge or even a care about the properties they service in our communities, ……… This will further ruin the industry that we all love.
Banks — You are about to get swindled by an expert—-by what looks great, but has no depth to sustain excellence. Scrutinize EVERY aspect of INITIAL SECURE LLC, they are a front to real preservation work.
Nationals — These guys are already working for you -They are Recruiting your team members !… and soon they will cast you aside and steal your business. You may THINK these guys are helping you….but they are plotting your demise.
Labor — Be careful – they will approach you if you are any good – just know that you are getting into a national scam and if you are utilizing Virtuworx processing services – YOU ARE AT RISK and in violation.
It’s coming…. We are all forewarned