For years, the abuse and fraud perpetrated by National Association of Mortgage Field Services (NAMFS) members upon Labor was underpinned by a constant flow of assets. Fear of not being paid on a previous asset was offset by the bright and shinny price of the next asset. As COVID set in and as the legal landscape played out with respect to removing all foreclosures through 2022. In light of this, many are calling COVID the Great Equalizer. Minimal assets, extreme drops in compensation to Labor and an enormous uptick in liens currently being filed against ResiPro and Northsight with the former a provider to Hudson Homes and the latter controlled by Hudson Homes. Labor, today, has started to take the position that with firms like Bayview, Cornerstone, Dakota, Marketplace and others offering top dollar for services is looking far better than firms like C&O, the latest Hudson Homes replacement whom appear to have no ability to cover the margins they are exposing themselves to.
Foreclosurepedia took the pulse of the Industry recently and found that 46% of Labor polled had no intention of ever returning to the Mortgage Field Services Industry. Over ninety percent of those firms stated that they had found new, private label firms whom were paying in a real world setting including paying for bids submitted whether awarded or not.
And while Hudson Homes appears to be the face of everything wrong on the tenant turn and rehab side of things today, they are certainly not alone. Several things have investors concerned about the extreme volatility ongoing in the Industry. With cash king right now, many are asking why it is that with unlimited funds available how these property managers are unable to find qualified Labor. Finding qualified Labor has not been the problem. What has been the problem has been the unequivocal greed exhibited by the middlemen. Building on this is the fact that inflation is rising which is reducing the valuation of the assets already purchased and awaiting rehab.
For too many years, Labor has been treated like the patient in the ER whom has been mugged on the gurney. The effective functioning of our Industry requires that Labor has faith and confidence not only in the contract issued, but also in the payment delivery upon completion. To date and for the last decade, there has been zero faith that NAMFS members will abide by their agreements. Even more overarching has been the hedge funds buying up Industry firms whom are even more predatory than their predecessors.
And while much of the onus has been upon Management, Labor has also failed in its promises. Recently, Foreclosurepedia opened up opportunities to Labor to perform upon tenant turns with payments for bids. In upwards of twenty percent of the firms applying, whom agreed to bid properties, went ghost. To that point, Foreclosurepedia has been maintaining an accurate record of these firms and will endeavor to ensure that those firms are know far and wide for their actions — or, in this case, inaction. This list will be maintained and publicly available on the International Association of Field Service Technicians (IAFST) beginning next week to Members and non Members alike. The reason for this is that to ensure the continuing interest of private label firms in the Foreclosurepedia Nation as well as IAFST Members, we must prune the tree of Labor to ensure that the hacks are completely purged.
