Logos: Why Membership Branding Is Meaningless Today

One of the most compulsive things I have noted within the Mortgage Field Services Industry, besides fraud, is the obscene amounts of money National, Regional and Otherwise Unspecified Order Mills spend to become Members of given Association. The two Associations which seem to be the most popular are the National Association of Mortgage Field Serivces (NAMFS) and the Mortgage Bankers Association (MBA).

My mother always used to tell me people are judged by the company that they keep. MBA is no stranger to bribery or corruption. A House Oversight Committee Report in 2012 spelled out precisely what MBA Members were doing.

In an internal e-mail from September 29, 1998, Kay Gerfen noted that McKeon was referred to Countrywide by “Mike Farrell/MBA.” Farrell was the chief lobbyist and legislative strategist for the Mortgage Bankers Association of America (MBA). At the time, Farrell was working on “leading the industry’s successful campaign . . . to raise the maximum loan amount for FHA single-family insured mortgages.” Mozilo served as the President of the MBA from 1991 to 1992 and remained closely connected to the association, which represented the interests of the real estate finance industry. – See more at: http://www.republicreport.org/2012/bigger-than-countrywide-bribes-were-coordinated-by-the-mortgage-bankers-association/#sthash.39XFS0kW.dpuf
The report notes that the Mortgage Bankers Association, a sprawling lobbying association for the biggest names in home lending, played a role in at least some of the bribes. For instance, the cut-rate mortgage offered to McKeon was recommended by the chief lobbyist of the Mortgage Bankers Association at the time, a man named Mike Farrell: – See more at: http://www.republicreport.org/2012/bigger-than-countrywide-bribes-were-coordinated-by-the-mortgage-bankers-association/#sthash.39XFS0kW.dpuf

The report notes that the Mortgage Bankers Association, a sprawling lobbying association for the biggest names in home lending, played a role in at least some of the bribes. For instance, the cut-rate mortgage offered to [Buck] McKeon was recommended by the chief lobbyist of the Mortgage Bankers Association at the time, a man named Mike Farrell.

In an internal e-mail from September 29, 1998, Kay Gerfen noted that McKeon was referred to Countrywide by “Mike Farrell/MBA.” Farrell was the chief lobbyist and legislative strategist for the Mortgage Bankers Association of America (MBA). At the time, Farrell was working on “leading the industry’s successful campaign . . . to raise the maximum loan amount for FHA single-family insured mortgages.” Mozilo served as the President of the MBA from 1991 to 1992 and remained closely connected to the association, which represented the interests of the real estate finance industry.

So, what we find out here is that Associations are only as good as the Company they keep. With respect to the NAMFS, one only needs to take a stroll down the dozens of documentable Articles and Podcasts I have done and the witnesses whom spoke up with respect to the corruption, refusal to pay, placing Contractors on Payment Plans — it just goes on and on.

The Logo of an Association on a Company’s Website used to mean something. The Association was making a public withholding that whomever was legally allowed to display that Logo had been vetted and were to be considered a good fellow. Unfortunately, today the term good fellow has taken on more of a mafia-esque meaning.

I am asked, all the time, “Who is a good outfit to work for?” The reality is that it is virtually impossible to tell anymore. The simple display of an Association Logo of Membership is meaningless when Associations refuse to police their own. When I interview a Company and give them a Stamp of Approval you may usually take it to the bank. I have only interviewed one Company whom gave me unfettered access, ASONS. While I do not like their politics, I found nothing severely negative about them.

Over the holidays, Foreclosurepedia is going to issue our Best and Worst Mortgage Field Services Companies List. The jury is out on how many lawsuit threats it will garner from the Freshman Lawyers Guild — not that I care; however, it is anticipated to be one of the most read articles ever published in the Industry.

In closing, the reality is that Contractors need to pay less attention to whom is in what Association and learn more about the law. With that said, we are pleased to announce that Scott Wolfe, Esq., founder of zlien.com has agreed to an Interview. The reality is that most of the Contracts issued by the Industry are not worth the paper they are written upon. Liens act as a backstop to prevent the Ponzi type schemes in play such as bounced checks, payment plans and outright defraudment. You certainly do not want to miss that!

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