Fri Oct 22 2:56:59 EDT 2021
Home#OpNAMFSMidFirst Bank Sues MCS For $1.6 Million In Damages

MidFirst Bank Sues MCS For $1.6 Million In Damages

Mortgage Contracting Services (MCS), a National Association of Mortgage Field Services (NAMFS) Offender Member, is in a world of financial difficulties. Since its purchase of Asset Management Specialists (AMS), Caroline Reaves, MCS’ Chief Executive Officer, has been putting fire after fire out. One of the largest on Reaves’ radar is the W2 v W9 litigation, now in mediation, in the US District Court in Central California titled, Bennett Vinson v AMS, MCS, et al.

Bennett Vinson, a California based Employee – Contractor of Asset Management Specialists (AMS), is scheduled for his first major appearance in what is now the second class action and third lawsuit against Members of the National Association of Mortgage Field Services (NAMFS) Regime. Styled as Bennett Vinson, et al., v Asset Management Specialists Inc., Asset Management Specialists LLC, and Does 1 – 25, EDCV-14-000369 DDP (AGRx) in the US District Court for the Central District of California, is the production of Monique Olivier of Duckworth Peters Lebowitz Olivier LLP (DPLO). DPLO brought on — or vice versa — James E Miller and Karen M Leser-Grenon of Shepherd Finkelman Miller & Shah LLP (SFMS) and this was not a coincidence as both Firms are aggressively pursuing courses of litigation against virtually all National and some Regional Order Mills whom are Members of the NAMFS Regime.

SFMS was also the firm that deep sixed the $100 Million suit in Brown v Five Brothers, US Bank, et al., which does bring concern.

Now, MidFirst Bank, a chartered savings association out of Oklahoma City, OK, launched yet another shot across the bow in MidFirst Bank v Mortgage Contracting Services LLC filed in the US District Court for the Western District of Oklahoma. MidFirst owns Midland Mortgage, the very same Midland Mortgage whom recently told Safeguard Properties to kick rocks over fraud, waste and abuse as insiders are candidly discussing. Midland is MidFirst’s primary residential mortgage servicing division and on 22 May 2009, MidFirst signed a contract with MCS for which MCS would provide,

[…] MidFirst real estate services relating to properties undergoing various stages of foreclosure by MidFirst. —Citing MidFirst v MCS, 5:16-cv-00221-R

Now, and I want you to pay attention to this section, MCS represented and warranted,

[…] that [MCS] possessed the requisite skills, ability, knowledge, experience and qualifications to provide property inspection, property preservation and other related field services required by MidFirst in the course of its business. — Foreclosurepedia exclusively possesses that Contract and it may be viewed here.

While it might be said that NAMFS has the price bankrupting education modules on a perpetual 40% discount the fact of the matter is that none of those modules assist Labor in the field to perform their services. There are Trade Associations such as the International Association of Field Service Technicians (IAFST) whom appear to have educational platforms such as the IAFST University; however, Foreclosurepedia has not, as yet, reviewed their material. Regardless, the litigation I have reviewed over the past 18 months, or so, is nearly identical in these styled attacks.

MidFirst is, in essence, stating that they had at least 83 properties upon which MCS dropped the ball. On average, MidFirst claims that they lost an average of $19,638.55, per property, due to the negligence of MCS. It gets better, though. MCS was submitting billing in ten days and not exceeding 30 in all MidFirst matters.

This is a fast moving story. We will have more, later this week, after we finish interviews with many of the parties involved.

COVID Interview With Industry Veteran

Paul Williams
Linux addict buried deep in the mountains of East Tennessee.
- Advertisment -



Most Popular