The National Association of Mortgage Field Services (NAMFS) is a IRC 501(c) Business League Association located in Ohio. Their Website states they are celebrating their 25th Year in business so we figured we would help them take a walk down memory lane. Now, we thought that in the same way Contractors are being asked to tighten their belts and receive less pay, surely NAMFS would be doing the same. Man, were we surprised! Not only had NAMFS not been taking the same pay cuts that Contractors in the Industry had been taking, the NAMFS Executive Director was being awarded an obscene pay raise!
We recently obtained the Form 990 that NAMFS files each year in November to the IRS Ogden Unit. The 2007 Statement actually came with a copy of the NAMFS By Laws which we are currently dissecting for a future article with specification to Section 2.6. Anyway, the documents are a veritable treasure trove; it is a convoluted story of zero power and control shift with upward trending of pay!
Going back all the to the 2006 filings Deanna Alfredo (Simmons) was seated on the Board of Directors (BoD). She was the Secretary at that time. Now, I want you to do a little bit of math here. Today she is the President of NAMFS. That means that she has occupied a BoD Position off and on for close to a decade. Eric Miller, Executive Director today, dates all the way back to the 2007 filing period. Granted, I am not a lawyer; however, I find it to be an extreme conflict of interest when, during some of the same time periods reported, Miller was also the Vice President of Business Intelligence for Lender Processing Services, Inc. (LPS).
Scratching the surface just a wee bit more we find that the only time the names seem to change on the Part V-A Listing of Current Officers, Directors, Trustees and Key Employees is when they actually created new positions to absorb folks.
Did you ever ask yourself how much money the shot caller, Tim Doehner, of NAMFS makes (Note: Today it is Eric Miller and the salary is unknown)? In the 2010 filing it was $105,000.00! That’s right. Now remember, in the 2007 Filing Season the Executive Director only made $36,000. So, that is a SIXTY NINE THOUSAND DOLLAR INCREASE in pay over the course of two filing seasons! Also, remember that …all of the Contractor’s pay was taking a nose dive not to mention the fact that the US Economy and Housing market were in free fall.
In the 2007 Filing Season the Executive Director states a 30 hour work week. That work week in the 2010 Filing Season had only increased by ten hours per week — in reality, the Executive Director collected an ADDITIONAL $69,000.00 for working a normal, no overtime work week.
The other numbers are equally as mind boggling: The Gross Receipts expanded from$178,514 in 2007 to $329,890 in 2010! Now, did NAMFS decide to cut back on the high life like other Americans were doing during the same time frame? Hell no! In fact the 2007 expenditures on Conferences were $72,838. In 2010 they had blossomed to $102,684 — gotta love the perks, ‘eh?! Additionally, the Total functional expenses in 2007 were reported at $123,318 by the 2010 filing they had spiraled to a whopping $256,313. The payroll tax on the Executive Director rose by over FOUR THOUSAND DOLLARS ALONE and remember the tax rate had gone DOWN during the same time frame!
I want to close with the first sentence of their Statement they add to the 4a Section in pertinent part,
The National Association of Mortgage Field Services, Inc. was established to encourage sound and ethical business practices in the mortgage field service industry. (Editor’s Note: One might ask how this plays out with the rampant accusations leveled against their Membership for refusing to pay Contractors for the very services which allow NAMFS to exist?!)
Folks, this is just the beginning. You gotta stay tuned for the rest of this. Man, it just keeps getting better and better! In all fairness, we have reached out MULTIPLE times to NAMFS for comment. To date, NAMFS has seemed content to stay on the sidelines. We welcome their interview at any point of time!