The latest National Association of Mortgage Field Services (NAMFS) Florida Fraud Fest just wrapped up and as the hangovers begin to set in, well placed sources are indicating that Fannie Mae may have taken a step to increase pricing on Inspections. Coming on the heels of NAMFS members trading in employees for Affirm personnel, the reality is it is a race to the bottom. And as we discuss what we have learned, the reality is this will be nothing more than a propaganda campaign. Prima facie, a pay hike may sound like a great thing. However, as President Reagan used to say, Trust But Verify. Whether or not Fannie Mae increases pricing is immaterial. What matters is will that price hike ever make it to Labor.
The reality is that when Fannie Mae sends a work order out to a National Order Mill, it then moves to a Regional Order Mill whom, in turn, generally sends it to yet another Order Mill whom finally sends it to Labor. That means that Fannie Mae will have to make sure all parties involved are keeping their hands off the pay hike. The reason this will never happen is that if any of the Order Mills inquire of the others the pricing being paid, it opens up a Doctrine of Privity.
Our sources are indicating that Fannie Mae added $5 to all inspections. To that point, it appears that some kind of honor scout promise — a wink and a nod if you will — is being required with respect to moving this pay hike direct to Labor. The reality is that Fannie Mae does not have the legal authority to require anyone to pay a specific amount for the services which are rendered. Moreover, though, NAMFS members have no idea, ultimately, of how many hops the work order takes before it is ever fulfilled by Labor. This opaque nature of how services are actually rendered have been the bane of legal contracting within the Mortgage Field Services Industry for years. Take, for example, the offloading of inspection processing to Affirm by multiple NAMFS members. Affirm, a firm based in India, has begun taking the place of regular NAMFS staff with respect to their inspections arm and is anticipated to soon replace many of the functions domestic employees used to perform. The irony is thick when reflecting upon the fact that it was Vendor Managers whom used to laugh about the plight impacting Labor.
The fact of the matter is that there is no conceivable amount of monetary increase which will retain Labor. With attrition nearing 80% now and as Management has begun targeting its own internal staff to save money, the writing is on the wall. The reality is if you want to move into the private label hedge fund market as well as begin working direct with the US government, Foreclosurepedia has options for you TODAY! Simply take a look at the Products we offer below,
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