In National Association of Mortgage Field Services (NAMFS) tax filings obtained exclusively by Foreclosurepedia, the picture painted of the disparity between Labor and Management is grim. For over a year now, Foreclosurepedia has fought a pitched, legal battle to force the ALL WHITE NAMFS Board of Directors and its Executive Director, Eric Miller, to release their IRS 990 tax returns. NAMFS, as a federal non profit trade association, is required to present these documents to the public, upon request, and has refused to do such since 2019. In fact, requests to NAMFS President Matt Zoldowski, NAMFS Board Member Al Freedman, owner of First Freedom Preservation, and Eric Miller himself have all remained unanswered. The IRS, though, was more than willing to oblige.
In times like these, the American Public need to closely examine entities whom potentially exploit the nonprofit sector. First and foremost, having an ALL WHITE Board of Directors is troubling, at best. NAMFS having a Board of Directors for OVER THIRTY YEARS without an African American is an abomination! Moreover, though, when that Board oversees the seizure of property from disenfranchised Minorities and profits from it in their business capacity, it is even more disturbing.
During the 11 weeks from March 18, when U.S. lockdowns started, the wealth of America’s richest people surged by over $565 billion, while 42.6 million workers filed for unemployment. In in the same way, Miller’s salary today consumes over NINETY NINE POINT SEVEN PERCENT of all NAMFS member dues. I want the obscenity of that to sink in for just a moment. For every dollar that NAMFS members pay in dues, Eric Miller puts NINETY NINE POINT SEVEN CENTS in his pocket! That is simply his salary, though. As you will read below, we are not even talking about all of Miller’s associated benefits and NAMFS paid junkets.
Foreclosurepedia has been covering the fleecing of the Mortgage Field Services Industry by NAMFS and its membership for over a decade now. And just like the gargantuan profits the 1% have been raking in, so to has Miller been riding the tide. For years, Miller received ten thousand dollar per year raises. And for years, Miller lost tens of thousands of dollars for NAMFS. It is almost as if Miller’s ten thousand dollar a year pay raises were contingent upon twice that amount in NAMFS loses. To put this into perspective, in Fiscal Year 2011, Miller had received his first ten thousand dollar raise bringing his salary to over One Hundred Thousand Dollars per year — that equates to roughly FORTY TWO Dollars Per Hour. Upon receipt of that raise, in Fiscal year 2012, Eric Miller had lost NAMFS $16,465.
In response to that loss, the ALL WHITE NAMFS Board of Directors increased Miller’s salary by yet another Twelve Thousand Dollars to $112,044 per year — that equates to roughly FIFTY FOUR Dollars per hour.
The following year, Miller lost FIFTY THOUSAND SEVEN HUNDRED AND EIGHTY SEVEN DOLLARS! As a reward, Miller was given yet another nearly Ten Thousand Dollar Raise bringing his salary to $120,215 per year — that equates to roughly FIFTY EIGHT DOLLARS PER HOUR!
And in NAMFS’ latest tax filings, Miller’s salary is $119,789. Now, do not let that slight reduction in pay strike you as a humanitarian move. In my opinion it was calculated. Why, you might ask? Well, NAMFS only brought in $120,141 in membership dues. Miller’s salary would have consumed over ONE HUNDRED PERCENT of all NAMFS member dues. It gets better, though. Miller lost yet another $18,750 for the year. Granted, that was better than the FIFTY ONE THOUSAND SIX HUNDRED AND SIXTEEN DOLLARS from the year before. The irony is that he took a paycut because he lost more money — is one way of looking at it. Biggest problem, though, is that the devil is in the details!
Let me explain this in a way that only a trained media professional such as myself is capable of doing,
By Fiscal Year 2014, Eric Miller was awarded nearly Forty Thousand Dollars in salary raises and is currently paid $119,789 per year. This is roughly Fifty Eight Dollars per hour, 40 hours a week, 52 weeks per year. And while the All WHITE Board of Directors continued to fleece Minority Females and Labor in the Industry, by and through the companies they owned or operated, Miller had lost over One Hundred And Seventeen Thousand Dollars for NAMFS. No chargebacks for him, though!
Those pay raises were not reflected for Minority Females and Labor. In fact, all were forced to perform more services for less — and that was if they were even paid. In addition, many of these people became victims of NAMFS members whom began seizing monies owed upon current assets without court orders. Going back nearly half a decade in one case, NAMFS members cranked up their chargebacks during a time when Minority Females and Labor were Essential Workers. As if the COVID Pandemic was non existent NAMFS members refused to provide Personal Protective Equipment (PPE) as well as refused to properly clean assets Minority Females and Labor were forced to perform services upon.
In any other Industry Miller would have been out on his pompous ass. Not in this Industry, though. The Good Ol’ White Boy Network is still alive and well with its Boot on the Neck and a Wink and a Nod. Here, take a look at the NAMFS IRS records they have fought to keep hidden all these years,
It is the numbers, though, that tell a very specific tale. FY2018 was when our Industry was approaching the zenith of its existence. FY2018 was also the 30th Anniversary of NAMFS. All time highs of property preservation profits were being attained and added to those were the new rehab, repair and tenant occupied sectors. One would have thought that NAMFS, itself, would have been swimming in the money — their books didn’t show it, though.
In FY2017, NAMFS reported $129,375 in Membership Dues. Now, they report $120,141. That is a loss of $9,234 respectively. When a NAMFS local membership is only $195, that would equate into a loss of roughly 47 members. And remember this was in the heyday of property preservation. That number, though, is not really that big of a deal, although it pre-dated all of the acquisitions, bankruptcies and mergers im 2019. In FY2017, the NAMFS #FraudFest Annual Conference Registrations (CR) were $167,820 and the Conference Sponsorships (CS) were $138,400. That is a total of $306,220. For FY2018, the NAMFS #FraudFest Annual CR were $133,300 and the Annual CS were $110,850 for a total of $244,150. That is a loss, year-over-year (YOY), of $62,070. The expense to throw the NAMFS #FraudFest for FY2017 was $248,138. For FY2018 it was $184,685. That is a difference of $64,453.
So, what we know is that according to the latest NAMFS tax filings $22,450 fewer tickets were sold for the FY2018 NAMFS #FraudFest. That is 1/6th of all attendees! Moreover, though, there were $27,550 fewer dollars in Sponsorships.
The interesting thing here is that for a conference that cost less to host, NAMFS lost far more money! In fact, it was SIXTY THREE THOUSAND FOUR HUNDRED AND FIFTY THREE DOLLARS less to host! And yet NAMFS still lost an additional $50,000 in ticketing and sponsorship!
NAMFS tax return gets far more interesting, though, as you dig through them. In FY2017 NAMFS spent $308 for Royalties. By FY2018 they were dumping $4,038. That is thirteen times more YOY. NAMFS cash on hand was down to $28,150 with total assets coming in at $129,921. That is barely enough to pay Miller’s annual salary and nearly Twenty Thousand Dollars less YOY.
Over the coming days, we are going to dig in deep and hard and publish our results with respect to the NAMFS IRS 990 tax returns. And if you think these are bad? Yeah, just wait for 2019’s which many, including NAMFS, have not filed yet.
Foreclosurepedia is the last line of defense for Labor in our Industry. We are in the trenches each and every day attempting to protect Labor. In fact, MONTHS AHEAD of Eric Miller and NAMFS, Foreclosurepedia sounded the alarm bells with respect to COVID. And even to this day, NAMFS still has no concrete, cohesive policy. NAMFS does not care nor do NAMFS members. Provided that they can proverbially sacrifice the lives of Labor for profit, they will do it each and every day of the week. That is no better demonstrated than the deafening silence emanating today. And with unemployment claims being filed against firms across the Nation and state level Departments of Labor ruling Labor are misclassified employees, now more than ever is the time to support Foreclosurepedia.