Bailouts taken by National Association of Mortgage Field Services (NAMFS) members underscores the dire financial conditions plaguing the Mortgage Field Services Industry today. It’s a list of the Who’s Who when it comes to the ghouls in the Industry and their willingness to siphon off monies needed by small businesses to stay afloat. And while many more names do not appear in the bailouts, the reality is that firms such as Mortgage Contracting Services (MCS), Altisource, and Safeguard Properties (SGP) would all appear to have over 500 employees which denied them CARES Act funds. Having over 500 employees does open the door for the Small Business Administration’s (SBA) EIDL funds to the tune of billions of dollars. Of greatest interest in those taking monies are the insurance companies York Jersey and Brunswick Companies. Out of any firms whom should be financially solvent, insurance companies are the last ones our Industry should need to be concerned about. Apparently, this is not the case. With respect to the other companies, it is a list of All The Usual Suspects,
INSURANCE COMPANIES RECEIVING BAILOUT
To me, insurance companies — the very same ones whom are demanded to be used by NAMFS members — feeding at the public bailout trough is most obscene. Insurance is pre-paid and these firms testify to the fact that they are financially solvent. Needing bailout money could call that into question. Of note is that on the high end, Brunswick Insurance chose to pay their employees an amount of $3,623 +/- per week. That is over $14,000 per month if completely devoted to employees. Not bad for doing absolutely nothing other than taking Minority Females and Labors money.
GOLDEN TROUGH AWARD FOR BAILOUT MONIES
Sentinel Field Services gets the Golden Trough Award for bailout monies. According to documents exclusively obtained by Foreclosurepedia, Phil Johnsen and his Team claimed benefits for only 7 people — amazing that only 7 people work at Sentinel. If we take the high end of the funding, they are being paid $6,250 per week. That is $25,000 per month! We reached out to Johnsen in an attempt to confirm this or the possibility that there was a typo. No answer was forthcoming.
ALL THE USUAL SUSPECTS
In the same way that NAMFS, as an Association, has become corrupted as observed in its Executive Director, Eric Miller’s salary, so to have NAMFS members become accustomed to free money. In the case of Miller, his salary consumes over 99.7% of all NAMFS member dues according to their latest IRS tax filings obtained exclusively by Foreclosurepedia. With respect to NAMFS members, they have laid off enormous swaths of their personnel, continued to push misclassified employees — legally mandated Essential Personnel — into harm’s way without Personal Protective Equipment (PPE), and cranked up the chargebacks such as those at Northsight Management. Here are some of the NAMFS Regionals and what they collected.