National Field Network (NFN) a Member of the National Association of Mortgage Field Services (NAMFS) Regime, seems to be taking one for the Home Team instead of dishing it out as they did with Buczek Enterprises. The below was confirmed by a Source within NFN speaking on condition of anonymity. NFN is well known for the Credit Checks of Contractors and then never sending them work which has many, myself included, extremely concerned with their Operations. I actually went to the extent of creating a Fraud Alert on our Credit Jacket lest NFN have an “unscheduled breach” of their servers. Many will remember NFN being implicated in the Buczek Enterprises fiasco for failure of NFN to pay Buczek Enterprises. Our other article gives a better corporate breakdown of NFN itself.
[Redacted] indicates they just had a mid 90% failure rate on a FHA (?) audit on HECM reverse mortgage properties they are responsible for. Evidently they are a primary contractor for HECM properties nationwide.
She indicated NFN is backed (financed) by SafeGuard (Kline’s son.. in law ?) and was formed by some folks from LPS working with the SafeGuard cabal.
Indicated that the failure rate was due to NFN’s “Centrally Planned” property management system where all work-orders for everything are issued from the home office.. including a once a month schedule for maid service.. so.. if vendors were behind.. or if the home office didn’t schedule properly.. properties could go for several months having no inspections or maintenance.. and evidently did. The front-end work appears to be sub-par as well with no formal QC program in place.
Problem appears to be that NFN is really trying to roll stuff downhill to the vendors and contractors who have been telling them all along that their WO and maintenance scheduling system doesn’t work… and their two major East Coast and Midwest vendors are very unhappy campers.