When Brian Huggard founded Sentinel Field Services in 2001, it was a formidable firm. Sentinel made the rounds, paid the dues, and was even, at one time, a Member of the International Association of Field Service Technicians (IAFST). Over the years, though, Sentinel began charting a downward trajectory. Internal squabbles and the inability to negotiate with Labor began to show that the seams were thread bare in the once stalwart fabric from which Sentinel was made from. And with the onset of COVID, Sentinel lost its direction. Sentinel, though, is not the only National Association of Mortgage Field Services (NAMFS) Regional whom would appear to be in dire straights.
The recent jumping of the ship by Sentinel’s former CEO Phil Johnsen would appear to indicate that after seven years Johnsen sees no light at the end of the tunnel. Johnsen left Sentinel in April for a VP/GM position at Altisource.
Foreclosurepedia had predicted, over a year ago when COVID first hit the US, that it was only a matter of time until the financial demise of NAMFS firms would come to light. In fact, one would be hard pressed to find ANY firm out there which is financially solvent, by definition, today. And while the move by Johnsen has apparently occurred without any PR fanfare, it is most interesting in light of the fact that New Residential, owner of Guardian Asset Management, put the screws to Ocwen in order to move their mortgage field services away from Altisource and over to Guardian. Could it be that Johnsen will be the one to orchestrate the coup against Guardian or will he simply be the one begging for alms in an upside down, topsy turvy world?
You can catch up on all the details in this weekends Foreclosurepedia Podcast.
Foreclosurepedia reached out to Huggard, for comment, and none was forthcoming at the time of publication.
