Wed Feb 8 20:55:33 EST 2023
Home#OpNAMFSThe Demise Of ServiceLink As Labor Flees For Safer Havens

The Demise Of ServiceLink As Labor Flees For Safer Havens

ServiceLink Trades Labor As Bargaining Chips With Backwoods Rent A Cops

With the collapse of the Mortgage Field Services Industry during the COVID pandemic, the ability of National Association of Mortgage Field Services (NAMFS) members to churn through Labor has now reversed course. Going no further than NAMFS own report of a seventy percent attrition with respect to Labor equates to roughly less than 25,000 Field Service Technicians throughout the entire United States and its Territories based post financial crisis estimates of over 100,000 Field Service Technicians. In fact, here is how NAMFS and Gate House Strategies phrased it,

A mass exodus of over 70% of the experienced vendors since 2015

It is much like a Tale of Two Industries. On the one hand, NAMFS members like ServiceLink have consistently pocketed inordinate amounts of profits with many of those handsomely paid by the US taxpayer. And no matter how many new names they cook up, ServiceLink is still the same old Lender Processing Services (LPS) which was forced to sell off to Fidelity for fraud committed by its wholly owned subsidiary DocX during the 2008 Crisis. In fact, here is some of the backstory,

An LPS-owned company called DocX was one of the nation’s biggest forgery mills for fake foreclosure documents. DocX churned out huge numbers of fraudulent foreclosure documents for big banks after the 2008 economic bust, which led to millions of people being illegally thrown out of their homes. DocX generated fake foreclosure documents for some of the country’s biggest banks, including Wells FargoHSBCDeutsche BankCitibankU.S. Bank and Bank of America. DocX hired unqualified people, including some high school students, and paid them $10 an hour to fraudulently sign the name “Linda Green,” a fake bank vice president, thousands of time a day on hundreds of thousands of foreclosure documents, and hired a notary to falsely notarize the fake signatures.

LPS denied any responsibility in the fraud case, and instead let two employees take the fall for the debacle.

It is that last sentence which is ringing through the Industry today. In fact, ServiceLink is still playing hard and fast with the law as it allows law enforcement officials to dictate how long evictions and debris removal are to take as well as whom may or may not be placed on the blacklists — with no hearing allowed. It is ServiceLink’s Kafkaesque hollow support of Labor while prostituting themselves out to keep the money rolling in. To that point, though, here is a 2013 Department of Justice excerpt for those of you doubting that ServiceLink is anything other than LPS trussed up with lipstick on the pig,

Lender Processing Services Inc. (LPS), a publicly traded mortgage servicing company based in Jacksonville, Fla., has agreed to pay $35 million in criminal penalties and forfeiture to address its participation in a six-year scheme to prepare and file more than 1 million fraudulently signed and notarized mortgage-related documents with property recorders’ offices. throughout the United States. The settlement, which follows a felony guilty plea from the chief executive officer of wholly owned LPS subsidiary DocX LLC, was announced today by Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division and U.S. Attorney for the Middle District of Florida Robert E. O’Neil.

The tens of billions of dollars more in settlements, fines, and lives is but the footnote in a company that appears to be more anti Labor and anti Homeowner than ever.

ServiceLink’s recent kickback strategy of “Client would not approve” billing when already previously agreed to, in writing, is becoming extremely concerning as evictions are both time consuming not to mention fraught with danger. Two things that Labor does not need is first being told that they are not going to be paid and second, that ServiceLink refuses to defend Labor from authoritarian aggression. In our opinion, ServiceLink is not a firm which Labor should feel secure in performing evictions for unless and until their former LPS habits change. Even then, the jury would be out as to whether ServiceLink is a firm whom may be trusted.

Tomorrow, we sit down and discuss Labor’s position with ServiceLink and their refusal to protect Labor on FHA insured properties.

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