The biggest lie ever told by National Association of Mortgage Field Services (NAMFS) members is that increased volume will equal profits. Nothing could ever be further from the truth. And the reality is that profits decrease from the exponential increase in time, material, and transportation involved — costs for all of which are dramatically increasing due to inflation at a running 7.5%. Nothing, sells though, like a lie repeated multiple times. The problem here is that fact that even the lie being told, the lie that volume equals profit, is a lie as there are no volumes coming.
Here is how what I call the Great NAMFS Lie is explained by CoreLogic,
In November 2021, 3.6% of home mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) , which was a 2.3-percentage point decrease from November 2020 according to the latest CoreLogic Loan Performance Insights Report. November marked the first time since the pandemic began that the overall delinquency rate fell below the March 2020 level.
The share of mortgages that were 30 to 59 days past due — considered early-stage delinquencies — was 1.2% in November 2021, down from 1.4% in November 2020. The share of mortgages 60 to 89 days past due was 0.3% in November 2021, down from 0.6% in November 2020.
All bets are off when it comes to the post pandemic Mortgage Field Services Industry. And any belief that the NAMFS request for $120,000 in order to assist in pay raises — still stalled out at $34,850 minus their $10K pump priming — will bear any fruit to Labor is about as believable as the volumes forthcoming. The reality is the Mortgage Field Services Industry is a dead end cul-de-sac from which the only escape is to align your firm with Clients whom are top payers and pay in a brief amount of time. For many, the International Association of Field Service Technicians (IAFST) has been instrumental in assisting Labor. Additionally, Foreclosurepedia offers many Products which may assist you.
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