As the International Association of Field Service Technicians (IAFST) hosts its second Roundtable Discussion, in as many months, with National Prime Vendors and Hedge Funds, many are asking where Eric Miller and the National Association of Mortgage Field Services (NAMFS) are at. In fact, NAMFS Members have bet the farm on antiquated technology. In fact, NAMFS Members have neither financial assets nor the fortitude and resolve, to move away from COBOL based software. Moreover, NAMFS Members such as Service Link (formerly Lender Processing Service (LPS)) prominently reflect, in their 10Q and 10K Statements, the abysmal state of their technological affairs. Even more precarious is the simple and salient fact that FHA remains almost an entirely built COBOL platform. And while the agile state of both real estate and finance continue to leave Miller and NAMFS long and far behind, these relics to a generation of greed and entitlement refuse to change — much to their own detriment. A simple look at Eric Miller’s salary at NAMFS gives the novice enlightenment. Miller’s salary consumes over 81 percent of all NAMFS Member dues. In fact, as NAMFS continues to operate in a borderline state of financial insolvency, many are asking whether his well over One Million Dollars in compensation over the past seven years might not have been better spent in discussions pertaining to technology.
NAMFS Members have been experiencing a type of necrosis over the past several years when it comes to Minority Females and Labor. Instead of implementing a course which applied Six Sigma and technological innovation, Miller has led the charge in illegal schemes such as the misclassification of contractors as employees. Jury trials recently brought down over Two Million Dollars in Judgements in 9 of over 170 plaintiffs in federal court in California against Assurant Field Asset Services. Mortgage Contracting Services (MCS) recently settled multi-million dollar claims with Bennett Vinson for identical, misclassification of employees as a contractor charges. Doubling down, MCS merely removed the ability for Class Action litigation instead of addressing their own dirty house. And while MCS may believe that they have the upper hand, the US Department of Labor has begun to closely examine the MCS Contract language with the tacit support of the Trump Administration.
Dark things in Mordor, for sure. And with Minority Females and Labor feeling like they are playing the lead role in Frank Kafka’s The Trial, merely awaiting the butcher’s knife after their usefulness ends, their is light beginning to shine at the end of the tunnel. And while it has always been the duty and requirement of NAMFS Members to keep the curtain as tightly closed, as possible, lest Minority Females and Labor realize how horrifically they have been raped, firms like Red Creek Asset Management have begun to reexamine their stakes with NAMFS Members. In addition to closely looking at the statements by Red Creek, in New Jersey last month, they and others are also digging deeply into Blockchain.
With blockchain, public records are more than simply convenient. Public records are the very backbone of the blockchain itself forming the Ledger. And without a transparent ledger, there can be no trust or reliability.
Not everyone is a fan of public records. NAMFS Members with exceedingly high and illegal chargebacks are included in this Group. Additionally, though, some NAMFS Members actually welcome this in order to be able to prove that they have, in fact, paid what is owed.
There is a lot at stake, here. In fact, major financial institutions are already financing blockchains and the Smart Contracts and Smart Invoicing that go into them. Digital Matrix Group (DMG) has been working for the past year within the Solidity framework of Ethereum. And the Industry will eventually be compelled to adopt blockchain in some fashion.
Reducing the the amount of paperwork while simultaneously having a transparent window for US Department of Housing and Urban Development (HUD) regulators to oversee their FHA Portfolios would result in an enormous savings in time, money and fraud. In fact, by and through blockchain, the need for the Mortgagee Compliance Manager (MCM) would be all but gone! The implications to the Freedom of Information Act (FOIA) are even more groundbreaking!
Whether it is the buyers, sellers or brokers; whether it be HUD or the Department of Treasury, there is ZERO downside to the incorporation of blockchain into the HUD Marketing and Management (M&M) Asset Manager (AM) and Field Service Manager (FSM) Contract. In fact, as we will discuss later, the HUD P260 is ripe for blockchain adoption.
NAMFS is no fan of technology. First, transparency poses a serious danger for the Mortgage Field Services Industry. Take the case of Brian Mingham, National Real Estate Solutions (NRES). Mingham’s placement upon the Foreclosurepedia Blacklist has begun to hit home with firms like PHH, MidFirst, and Altisource. With tens of thousands of dollars past due to Labor — much of it dating back to May, 2017, for simply EVICTIONS — the reality is that Portfolio Holders are beginning to reexamine their legal requirements to document payments to Labor in accordance with the Office of the Comptroller of the Currency (OCC). And when it comes to attempting to bury money in spurious contracts, NAMFS leads them all with their most recent foray into Membership Management. The latest NAMFS purchase has been an abysmal failure. Paying hundreds of dollars a month for a proprietary platform — that still does not work properly — Eric Miller continues to demonstrate how kickbacks and cronyism works under the umbrella of his non profit, @namfs. The tide is turning, though. The IAFST has been working closely with hedge funds, in conjunction with bringing forward a network of personnel and platforms pioneering both the Mortgage Field Services Industry as well as the real estate and financial sectors.
Recently, Eric Miller committed to hundreds of dollars, per month, for a Membership Platform which does not even work. And it is quite apparent that neither Miller nor NAMFS even understand how their software works. Proving, yet again, that neither Miller nor NAMFS are committed to cutting costs or working with advanced, sophisticated technology. And the NAMFS Rank and File are anything but happy.
The IAFST meets on the 20th of January, 2018, in Long Island, New York. With nearly One Billion Dollars in combined asset and contract holders convening, we are kicking off the New Year on a great note! We are encouraging both Management and Labor to now, more than ever, begin dialogue. IAFST is working to bring qualified Contractors into meetings with Hedge Funds to perform rehab and restoration upon distressed assets nationwide. Working with Digital Matrix Group, the IAFST is bringing both new and well paying opportunities forward for Labor, but is, as well, assisting others whom wish to diversify into the federal contracting arena. In fact, we were just at Carr Creek Dam assisting with one of our members to bid an Army Corp of Engineer project.
If you are interested in participating in any of these new and incredible opportunities, please do not hesitate in reaching out today! Additionally, Foreclosurepedia is always available for Consulting, as we have, upon over $100 Million in Contracts, to date.