Spectrum, a National Association of Mortgage Field Services (NAMFS) Member reported that they have lost 65 percent of all their Inspections. By in large, these were Assurant Field Asset Services (AFAS), inspections. Many are familiar with AFAS and the recent Bowerman Decision handed down against they by a federal court in California ruling that Field Asset Services, the firm bought by Assurant, had misclassified their employees as independent contractors. Truth be told, if Assurant cannot settle for under Two Million Dollars, they will close their doors according to sources speaking on condition of anonymity.
I received an email from a property preservation contractor this week. He was working for a Mortgage Order Mill (MOM). He is owed $100,000 and he has $36,000 in bounced checks. It’s best to avoid the mortgage segment. The Mortgage Segment is the home of $3 mortgage inspections and 99.5% of the fraud, greed and corruption in the industry. Run as fast as you can away from the Mortgage Segment.
