Posts by Richard Law

Internet Security Is So Bad In The Mortgage Segment … The Risks Are Very High

Foreclosurepedia.Org has been reporting that security is so lax in the Mortgage Segment. On most days, Paul Williams lists one or more Mortgage Order Mills (MOMs) who are not offering proper security protection.  Logging onto some the MOM websites reminded me of the 1977 movie “The Gauntlet” with Clint Eastwood and Sondra Locke. Eastwood plays a down-and-out cop who falls in love with a prostitute (Locke) whom he is assigned to escort from Las Vegas to Phoenix in order for her to testify against the mob. They armor plated the bus. The whole movie is available on YouTube.

When you visit some of the MOMs you will need more than an armored bus to protect yourself. Security is so poor in the Mortgage Segment of the industry. Be sure to follow Paul Williams and learn the location of the security minefields.

 

Foreclosurepedia.Org Reports That Spectrum Loses 65 Percent Of Inspection Volumes

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.