FIVE HUNDRED dollars was the penalty charged to Mary in Long Island for being one day late on a $10 mortgage loss draft inspection. She was working for a Florida subcontractor of a large national mortgage field services firm. I called the national firm. Their response was that they had no control over their subcontractors and they were not going to take any action. I also learned that the subcontractor was arrested seven times and was currently on 30-months probation for identity theft. I mailed arrest records and mug shots to the Chairman of the Board and five directors at the parent company of the national field services firm. Only then, did they fire the subcontractor. Why are these extremes necessary? Who is managing these national mortgage field service firms?
They have no common sense and respect for the field service representatives that perform their tasks. Shame on them!
It’s unreal how many firms will pull such stunts. Thanks to you, Richard, for slapping some reality into those folks!