The mortgage segment of the field services industry is continuing to crumble. For the Order Mills it is more staff pink slips, longer pay periods and more legal actions as inspectors and property preservation specialists are fighting to get paid. The collapse is near as mortgage delinquencies and mortgage foreclosure continue to decrease.
Fraud is in the air. The air smells awful in the mortgage segment.
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This is very true.National vendors are not paying there subs.Comming up with poor excuses that are not justfied.Like field asset services.Now a lot of natinal vendors are going towards property managemnt for investors.
FAS is notorious. Me personally I am still working with someone who hasn’t paid me for the work I’ve done in August. I just got a couple of notices to expect payment soon…it’s roughly just over half of my total. I guess this means I see the rest next month (100+ days after)? I surmise they are cash flow poor…as the bank(s) that order these aren’t paying them in due time, so it trickles down to the bottom rung: us.
Soon I shall be rid of all mortgage field inspections….just haven’t found enough of the higher paying companies/jobs yet to utterly justify the drop.
Beyond that, I still can’t fully buy into this. A lot of these inspections can occur on a simple 30-day late (or 45-day in the grace period) depending on the servicer. Furthermore, many tend to go late, catch up, go late, catch up, etc. Those are automatic inspections every time.
One can also add insurance/major damage claims. A storm knocks out an area good, and based on insurance inspections I have done, some do have to forego a payment or two to use the money out of pocket to pay a contractor to get the work going….only to be paid on the back end by the check from the insurance company that the mortgagor is holding…what a racket!
Now let’s add the Obamacare fiasco with the higher health insurance premiums set to take place at some point over the next several months.
Maybe the BIG picture is slowly dwindling but depending on the area, some will not slow down for a LONG time to come.