I Finally Understand The Free Market System
Posted on | May 14, 2010 | No Comments
Seems like one independent contractor got so upset with the treatment received from a certain mortgage services company that considerable money was spent to go as close as possible to the top to register a complaint. I can’t say exactly how many times the word “fraud” was used but it was more than once.
After weeks of work and thousands of dollars, word came down that there is no one that cares to investigate complaints or care to look into servicing company / independent contractor issues. Well, I already knew this but this contractor is just like the rest of us, you and me – he figured he was different; it would never happen to him. Yeah, right!
There’s always a bright side to every story though. I finally understand the free market system. In fact the actual words that came down were “we don’t get involved in the free market system”. Shazam! How could I have not noticed this all these years? Free Market System? It means that when a national company does not pay the contractor, then the contractor is actually working for free.
Duhh!
You’ve Got 30 Days Mister!
Posted on | April 23, 2010 | No Comments
I’m distraught and looking for sympathy so try to muster up some real concern for me. Our resignation prompted a call from the company and I have to admit I had a vision in my head of the caller standing straight and stiff as an ironing board with jaw slightly jutting forward. The caller’s answer was “That’s okay; I have a state-wide rep I can reassign them to.”
“Well, if you have a state-wide rep why have you been sending us a handful every month? Why isn’t the state-wide rep getting all of them?” ”Hello?” ”You still there?”
I’m glad she (the caller) could so boldly let me know that our resignation was not going to cause any permanent damage to their business. Even though I have been in this business for a long, long time, I still retain some ethics.
Of course the visual image of the straight-up stance and the daring chin position was blown to hell when she told me that we had to finish what had already been assigned and give a 30 day notice. ”We will certainly do that. We don’t have a problem with that at all; but tell me – if you have a state-wide rep, couldn’t you go ahead and reassign them to that rep?” ”Hello – you still there?”
A couple of hours later we got a call and we were told that “Yes, we can reassign them if you let us know what has not been done.” ”Okay, here they are, all five of them that are not already in the field. By the way, your state-wide rep must be really busy; it took you several hours to get back to us.” ”Hello. You still there.”
There’s a moral in here somewhere. I think it goes something like this:
- Most of the companies in the mortgage field services business (9.9999999 out of 10) will use you and abuse you.
- Most of the companies in the mortgage field services business (9.9999999 out of 10) have you sign a contract that requires you give 30 days notice before you can drop an area without penalty. They have no requirement to tell the field rep they are giving the work to that they are giving all work to another rep as of right now – like maybe a new state-wide rep that will do the inspection for 5 cents less.
- Most of the companies in the mortgage field services business (9.9999999 out of 10) have a “penalty of the day” and the penalty rate is determined by how pissed off they are that you got wise to them. The penalty for unfinished inspections runs from $15 to $5000 (I think).
When I first started in this business, I didn’t have access to anyone that would talk much about the greedy and corrupt companies we could be dealing with. I learned pretty quick though – I did 500 or so inspections for a company and at the end of the pay period I owed them $800. Seems that the companies have a habit of telling their computers to ignore the fact that the inspection requests were late when they send them to a new rep. Actually it’s a pretty good system. They just transfer all the penalties to the new rep and wallah – they win and you lose!
Have fun out there and if you’re having any doubts about seven exterior photos (requires a walk-around), I can send you a link to a company that has pretty good prices on bullet proof vests.
Tomorrow, if I’m not totally wiped out from all the fun I’ll have in the field, I’d like to tell you about a call I had that was just full of complements.
Terry
Client # 666
Posted on | April 20, 2010 | No Comments
I can’t think of anyone that is in a better position than me to publish a “state of the industry” message about the field services industry. I still get more calls than I like every day. Calls with good news, calls with bad news and a lot of “what the heck’s going on!” I get email out the ying-yang and now I guess people think I don’t do enough on the phone and internet – I’m getting ink on paper delivered by an official US Government employee riding around in a little white Jeep with red and blue stripes on it. I’m also well known by the Fedex guys and gals and the UPS people. They think I’m important.
So what prompted my rare appearance on MortgageFieldServices.com? Well, it’s the urge for a spontaneous “state of the industry” announcement accompanied by a warning that the sky is falling. For months now, I’ve watched company after company add more and more stupid and outlandish requirements for field inspections. Most want $15 worth of sugar for $3. My point? These people are crazy and they’re finding plenty of crazy people to take them up on their guarantee of a slow and painful death.
About six months ago we bit the bullet and told one really large outfit that we no longer cared to do their inspections. We worried a lot about the decision. A high five figures a month account is hard to kiss off but we usually had to turn right around and spend all of it on aspirin and antacids so “adios amigo”. Guess what? We survived. Out of the blue another company called asking us to do their work and they don’t call every five minutes with a complaint. We get over a thousand jobs a month from them and this morning we downloaded 1,459 assignments. Looks like we didn’t need that other company after all. Dropping that company has helped us create a new way of thinking about this business. We’re finally realizing there is nothing to be gained by working for everyone out there regardless of the low pay, pain and agony. So, on with my story.
A couple of days ago I made the mistake of answering the office phone. It was our best field rep complaining about the “special instructions” printed at the top of one company’s inspection form. This particular field rep has been with us almost since day one and his word is gospel to us. He never lies to us, he works his hiney off he just about always finds his properties. He does, however, expand forever on his complaints about “the companies”. I casually listened to his 15 minute complaint and then promptly forgot about it. Then, today, he comes knocking on the door.
As it turns out, I found out that this was another item that was judiciously withheld from my attention. After inquiry, I was told that I was not shown the new inspection requirements because the office is full of combustible material. I sat down to read the new “special instructions”.
The “special instructions” referred to a three page document sent along with the inspections. “New Inspection Type and Requirements”. I read all three pages three times. Then I read them again. Then I asked everyone in the office if I was overlooking the part about payment. “Or, maybe there’s a page missing?” “No, that’s all they sent.”
Three pages of instructions for a $5 inspection:
- occupancy verification with names of two interviewees
- seven exterior photos
- seven more pictures if damage reported
- one more picture of for sale sign if present
- check list with twenty-three items including:
occupancy confirmation by: borrower, neighbor, mail carrier, building manager, broker. Water meter reading, gas meter reading, electric meter reading.
Again, I saw no mention of an increase in pay for the additional 400% of work. I told our rep to go ahead and do the assignments he had in hand; there will be no more. Tomorrow at 8:00am CST, I will inform the company that we no longer wish to do their inspections.
Did I say something about the sky falling? One of my phone conversations this morning was with a contact that I feel is in a position to know about some things I am not in a position to know. Thankfully, we are friends and we both honor a blood brother code. As it turns out, a lot of companies are losing their contracts for inspection services. HUD is fed up. So, in a last gasping breath, some companies are making deals they can’t keep – like a $15 inspection for $3; like a 400% increase in services for no increase in fee. How are these companies able to do this? They’re able to do it because there’s enough idiots in this business that really think they can make money spending 20 or 30 minutes on an inspection for a payment of $3, $4 or $5. Do the math – I dare you! And, the government now allows you to make a career out of unemployment. Why even leave the house?
The sky is falling but there is a simple survival strategy: just say “No.” There will be a transition period while the old companies die off. There will be an increase of infant mortality when the new startups cannot find fools to do $3 inspections. But, after we bury all the bodies, we can start fresh.
Just say “No.”
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