Comeuppance

I doubt there are many visitors to this site or readers of any of my publications that doubt how critical I am of most of the mortgage servicing companies, their personnel, their procedures and their treatment of property preservation contractors and field inspectors.

Having said that, I publicly acknowledge that I am experiencing a tremendous amount of  joy and glee since finding out that some of these companies are in the process of getting their comeuppance.  It appears that either HUD has had enough of the sloppiness and the greed that is so rampant in the industry or they are trying to save face by calling out  lenders and servicing companies.

I have stated before that it’s my opinion that HUD allowed a lot of the problems we see today to arise and  fester by not being in control of the industry and for all practical purposes let the servicing organizations interpret the regulations and dictate field procedures.  Regardless of who or what actually started the whole mess, it appears we’re starting to see the start of serious changes in the industry and only time will tell if it is a real solution or just another big mess getting started.

I’m asking all inspectors and contractors to look at the changes as possibly the best opportunity we have had to hasten the demise of the bad guys in the industry.  Your actions over the next several months can have a tremendous impact on the future of each company you work for.  Now is the time to get involved and act.  Your best course of action is to learn to say “no” to the abusive and greedy companies.  Let them dry up for lack of suckers willing to work for nothing while getting treated like dung.

Although primarily about the banking industry, you may enjoy this article at DSNews.com.

I welcome your comments.

Terry Platt, founder Cubicyard.us
President, Gulf Thunder Corporation