Look who has Wells Fargo - REO Property Preservation Forum
Reply
 
LinkBack Thread Tools Display Modes
post #1 of 20 (permalink) Old 06-16-2014, 12:43 PM Thread Starter
Senior Member
 
Join Date: Nov 2013
Location: nowheresville Illinois
Posts: 155
Thanks: 770
Thanked 125 Times in 66 Posts
Look who has Wells Fargo

Havent done work for Fas in 2 years... but guess Im still a "valued partner"




As you are aware, our industry is continuously shifting to accommodate regulatory requirements. Assurant Field Asset Services is committed to staying ahead of the curve so that we can bring you new business and increased volumes. With this comes the need to adapt to changing industry standards, practices, and procedures. In 2014, our partnership is set to benefit from these efforts. AFAS has some very exciting news to announce to you.

As a valued partner, we recognize that your company showed a willingness to adapt and push forward as our business faced a reduction in the legacy REO workload and a change to pre-foreclosure services. We acknowledge the strain this overall change may have placed on your shoulders in the recent years. The transition in this type of work has been a difficult path to follow, and we recognize and commend the tireless efforts put forth by you.

AFAS’ growth plan for the future is focused towards GSE (Fannie Mae, Freddie Mac, etc.) and FHA pre-foreclosure clients who require a heightened state of awareness. These properties come with greater liability and tight turnaround times, but also present an opportunity for greater revenue rewards. The success of these relationships is becoming increasingly dependent on our collaborative ability to comply with all requirements set forth by the client and the governing bodies sanctioning these loans, including turnaround times and maximizing allowables for compliance. We acknowledge that our collective success is due, in large part, to the relentless work performed our spectacular vendor partners, and now the future once again burns bright.

Now comes the good news! We are excited to announce a new client relationship with Wells Fargo Home Mortgage, one of the largest mortgage servicers in the nation! This is an enormous achievement for all of us, and we have placed all hands on deck to prepare for their July 1st launch. Initially, AFAS will receive a bulk order of property inspections. First time vacancies will be identified and then transition to preservation work orders shortly thereafter. This will provide significant growth in our pre-foreclosure preservation volume, rivaling those past work volumes we saw prior to the transformation of our business from REO to pre-foreclosure.

Next, Wells Fargo requires the use of mobile technology documentation for their business and we will be passing this requirement to our network. Only companies who use the Pruvan Direct mobile platform or FAStrack Mobile will be eligible to receive this new work as it is a necessary tool to perform the required work for WFHM.

In response to changes in the industry and client requirements, we’ve announced new insurance conditions, as well as a new Master Servicing Agreement (MSA). Additionally, in support of the above we will soon be changing the way AFAS performs background checks and will also require our network return a signed Standards of Conduct. We will be releasing further information and details in the coming weeks, but we expect that these enhancements will further stabilize both AFAS and our vendors’ companies, since we will be ahead of the game on these industry-wide adoptions.

This is undoubtedly an exciting time at AFAS, and we are elated to share this news. We’ve already started preparing for this increased volume with a more extensive MSA and expanded insurance coverage requirements. These updated policies are a necessary part of the growth and will provide comfort and relief with the signification work volume brought by this new business.

We admit there will certainly be growing pains as we integrate this new client into our business, but we also recognize that we need partners like you to reach the growth that we are envisioning. In order to provide the best service possible for our clients, and while positioning ourselves for additional success, future work will be awarded based upon vendor performance and compliance. This takes a vendor’s shape or size out of the equation by establishing an Auto Assignment protocol that rates vendor performance based on timeliness, quality control approval percentage and field quality, as well as adherence to the mobile technology, MSA, Insurance Requirements, background check certifications, and Standards of Conduct compliance. Assignments are then made to the vendors with the best scores. We are already piloting this program in five states and are receiving excellent feedback from the vendor network. Simply stated, performance will drive volume potential.

Our Vendor Management team is working to deliver monthly scorecard results directly to your inbox, displaying both your non-recurring work score and your recurring work score. The nonrecurring timeliness component is based on how quickly the order is completed in relation to when it was assigned. The recurring timeliness component is based on whether or not the work order was completed on the due date or up to 3 days before the due date. Accepting work orders that are already late or about to be late will not penalize you in any way- the scorecard only rates YOUR performance. More details will come as we put the finishing touches on this new process.

The bottom line- with your company’s investment to become experts in the pre-foreclosure GSE and FHA fields, along with a dedication to perform quality work in a timely manner, your company is well positioned to grow and build new levels of success with Assurant Field Asset Services. We look forward to sharing our current and our future success with you and your company.

Best Regards,

Paul T. Carlson
C.O.O.
800.468.1743
PPPrincessNOT is offline  
Sponsored Links
Advertisement
 
post #2 of 20 (permalink) Old 06-16-2014, 09:04 PM
Senior Member
 
Splinterpicker's Avatar
 
Join Date: Apr 2012
Location: west coast USA
Posts: 616
Thanks: 53
Thanked 213 Times in 135 Posts
Another dog and Pony show. love the part about increased liability! GLAD kicked them to the curb ! NO money in the PP end.
Splinterpicker is offline  
The Following User Says Thank You to Splinterpicker For This Useful Post:
PPPrincessNOT (06-16-2014)
post #3 of 20 (permalink) Old 06-17-2014, 12:50 AM
Senior Member
 
UnitedFieldInspections's Avatar
 
Join Date: Dec 2012
Location: New York & New Jersey
Posts: 350
Thanks: 163
Thanked 137 Times in 95 Posts
I had an argument with afas today.I have been working with them for a short wile but for 3 months they still owe me over 350.I called today and asked about there new service agreement and they told me i need commercial auto,General Liability,Workers Comp,E&O.Not a problem carrying these but to pay workers comp and all these insurances.They do not pay enough.Simple as that.Yet they call me all the time to cut lawns and they have a guy who drives around with a push mower with no license and does ****ty work.
UnitedFieldInspections is offline  
Sponsored Links
Advertisement
 
post #4 of 20 (permalink) Old 06-17-2014, 01:06 AM
Senior Member
 
Join Date: Sep 2012
Posts: 588
Thanks: 192
Thanked 255 Times in 114 Posts
They contacted me but I explained 1) there is no need for E&O based on what we do and then they wanted to be the additional insured on auto and w/c. I explained we would do it on the g/l but that is it. Not even worth it.
brm1109 is offline  
The Following User Says Thank You to brm1109 For This Useful Post:
LAND (07-12-2014)
post #5 of 20 (permalink) Old 06-17-2014, 11:15 AM
Senior Member
 
UnitedFieldInspections's Avatar
 
Join Date: Dec 2012
Location: New York & New Jersey
Posts: 350
Thanks: 163
Thanked 137 Times in 95 Posts
She couldnt tell me why the needed to be additional on the commercial auto?I don't understand they want to hit us in everyway.too bad ****em
UnitedFieldInspections is offline  
post #6 of 20 (permalink) Old 06-17-2014, 08:28 PM
npm
Senior Member
 
Join Date: Nov 2012
Location: Lehigh Valley, PA
Posts: 125
Thanks: 44
Thanked 32 Times in 29 Posts
Quote:
Originally Posted by UnitedFieldInspections View Post
She couldnt tell me why the needed to be additional on the commercial auto?I don't understand they want to hit us in everyway.too bad ****em
Remember AFAS also wants special treatment on ego insurance. It's something that the insurance company can't sue them or something along those lines. All I remember is was additional cost. My other nationals don't require it.

No thanks after I went through my first law suit for a clean out.
npm is offline  
post #7 of 20 (permalink) Old 06-17-2014, 08:32 PM
Senior Member
 
Splinterpicker's Avatar
 
Join Date: Apr 2012
Location: west coast USA
Posts: 616
Thanks: 53
Thanked 213 Times in 135 Posts
Quote:
Originally Posted by UnitedFieldInspections View Post
She couldnt tell me why the needed to be additional on the commercial auto?I don't understand they want to hit us in everyway.too bad ****em
Because it gets back to the Employee and employer or subcontractor relationship. If we get into an accident they are next in line for being sued if our insurance does not pick up ALL the bill. ASpeaking from EXPEIRENCE E&O covers JUST YOU. GL would not cover a suit I was being drawn into because the bank had no right to have me enter the property just like a tenant and landlord NO REPEAT NO DIFFERENCE. Because I had committed breaking and entering in our state ( and I HEAVILY advise you to ckeck your local laws... its the difference between ownership (landlord or bank) and possession (mortgagee and tenant) UNTIL the bank has BOTH they have NO right to set foot inside the property. On the other hand E&O insurance defended me and found I had NOT committed any wrong doing and told em to go away. Leaving the bank and FAS to pony up the 1.5 million MY GL DID NOT COVER ANYTHING 0$
Splinterpicker is offline  
The Following User Says Thank You to Splinterpicker For This Useful Post:
UnitedFieldInspections (06-17-2014)
post #8 of 20 (permalink) Old 07-09-2014, 10:36 PM
Senior Member
 
Zuse's Avatar
 
Join Date: Nov 2012
Location: SOUTH/SOUTH EAST/ COASTAL OUTER BANKS
Posts: 688
Thanks: 1
Thanked 470 Times in 244 Posts
They wont be able to keep this contract. The Workman's Comp will run most all contractors off.

I applied to them just so i could turn them down about the WC issue, I can tell you the girl on the phone didn't understand why i wasn't willing to get it.

But this is a big contract she says, lots of money she says.. I just had to laugh at her..
Zuse is offline  
post #9 of 20 (permalink) Old 07-09-2014, 10:49 PM
Senior Member
 
STARBABY's Avatar
 
Join Date: Apr 2012
Location: kentucky
Posts: 681
Thanks: 582
Thanked 197 Times in 137 Posts
I like the part were they say you have to go mobile to the Wells account. That`s BS I do Wells for NFR and do not use mobile.
STARBABY is offline  
post #10 of 20 (permalink) Old 07-09-2014, 10:54 PM
Low quality low cost
 
Craigslist Hack's Avatar
 
Join Date: Jun 2012
Location: Every city
Posts: 2,338
Thanks: 695
Thanked 1,687 Times in 846 Posts
Quote:
Originally Posted by STARBABY View Post
I like the part were they say you have to go mobile to the Wells account. That`s BS I do Wells for NFR and do not use mobile.
We do it for a few nationals and have yet to even sign up for the Aspen crap. I will most likely have to give in on this one eventually.
Craigslist Hack is offline  
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the REO Property Preservation Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome