Did Safeguard lose there Fannie Mae contract in MI?? - REO Property Preservation Forum
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post #1 of 35 (permalink) Old 07-02-2012, 03:08 PM Thread Starter
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Did Safeguard lose there Fannie Mae contract in MI??

Hello my name is Tim I have been in the reo business for about 5 years. I currently work for safeguard who currently has the fannie contract in MI and was just solicited by another field service company stating they received the Fannie contract in MI. I was wondering if any one else has heard this??? Thanks.
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post #2 of 35 (permalink) Old 07-02-2012, 10:44 PM
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Originally Posted by rkrm
hello my name is tim i have been in the reo business for about 5 years. I currently work for safeguard who currently has the fannie contract in mi and was just solicited by another field service company stating they received the fannie contract in mi. I was wondering if any one else has heard this??? Thanks.
ams.
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post #3 of 35 (permalink) Old 07-03-2012, 09:22 AM
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Yup.

Prepare for MI to go down the toilet
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post #4 of 35 (permalink) Old 07-05-2012, 03:28 PM
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post #5 of 35 (permalink) Old 07-05-2012, 08:51 PM
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Ouch!
post #6 of 35 (permalink) Old 07-16-2012, 07:19 PM
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FAS lost the contract for Fannie across the board. Nation Wide....looking for the inside scoop if Safeguard got it. Word on the street is yes they did. Anyone want to spill the beans????? And that is effective Aug 1. Weird when you start putting the puzzle pieces together isnt it
post #7 of 35 (permalink) Old 07-16-2012, 07:42 PM
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FAS lost the contract for Fannie across the board. Nation Wide....looking for the inside scoop if Safeguard got it. Word on the street is yes they did. Anyone want to spill the beans????? And that is effective Aug 1. Weird when you start putting the puzzle pieces together isnt it
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post #8 of 35 (permalink) Old 07-16-2012, 07:48 PM
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Sorry Holland,

Been in the biz for 5 years only with FAS. Running 7 states with FAS, number one vendor in 4 of the 7 states and totally freaked out what to do now. Fannie is 95% of what we do. The nationals are such a pain in the backside, but honestly I dont know anything other than FAS. I have exceptional relationships with my brokers, but all are tied to the national servicers except for the pitty 571 work that comes around from time to time.

The one thing I do know, is I have a lot of people that depend on me for work, and for once I truely am at a loss on how to be there for them. I dont believe any real inventory (shadow inventory) is going to be released until the election (hopefully new president) but we have enough work load that most of the guys can actually be off at a reasonable time instead of crazy 15 hour days. I look at this split between FAS and Fannie as a blessing in one way, and detremental in another. FINALLY my way out of the national circut with no hard feelings....but what do I do now...and all the families that are depending on this business we have built together.....uugh. Heavy heart here.......
post #9 of 35 (permalink) Old 07-16-2012, 08:03 PM
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Originally Posted by P5H
Sorry Holland,

Been in the biz for 5 years only with FAS. Running 7 states with FAS, number one vendor in 4 of the 7 states and totally freaked out what to do now. Fannie is 95% of what we do. The nationals are such a pain in the backside, but honestly I dont know anything other than FAS. I have exceptional relationships with my brokers, but all are tied to the national servicers except for the pitty 571 work that comes around from time to time.

The one thing I do know, is I have a lot of people that depend on me for work, and for once I truely am at a loss on how to be there for them. I dont believe any real inventory (shadow inventory) is going to be released until the election (hopefully new president) but we have enough work load that most of the guys can actually be off at a reasonable time instead of crazy 15 hour days. I look at this split between FAS and Fannie as a blessing in one way, and detremental in another. FINALLY my way out of the national circut with no hard feelings....but what do I do now...and all the families that are depending on this business we have built together.....uugh. Heavy heart here.......
Ouch. We were in a similar situation in 2008. We bounced back in 2010 and 2009 was rough. I wish you the best.
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post #10 of 35 (permalink) Old 07-16-2012, 08:05 PM
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Quote:
Originally Posted by P5H
Sorry Holland,

Been in the biz for 5 years only with FAS. Running 7 states with FAS, number one vendor in 4 of the 7 states and totally freaked out what to do now. Fannie is 95% of what we do. The nationals are such a pain in the backside, but honestly I dont know anything other than FAS. I have exceptional relationships with my brokers, but all are tied to the national servicers except for the pitty 571 work that comes around from time to time.

The one thing I do know, is I have a lot of people that depend on me for work, and for once I truely am at a loss on how to be there for them. I dont believe any real inventory (shadow inventory) is going to be released until the election (hopefully new president) but we have enough work load that most of the guys can actually be off at a reasonable time instead of crazy 15 hour days. I look at this split between FAS and Fannie as a blessing in one way, and detremental in another. FINALLY my way out of the national circut with no hard feelings....but what do I do now...and all the families that are depending on this business we have built together.....uugh. Heavy heart here.......
I feel for u, Donít Keep All Your Eggs in One Basket
- Iíve learned this the hard way
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