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MCS Termination

17K views 31 replies 12 participants last post by  WES1 
#1 ·
Received an email from MCS stating that due to the reduction of work for Corelogic vendors they are terminating our contract. We knew all along where the Wells Fargo work orders were going, but apparently MCS was not aware...anyone else do the switch from Corelogic to MCS and now no longer receiving work?
 
#6 ·
You know this is funny, my competitor in my area does the entire state for MCS and loves working for them, and he says they pay him on time and everything. And he rarely got any charge backs from them.

I'm confused, he must be the exception. They offered the us the entire state and we turned it down, at the time we just had to much work.

He's never had anything bad to say about them. Doesn't Altisource own MCS now?
 
#9 ·
Mcs piece meals ALL WFHM work to other companies. Altisource does not own MCS. MCS is part of a HUGE holding Company called Concentic Holdings which is operated by the CEO of MCS. Just Google Mcs Holding Company and you can research the corporate structure.

I've been in the MCS offices at WFHM and saw the operation. Took several employees to an NCAA basketball Sweet 16 game and the scoop you hear.......

Nothing good. I see the Holding Company reducing pay even further due to the stockholders wanting even more profits while the inventory continues to decline.
 
#11 ·
The inventory has declined but their also hold a lots of properties, most that Ive been servicing has been in my line up for over 2 yrs. Just Humble option... but The rise in home prices is going to pop the bubble again here shortly. and WF is well aware of it. thus i would propose the stream lining of the operations. Moving what they can overseas.

But probebly you know more about the inter-workings at WF than i do, is all see is whats happening in the field and the network im in.
 
#18 ·
They didn't say where the orders were going. Only that it affected Florida vendors that were transitioned from Corelogic to MCS. When we talked to Vendor Management, they said they got the larger loads in other states instead.
I've heard a lot of rumors about who's getting the work but I haven't found anything concrete. Industry has changed so much its crazy...
 
#14 ·
Zuse,

You are SO RIGHT on these shadow properties. The Mortgage Companies were holding property till values increased. These properties are starting to be released to meet shareholder demands for higher return.

Looking at the Long Term I don't see the returns required to satisfy investors and a collapse of many more companies. When FNMA reduces staff (layoffs) by nearly 1/3, when the large P&P Companies start selling out and forming Holding Companies to increase the serviceable number of properties, when large numbers of US workers are replaced with overseas cheap workers, when pay has decreased to less than poverty levels, as the economy improves (debatable) less amounts of homes go into foreclosure etc etc In my opinion the industry will return to the levels back in the mid-90's.

The housing bubble formed this industry as it is today. It was formed out of need but as improved conditions economically the industry went from Need to Greed.

We always stated the main reasons a property went into foreclosure was the 3 "D's". Drugs Divorce and Disability. For the Mortgage Company there is NOW a 4th "D": Death. With the advent of Reverse Mortgages back in the late '90's a lot of retirees were able to increase monthly retirement using their homes collateral (I offered these products from my Insurance Agency till we saw how bad a product this was). If I was a P&P contractor I would be locating the companies that sell this product to clean them up for resell. There is a ton of these products out there that will be coming for servicing.

That's my opinion:)
 
#15 ·
I just sit back and watch in amazement the changes this industry has and continues to go through.

Hats off to the few in the know, the ones able to keep up with the changes and drive their business forward at profitable terms. I'm not sure but I sort of understand where we went wrong, why it all came to a halt for us - you can't cry over spilled milk anyways - just a tinge of jealousy though. Although I see these business' continuing on for some time, I just seen no value in creating the business - other than a few dollars sticking in a checking account, when it's over you are left with a few computers and phones.......

My wife is still hacking the bushes doing drive by inspections, I haven't seen her work in general slow down at all. The shadow inventory, the new homes coming online, it seems to me that this economy is still increadibly fragile. The artificial inflation of home values seems risky but good for the overall economy, all be it a house of cards at the moment.

I've made my bed, I work everyday so that one day I have something to pass on to a younger generation or sell to another fool with dreams - only time will tell if I'm sleeping on an old couch or a comfortable mattress.
 
#16 ·
We are flooded with WF work and I can't get anyone to rake leaves. It's just something we have never done and I think my guys are spoiled. It's real work! They just want to ride mowers and drive around all day.

WF is the bulk of our work load. We hate the BATF but Zuse loves it. Everything is a matter of perspective and location.

I was told by someone at SL that they are looking for revenue before the end of the year. They flat out told me to prioritize the larger orders over the small ones. I was even given the option of having the small ones reassigned.
 
#22 ·
I'm still confused, because, MCS says we are on indefinite hold. We have not received any work orders on their system but we still receive e-mails from MCS and we are getting work orders on Corelogic website. Corelogic still owes us a lot of money from before the acquisition and the dispute process is ridiculous, I love the reason "invoice was zero billed in error".


MSI said they were going to be getting all Wells Fargo work for the state of Florida, but they have been saying that for the last 2 years. They are having Wells Fargo training sessions and say they will roll out on the 15th.
 
#26 ·
In the very NEAR future, MCS will have everyone switch to the Aspen Grove/MCS app for android phones. You will be required to receive and upload all w/o`s through this app. You will have to take the normal street sign and house number, then a "selfie" and photos of anyone on your crew at the w/o location and submit for validation through the criminal data bases,while that is happening you will have to fill out a 10-15 questionnaire about the exterior of the property, once that is filled out and submitted, the OK to proceed will be given to complete the task for that w/o. If any of the personnel come back as "invalid" ,you will be terminated, if they are "valid", you will complete the work requested as photos will be uploaded in "real time", upon completion the PCR will show up, you will complete that and hit the submit button.....and poof.....the w/o is gone.
That is the break down I have gotten from a VERY reliable source....99% of all WF orders will be streamed through this app. It is not known how the contractors will be able to track and bill for the work they have performed, or at least it was not discussed.
 
#32 ·
We have bailed, been in it since 2008, just got feed up with all of the B.S and decided to pull the plug....
So far, we have been doing pretty damn good outside the PPI. It`s looking like 2015 will be even better. I encourage everyone to diversify their services to the residential and commercial sector, it damn sure pays a hell of a lot more, YOU can actually manage your time ( not some cubicle rat micro-managing you ), take time off when you need it, and people / business`s actually appreciate the service / service`s you provide.:thumbup:
 
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