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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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rkrm said:
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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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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P5H said:
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
Thanks for the wonderful intro. Could you possibly introduce yourself to the forum?
 
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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.......
 

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P5H said:
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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P5H said:
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, :sad: Don’t Keep All Your Eggs in One Basket
- I’ve learned this the hard way:cry:
 
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Oh don't cry for me Argentina......:)

I have enough good karma credits in the universe that something wonderful will happen....just scared right now. Found out today ALL reoccurring services are severed aug 1....and that was my short term fall back on the lack of trash outs...anywhoozle...........
 
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Couldn't agree with u more on the eggs in one basket. Always been scared of that concept. Problem is we were so FREAKING busy with FAS, we had no time to look elsewhere for more work.
 

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P5H said:
Oh don't cry for me Argentina......:)

I have enough good karma credits in the universe that something wonderful will happen....just scared right now. Found out today ALL reoccurring services are severed aug 1....and that was my short term fall back on the lack of trash outs...anywhoozle...........
Just hang on and HAVE faith - KARMA IS A BEATCH:bangin:
 

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Nothing stays the same in this business. It may not be comfortable for you right now but it will force you to evolve and become better in other areas. FAS was a high maintenance bad girlfriend.
 

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P5H said:
Couldn't agree with u more on the eggs in one basket. Always been scared of that concept. Problem is we were so FREAKING busy with FAS, we had no time to look elsewhere for more work.






Loosing all that work and wondering what to do for your employees and subs has got to be stressful. Good luck going forward.


I used to do P&P part time for one company back in the old days of 35mm film and over night mail. 12+ years ago.
Started again in early 09, wow things sure had changed. Any way it only took me a few months to see that P&P wasn't a long term viable business plan and started making plans. Even put in 3 months for FAS, I do not see how you managed to work for those clowns for 5 years. You must be a VERY patient person to put up with all their non pays, cheap pays and other BS.
 

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Our hard working low on the totem pole new guys were the only reason we worked with FAS. We would drop them over their baloney, then they would call us back, sweet talk us and make all kinds of apologies and promises. Take them back and then three weeks later, BOOM, your $2k initial service order got jacked down to $950.00.
Bad romance. Those were the days.
 

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P5H said:
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 in deed. I do hope for the best for you.
 
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It's actually next week when all the FM orders will be gone at FAS, they have to invoice everything out by the 1st.
 
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P5H said:
Couldn't agree with u more on the eggs in one basket. Always been scared of that concept. Problem is we were so FREAKING busy with FAS, we had no time to look elsewhere for more work.
I have a similar story my friend. We probably know each other away from this board. One thing I have realized (especially since most of the recurring was yanked this AM......early) is that holding onto the past and not adjusting quickly will leave us all paying them to do the work.
 
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We just received email from FAS saying that they lost one of the biggest clients. They had not said who. Does anyone knows which bank. We had not even their vendor package yet (to renew) wonder if there is even a need for it any longer
 
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