# Wells Fargo shake up



## JDRM

MCS has sent out emails regarding losing some states and gaining some states. NFR has lost a few, no mention of gaining any. Where is all the WF going???


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## Craigslist Hack

JDRM said:


> MCS has sent out emails regarding losing some states and gaining some states. NFR has lost a few, no mention of gaining any. Where is all the WF going???



Radical Restructuring. You will hear more soon but it's going to blow your mind.


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## JenkinsHB

Wells probably got a little kick back when they wanted their contractors to box up personals and put then in the middle of rooms at no additional cost.


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## BRADSConst

Craigslist Hack said:


> Radical Restructuring. You will hear more soon but it's going to blow your mind.


:vs_no_no_no::vs_no_no_no: You can't drop something like that without spilling the beans:vs_OMG:


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## Allout

Craigslist Hack said:


> JDRM said:
> 
> 
> 
> MCS has sent out emails regarding losing some states and gaining some states. NFR has lost a few, no mention of gaining any. Where is all the WF going???
> 
> 
> 
> 
> Radical Restructuring. You will hear more soon but it's going to blow your mind.
Click to expand...

Are they finally gonna take it all back and manage it "the asset managers"? I've heard this rumor for some time and it slowly keeps coming true


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## PreservationJunkie

Just heard that NFR has lost Wells Fargo in Alabama and Florida. Anyone know where Wells is going with their work in these states or what exactly is going on?


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## MKM Landscaping

*Hmmm*

So lets assume that NFR lost some areas due to work force, lateness, who knows, just assuming properties not being serviced. I have nothing bad to Say about NFR 

NFR pays HUD allowable minus the standard 20% fair enough it worked for all of us, HUD lowers the allowable"s this year so work generally maybe slows down a little, maybe who knows.

So MCS and safeguard get there hands back on this contract, no way is this ever ever ever going to get better for Wells Fargo!!!!! These 2 will take way more than NFR leaving the vendor even less :vs_no_no_no::vs_no_no_no: 

I simply don't get this approach at all, NFR was by far 1 of the best companies to work for 

Preservation and MCS is a quick death,


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## Craigslist Hack

MKM Landscaping said:


> So lets assume that NFR lost some areas due to work force, lateness, who knows, just assuming properties not being serviced. I have nothing bad to Say about NFR
> 
> NFR pays HUD allowable minus the standard 20% fair enough it worked for all of us, HUD lowers the allowable"s this year so work generally maybe slows down a little, maybe who knows.
> 
> So MCS and safeguard get there hands back on this contract, no way is this ever ever ever going to get better for Wells Fargo!!!!! These 2 will take way more than NFR leaving the vendor even less :vs_no_no_no::vs_no_no_no:
> 
> I simply don't get this approach at all, NFR was by far 1 of the best companies to work for
> 
> Preservation and MCS is a quick death,


Reread your post everything in it concerns what's best for you the contractor. They want what's best for Wells Fargo.


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## madxtreme01

I don't get why everyone cares so much about this wells fargo work... I've done wells fargo for MCS and LPS, and I hated every minute of it. They expect everything to be done while at the property. I don't get how this is possible. Cut the grass, trim the bushes and trees, remove the leaves, remove the exterior debris, resecure if necessary, patch roof leak etc. Maybe it's different where I am, but I can't fit all of my equipment on a trailer and then take all of that garbage with me, not to mention leaves need to be dumped separately from any brush, and garbage gets dumped separately from any brush also. Also on the same token if you have planned to visit lets say 10 properties that day, how can you route yourself when you might be at one of them for 6 hours doing everything they want done. Oh and it's due 72 hours after you get the order. Maybe I'm missing something, maybe you're all referring to REO work through them as I am referring to P&P, but I like the old days where everything was bid and when the bid was approved, a new work order was generated to address the bid approval.


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## JoeInPI

I've done WF work direct through a local realtor, and it was nothing like what you described. Never unreasonable, paid fast in 7-14 days, normal work. Grass, trashouts, etc... Either I've been incredibly lucky for years, or your issue is who you're doing the WF work_* for...*_ Mine is through a local realtor. It's probably not my luck, it's probably that I'm just not working for LPS and MCS?


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## GTX63

JoeInPI said:


> I've done WF work direct through a local realtor, and it was nothing like what you described. Never unreasonable, paid fast in 7-14 days, normal work.


Without having a middle man in the way, WF has been a very good client over the years.


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## Craigslist Hack

JoeInPI said:


> I've done WF work direct through a local realtor, and it was nothing like what you described. Never unreasonable, paid fast in 7-14 days, normal work. Grass, trashouts, etc... Either I've been incredibly lucky for years, or your issue is who you're doing the WF work_* for...*_ Mine is through a local realtor. It's probably not my luck, it's probably that I'm just not working for LPS and MCS?



I've had both experiences and the difference seems to be that with the Nationals the property is pre-foreclosure and with the realtor it's usually sold back. The guidelines are totally different.


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## MPSFIRM

madxtreme01 said:


> I don't get why everyone cares so much about this wells fargo work... I've done wells fargo for MCS and LPS, and I hated every minute of it. They expect everything to be done while at the property. I don't get how this is possible. Cut the grass, trim the bushes and trees, remove the leaves, remove the exterior debris, resecure if necessary, patch roof leak etc. Maybe it's different where I am, but I can't fit all of my equipment on a trailer and then take all of that garbage with me, not to mention leaves need to be dumped separately from any brush, and garbage gets dumped separately from any brush also. Also on the same token if you have planned to visit lets say 10 properties that day, how can you route yourself when you might be at one of them for 6 hours doing everything they want done. Oh and it's due 72 hours after you get the order. Maybe I'm missing something, maybe you're all referring to REO work through them as I am referring to P&P, but I like the old days where everything was bid and when the bid was approved, a new work order was generated to address the bid approval.



This is what happens when you work for other companies. They change due dates and give you less time so they can make sure they can get it to the client in time. So if they have a due date of 7days they give you 72 hours so then they have time to review the order, process it, send it back for any necessary RTV's etc and still get it to their client on time. We do repair and rehab for Wells and have done some P&P for them in the past and it was never as horrible as you make it seem... When you get into bed with companies like MCS, LPS, AFAS you may as well just expect the pace you are going at to never change.


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## madxtreme01

I mean I know direct or rehab work would be different but I keep seeing posts about this company or that company loosing wells Fargo work so I figured I would chime in. I cringe when I see that client on orders from the nationals.


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## Ohnojim

*When I first saw WF orders, with the BATF*

or complete everything and cost estimators etc......it freaked me out a bit too. 

By the same token if you get them through a company you can trust, they can be profitable.

Safeguard, really?? Does Wells Fargo expect contractors to complete BATF for Safeguard with their reputation? That won't last very long. 

The contractor won't trust Safeguard enough to complete work, Safeguard will charge them back for the items they missed or issue no charge orders, which will feed the cycle and accelerate the race to the bottom. I give them 90 days. 

Invoice adjustments happen with BATF work, a simple fact of life, but with Safeguard screwing the contractor is an integral part of their business plan.


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## safeguard dropout

Ohnojim said:


> I give them 90 days.


That's a bit optimistic isn't it? :vs_worry:


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## MPSFIRM

Ohnojim said:


> or complete everything and cost estimators etc......it freaked me out a bit too.
> 
> By the same token if you get them through a company you can trust, they can be profitable.
> 
> Safeguard, really?? Does Wells Fargo expect contractors to complete BATF for Safeguard with their reputation? That won't last very long.
> 
> The contractor won't trust Safeguard enough to complete work, Safeguard will charge them back for the items they missed or issue no charge orders, which will feed the cycle and accelerate the race to the bottom. I give them 90 days.
> 
> Invoice adjustments happen with BATF work, a simple fact of life, but with Safeguard screwing the contractor is an integral part of their business plan.



90 days? I give it less. Hopefully SG messes this up as badly as everything else so they lose Wells.


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## madxtreme01

Ohnojim said:


> or complete everything and cost estimators etc......it freaked me out a bit too.
> 
> By the same token if you get them through a company you can trust, they can be profitable.
> 
> Safeguard, really?? Does Wells Fargo expect contractors to complete BATF for Safeguard with their reputation? That won't last very long.
> 
> The contractor won't trust Safeguard enough to complete work, Safeguard will charge them back for the items they missed or issue no charge orders, which will feed the cycle and accelerate the race to the bottom. I give them 90 days.
> 
> Invoice adjustments happen with BATF work, a simple fact of life, but with Safeguard screwing the contractor is an integral part of their business plan.



There should be ZERO adjustments with BATF work. The only reason they get away with it is because the work is already done, what can you do, and most likely your workers are paid also. It's complete BS!!!! I don't care what a cost estimator says, if you don't like my price, then find someone else to do the work. I'm NON NEGOTIABLE!!!! This is why I like bid approvals. If I place a bid for $200 and they cut it to $90, I might submit saying I can't complete for the approved amount, but if it was BATF what can I do? I might have paid my crew $150 and then I lost money.


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## Ohnojim

*Yeah the grass is growing mighty fast*



safeguard dropout said:


> That's a bit optimistic isn't it? :vs_worry:



90 days might be a bit on the sunny side.


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## Ohnojim

*I have a formula, losing some is*



madxtreme01 said:


> There should be ZERO adjustments with BATF work. The only reason they get away with it is because the work is already done, what can you do, and most likely your workers are paid also. It's complete BS!!!! I don't care what a cost estimator says, if you don't like my price, then find someone else to do the work. I'm NON NEGOTIABLE!!!! This is why I like bid approvals. If I place a bid for $200 and they cut it to $90, I might submit saying I can't complete for the approved amount, but if it was BATF what can I do? I might have paid my crew $150 and then I lost money.


already priced in. It ain't for everybody!

Yes, it should read bill after the fact, not bid.


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## Ohnojim

*When Safeguard took over the FNMA REO*



MPSFIRM said:


> 90 days? I give it less. Hopefully SG messes this up as badly as everything else so they lose Wells.


stuff in my area, they lost it about 4-5 weeks into grass gut season.


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## safeguard dropout

Ohnojim said:


> already priced in. It ain't for everybody!
> 
> Yes, it should read bill after the fact, not bid.


And for the contractor it's Bich After The fact


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## GemPropertyServices

So we go the email from MCS this week. Personally I hate everything with WF. The client team is terrible, all work is always sent back, and yes. I cannot fit my warehouse into my 26ft truck!!!! But I give it a few weeks. I left safeguard BTW. They still owe me $13k!
But has anyone heard anything from ServiceLink? Are they taking on wells??


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## cover2

GemPropertyServices said:


> So we go the email from MCS this week. Personally I hate everything with WF. The client team is terrible, all work is always sent back, and yes. I cannot fit my warehouse into my 26ft truck!!!! But I give it a few weeks. I left safeguard BTW. They still owe me $13k!
> But has anyone heard anything from ServiceLink? Are they taking on wells??


13k?? Klein and crew are entertaining clients at Cavaliers games with your money you will never see it.


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## Ohnojim

*Something to keep in mind.*

If you are working for a company that recently lost several states, be sure and bid everything you can everywhere you go. They tend to try and make up for lost revenue, in territory they still have. 

If you are lucky enough to be in that group, take advantage of it while it lasts.

If you happen to like the company, it helps them out too.


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## MPSFIRM

Ohnojim said:


> If you are working for a company that recently lost several states, be sure and bid everything you can everywhere you go. They tend to try and make up for lost revenue, in territory they still have.
> 
> If you are lucky enough to be in that group, take advantage of it while it lasts.
> 
> If you happen to like the company, it helps them out too.


Contractors should be bidding everything they see every time the go to a property anyway. But you have a valid point.


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## madxtreme01

MPSFIRM said:


> Contractors should be bidding everything they see every time the go to a property anyway. But you have a valid point.



Bidding depends on who the client is and if the property is P&P or REO. Most P&P properties you are wasting your time unless its a hazard to the property. Nothing ever gets approved.


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## Ohnojim

*Every company is different, I get bids approved all the time*



madxtreme01 said:


> Bidding depends on who the client is and if the property is P&P or REO. Most P&P properties you are wasting your time unless its a hazard to the property. Nothing ever gets approved.


and BATF not adjusted or only minor adjustments. Of course, I find enough things that are damaging the property,or a case can be made to that effect, or I just see some easy money for everyone that might fly.


If you don't shoot you miss too.


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## madxtreme01

Ohnojim said:


> and BATF not adjusted or only minor adjustments. Of course, I find enough things that are damaging the property,or a case can be made to that effect, or I just see some easy money for everyone that might fly.
> 
> 
> If you don't shoot you miss too.



I have had nothing but problems with BATF and I refuse to do it at this point.


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## safeguard dropout

Safeguard definitely got some WF stuff and apparently they also think I still work for them. I never officially quit, I know better than that. Got this from them today.

Hey Safeguard, there's a Wells property somewhere in the Midwest that is not going to get serviced! :vs_OMG::vs_OMG::vs_OMG: Can you figure out which one it is??

Just doing my part to help them lose it. Hee! Hee!


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## newreo

safeguard dropout said:


> Safeguard definitely got some WF stuff and apparently they also think I still work for them. I never officially quit, I know better than that. Got this from them today.
> 
> Hey Safeguard, there's a Wells property somewhere in the Midwest that is not going to get serviced! :vs_OMG::vs_OMG::vs_OMG: Can you figure out which one it is??
> 
> Just doing my part to help them lose it. Hee! Hee!


 After we recouped entire AR they owed us we called and told them terminate our code and blocked them


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## lakeshore67

I'm in Michigan and I have been getting wf properties thru altisources's REO department, and thru a local realtor we work for. Altisource is the only company I have stayed with for preservation, the rest of my work is for a investor that buys homes to rent or flip and sell. And the realtor we do secures, and handyman work for properties that don't pass there inspection before they can close the sale.


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## dirtydeeds

Altisource picked up a bunch in Illinois.


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## SANTYY30

I seen an increase of initials secure from WELLS on MSI and to tell you the true if i do a $2800 invoice BATF i been getting cut from $150-$300 which is not bad i believe. I complete $9,500 on 3 initials secure this week. GO WELLS. YOU TARP, POOL COVER, TRIMMING, WINT, TOILETS YOU NAME IT.


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## All Island Handy

im in WA state and have noticed a decline in wells work wich sucks because we love the BATF initials, not to worried about the decline though because it is giving me more time to focus on getting out of p&p all together


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## Ohnojim

*I guess I'm gonna have to start milking those*

Wells initials a little harder. I don't generally see that kind of revenue on them, at least not until the debris bids come back.


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## NorthwestWA

Wells Fargo does suck. I used to think it was great BATF everything. Do it and BIll us. No muss no fuss. You are correct. They want everything done in one shot. We don't have an issue with that. I go out check the property make note of what needs to be done. Dispatch all relevant teams as needed to the site to get it done. The bigger problem (and this is more relevant today) is that once you BATF everything the Client SLASHES EVERYTING. Nope, We don't think it was 40 CYD it looks more like 20" Nope it wasn't 100 LF it looks more like 50. and on and on. I won't take Wells Fargo work anymore. I told my RVMs to take me off of that client group. I don't want to see their garbage anymore. Once upon a time we did the work and got paid.


I got the memo from MCS too. They are going to lose Wells. They said that Wells is consolidating to one vendor for all of their properties. We also do 5 bros work. I talked to my the Wells Fargo rep at 5 bros and they have not heard anything in regards to losing that client. So... Maybe Wells is sticking with 5 bros?


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## M&MProperty

We personally love Wells Fargo....I think it depends alot on who your Wells are coming from...We work for a Non National who has been in business since 2006. We have been with them for over 6 years and we never get cut on the Wells BATF jobs...What I send in is what we get paid...They also only keep 15% off the invoiced amount...We make a killing of them..


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