# Did Safeguard lose there Fannie Mae contract in MI??



## RKRM (Sep 27, 2012)

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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## HollandPPC (Sep 22, 2012)

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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## Guest (Jul 3, 2012)

Yup.

Prepare for MI to go down the toilet


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## GTX63 (Apr 12, 2012)

Ouch! :boxing::boxing:


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## Guest (Jul 6, 2012)

:laughing:


GTX63 said:


> Ouch! :boxing::boxing:


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## Guest (Jul 17, 2012)

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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## HollandPPC (Sep 22, 2012)

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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## Guest (Jul 17, 2012)

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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## thanohano44 (Aug 5, 2012)

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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## REO2Rentals (Sep 18, 2012)

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


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## Guest (Jul 17, 2012)

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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## Guest (Jul 17, 2012)

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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## REO2Rentals (Sep 18, 2012)

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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## GTX63 (Apr 12, 2012)

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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## BPWY (Apr 12, 2012)

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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## GTX63 (Apr 12, 2012)

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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## HollandPPC (Sep 22, 2012)

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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## Guest (Jul 18, 2012)

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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## Guest (Jul 18, 2012)

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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## Guest (Jul 20, 2012)

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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## dustint3161 (Aug 24, 2012)

FAS lost American Home Mortgage aka Homeward Residential. We just started getting maid refreshes/initials last week for Safeguard.


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## Guest (Jul 20, 2012)

dustint3161 said:


> FAS lost American Home Mortgage aka Homeward Residential. We just started getting maid refreshes/initials last week for Safeguard.


Safeguard lost a bunch of fannie mae in states but then picked up the whole east coast of homeward residential aka amhm


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## dustint3161 (Aug 24, 2012)

Are you busy at all in NH?


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## Guest (Jul 20, 2012)

In the email Fas is talking about Fannie Mae.


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## Guest (Jul 21, 2012)

dustint3161 said:


> Are you busy at all in NH?


We have been steady all year,doing ok keeping food and money in guys pockets and stomaches.We where lucky and received alot of private sector work.I have been builing alot of waterfalls and ponds this year.

Are you busy in Mass what areas you cover??


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## dustint3161 (Aug 24, 2012)

Yes we are real busy. We cover from Westford to gloucester and help out in NH when its overloaded.


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## Guest (Jul 28, 2012)

I heard that FAS lost their VA account. There is tons of shuffling going around with the Nationals, AMS lost the fannie mae account to safeguard begining aug 1. for Montana and South Dakota. AMS is taking over in California, Michigan, Oregon, Maine, Delaware, Nebraska, New Hampshire, New Jersey but Safeguard is trying to do this "big" take over as they call it! Good luck to all!


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## Guest (Jul 31, 2012)

FAS dropped Fannie. 

Smart move dropping Fannie- as Fannie is shedding properties to Investors almost as quick as BofA and Deutchebank.

FAS has Nationstar- which bought 10Billion in mortgages from BofA- and FAS is sole source for Tennant Access. 


It's the REO to Rental Program- unless there is another foreclosure wave- REO is dead. They staved off the ARM bubble with this program- so we wont see much unless the economy gets even worse- and then few of us will be in a position to capitalize. 

Right now- rather than foreclose on an owner- the Bank will try to keep the person in the house- and short sale it to an investor- old owner doesn't even have to move out. Instant rent paying tennant.


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## JDRM (Apr 16, 2012)

Cruz @ ANDERCO said:


> FAS dropped Fannie.
> 
> Smart move dropping Fannie- as Fannie is shedding properties to Investors almost as quick as BofA and Deutchebank.
> 
> ...


 
EXACTLY, I say good for FAS! They knew them nor the contractors could not be profitable with the low pricing of Fannie Mae. And also with the QC headaches. Personaly I dont know if AMS can get it done over time, with those prices quality goes down. Even the people that cant do math will realize when there is no money left!


As for Safeguard's " BIG TAKEOVER ", they will probably try to underbid the work even more!


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## Guest (Jul 31, 2012)

I think the shuffling is due to the market shift- 

With the investor hedge funds snapping up properties in the big areas- CA, AZ, NV- and the larger metros, (assuming of course the property can be made rentable with less than a 25K outlay) the banks have no problem- the properties are off of their balance sheets, and the Real Estate Agent is able to sell it- and quickly. 

REO problem solved. Back east and in rural areas- the properties will sit, until someone either wants the land- or an investor snags it up. This is where PP will be. 

Trend Rental rates and you will see what I am talking about. :thumbsup:

A lot of these REO companies- simply dont have the work- hence the reshuffling. Even for some of the nationals- the volume won't keep the lights on. The ones in a better position- will take the work that's left. 

Safeguard has been in biz a long time- I seem them simply shrinking back and doing what they have always done- Haz Claims and PP- but at a lower level- and they will most likely go for a near sole source for FNMA, and Freddie- as the smaller companies wither and die- or pursue other avenues.


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## Guest (Jul 31, 2012)

I understand there is more liability with the P&P but I sure as hell make more money and less headache.


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## thanohano44 (Aug 5, 2012)

Tall Tarantula said:


> I understand there is more liability with the P&P but I sure as hell make more money and less headache.


You must not have been doing this long.


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## HollandPPC (Sep 22, 2012)

thanohano44 said:


> You must not have been doing this long.


Also known as FNG.


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## Guest (Jul 31, 2012)

*Ma &amp; ct*

Any word on who has Fannie Mae in MA and CT? I was told today about Safeguard losing Fannie Mae.

Would like to see who got it.


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## Cooper2001 (Sep 21, 2012)

Starting 8-1-12 safeguard will be doing FNMA work here in Indiana. Not looking forward to the FNMA headaches again, but will hopefully be out of this line of work by the end of the year.


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