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A Mortgage Servicer is required to take care of and protect the integrity of a property connected with its loan. A field service companies provides physical checking and property maintenance services necessary to carry out such responsibilities or runs a network of field representatives to execute the job.
Generally, field services are needed when a loan has not been paid and the servicer has to look after the property until foreclosure sale or reo Sale. field services companies help mortgage servicers in fulfilling loan-sanctioning requirements.
The services provided can be categorized as:
Property Preservation Services:
The field services companies provides information about the occupancy status and present state of the property.
Preliminary Work:
Field service companies help carry out preliminary work on vacant properties such as:
Changing locks on all relevant doors
Fastening all entry points and padlocking outhouses, gateways and garages
Fixing broken windows, screening or boarding-up
Removal of debris from inside and outside
Pumping of water
Swimming pool maintenance and covering
Lawn mowing and weed removal
Home Winterization
Exterminating
Checking heating and air conditioning systems
Weekly or Monthly Field Services:
From the time, a property falls vacant until the time it is bought, regular maintenance services are carried out to help preserve the house. These services include carrying out yard work, snow plowing, lawn maintenance, checking on electricity, plumbing and security issues and assessment of the overall condition of the house.
Repair Work:
Repair work services comprise of carrying out restoration of utilities, re-carpeting and reglazing, painting and roof repairs and such other repairs that are intended to safeguard the value of the property.
Special services:
Such services are carried out when the property is put up for sale. These services include:
Carrying out emergency repairs
Checking plumbing and electrical wiring
De-winterization
Interior and exterior cleaning of the property
Field Services Companies provide clients with in-depth reports and photos for all property preservation services carried out.
Residential Property Inspection Services:
Field service companies carry out timely and thorough inspection services. They keep the client updated on a daily basis through real time, instant information regarding the property.
Such services include making contact with the borrower, verifying whether the property is occupied or vacant, appraising the condition of the property and report any unsafe conditions.
Weekly or monthly property inspections are done to review the external condition of the property and check for signs of occupancy.
Also included are:
Bankruptcy Inspections
Disaster Inspection (Earthquake, flood, fire and other natural disasters)
Drive-by Inspections
Foreclosure Inspections
Sale Date Inspections
Insurance Loss Inspections:
The highest priority is attached to insurance loss inspection services. Field service companies ensure that resources for repairing and restoration of damaged properties are properly allocated and that all repairs have been carried out.
The inspector calls on the occupant or the contractor carrying out the repairs, to evaluate and examine the extent of damage, quality of repairs performed, and to give details of any further repairs still required to be carried out. In case the occupant is fully satisfied with the repairs done so far, he signs the Insurance Loss Inspection form as confirmation of approval of the repairs.
All data pertaining to the progress of repairs performed, the occupant's declared satisfaction level and the relevant inspection forms are provided to the client. When the repairs are complete and certified by the Inspector, the mortgagor signs the form the updated report is forwarded to the client
Appraisals:
All appraisals (drive by appraisals, full appraisals, desk or field reviews) and broker price opinions are made by qualified appraisers and real estate brokers to provide the client with accurate market value.
Commercial Real Estate Services:
These include:
Broker Price Opinion
Dealer Verification
Delinquency Inspections
Approximate Market Value
In person interviews
Other customized services are provided as per the client's request
Each field representative's work is monitored to ensure it meets the industry's quality standards. Information is automatically checked for accuracy and all data is certified before it is sent to the client. Industry guidelines regarding securing and preserving the property are strictly adhered to.
Field Service companies provide novel, economical and result-oriented solutions and are a valuable asset to a company.
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