What is chattel and why do we care?
Post or not to post FTV?
When inspections & preservation services are performed on manufactured homes, providers should determine if they are chattel (personal tangible property) or real property. Why? Ordinances, decals, tax, etc., may
Are you OCC compliant? Are your multi-state vendors registered in the states they service?
Posting first time vacant (FTV) properties prior to performing an initial secure increases borrower contact and reduces litigation by accurately identifying properties that are
Are your inspection & preservation providers effectively identifying & reporting claimable damage?
Inspection, preservation & REO vendors may not be registered to do business in the states they service. The simple fact is that corners get cut which may leave servicers at risk. If a vendor is registered to do business in each state, they’ll be exposed to
Are your inspections timely?
Hazard repairs should be identified, filed, collected & repaired prior to property conveyance to HUD. Many national inspection & preservation providers do not have a systematic way to identify, capture and report claimable damage. This lack of
Did you know that in many states preservation, REO and inspection services may be considered taxable services?
Is it sufficient to complete an inspection on 4/2 and then complete the subsequent inspection on 5/25? Unfortunately, no. Even though the inspection was technically
Is the fox watching the hen house? What is a Cost Estimator (CE)?
In Texas, uncollected tax can be recouped from both the service provider and/or the purchaser. Unfortunately, many states do not have a statute of limitations on recouping lost tax revenue on sales & use, franchise, and/or state income tax for businesses. Additionally, not many service providers have the technology or capability to determining
Test your FHA Conveyance Knowledge
What gives a CE credence? Can anyone build one? Are there industry standards for the REO/Preservation industry that must be adhered to? Unfortunately
What is mortgagee neglect and why is preventing it important?
True or False;
1) MCM is otherwise known as a Money Control Manager.
2) To convey as-is or with unfinished renovations, MCM needs the following additional documentation:
What's the real problem?
HUD defines mortgagee neglect as a failure to inspect, preserve and protect the property, or initiate foreclosure within the required timeframe (including any approved or automatic extensions). Therefore, if a servicer (through their inspection & preservation partner) does not
Is your field service provider analyzing “life of loan inspections” or just processing an individual inspection order? How is change in property condition recognized?