Post or not to post FTV?
Posting first time vacant (FTV) properties prior to performing an initial secure increases borrower contact and reduces litigation by accurately identifying properties that are occupied before they are secured.
Some city ordinances require posting as part of the VPR process, but in those that don’t, it is still a best practice as it allows code compliance/police/fire personnel to easily identify who should be called if an emergency occurs. FTV postings also improve hazard claim success by clearly establishing undeniable vacancy dates and supporting photos that can be provided to insurers.
While posting FTV properties have some concerned that it needlessly advertises vacant properties increasing risk of vandalism, we’ve found the benefits of FTV postings substantially reduce overall servicer risks.
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