FAS Introduces New Inspections Services

Field Asset Services, a provider of field services including property preservation, maintenance and repair in the REO industry, is offering banks new inspections services to improve quality and performance for their REO properties.

The new services will combine trained inspectors with several years of field expertise, use a centrally managed process to monitor daily activities during an inspection, and use leading-edge technology to prove that the performance is taking place.

Working as part of FAS’ Collateral Command, the company’s single-source solution for all services required to manage foreclosed and REO properties, the inspections services provides banks with a single point of contact to manage every aspect of the inspections process including preservation, maintenance, utilities, compliance, REoMODELING and repair. Banks can use the new offering to do occupancy, presale, compliance or specialty inspections.

Other features that the inspections services provide include the ability for banks to conduct inspections immediately or ongoing as many times as needed, the option to bundle the inspections services with the entire continuum of FAS services and obtain online delivery, reporting and status of inspections completed in the field.

“The ability to maintain high levels of quality in light of the volume of REO and foreclosed properties has presented some unique challenges for the industry,” said Dale McPherson, president of Field Asset Services.

“FAS fine-tuned the sometimes subjective and uncertain process of inspections to provide banks, servicers and lenders a fool-proof service enabling an even higher level of quality control resulting in quicker turn times. This excellence in service will speed up foreclosure and REO sales, and by eliminating subjectivity, it will empower servicers with more accurate results around the occupancy and condition determinations.”

There are more than 6,000 full-time qualified, trained and experienced inspectors in property collateral and foreclosures who will be conducting these inspections services.

Because bank inspections are needed to confirm homeowner occupancy, identify potential repairs and verify the completion of work, FAS has introduced the industry’s first “certified service record” technology called FASconnect to eliminate the subjectivity and resulting uncertainty that can occur in the inspections process.

With this technology, FAS can authenticate photos taken at the property through time, date and GPS capabilities removing all uncertainty and doubt about when and where the photo was taken.

“By leveraging proprietary and revolutionary technology to deliver an unalterable digital record of the time, date and GPS coordinates of the photo, FAS can certify the reliability of the inspection,” McPherson said. “This is truly unique to the field services industry.”