There comes a time in every mortgage servicing executive's career where they have to get down to where the rubber meets the road, as they say. In the mortgage industry, that means managing real estate-owned. Or, failing that, they have to send somebody out to manage a piece of real estate acquired through foreclosure.
The people who actually manage field servicers on behalf of lenders and national outsourcing companies come from a wide variety of backgrounds. Richard Mason, who runs Eagle Inspection Services Inc., near Chicago and does work in Illinois, Indiana and Wisconsin, is currently the president of the Society of Independent Representatives, a trade group for field service contractors. He's also an ordained minister.
His is just one of many stories that illustrate the varied background of people in the business. And SIRs, along with other groups such as the National Association of Mortgage Field Services, is working to promote the interests of the field services industry.
No lender or investor wants to take a home back. But when a home is lost to foreclosure, the field service contractors are the people who have the often thankless task of securing the property, protecting it from damage, managing repairs and getting it ready for sale. Without the work of field service contractors, lenders would be facing much steeper losses on REO sales.
At the end of the road there's always a property that needs a new beginning, and the field service contractors who protect and maintain the property are the ones who make sure that a new beginning can happen.
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