Mortgage Contracting Services Brands REO Check
Mortgage Contracting Services LLC has made available a new product called REO Check that servicers can use as assistance for on-site assessments of foreclosed inventory throughout the REO lifecycle.
Caroline Reaves, CEO of Tampa-based Mortgage Contracting Services which is a nationwide provider of property preservation, inspections and REO property maintenance to the financial services industry, said one her company’s goals with REO Check is to educate the industry on the value and relevance of implementing a regular inspection procedure on their REO portfolios.
“Routine REO inspections are the ideal preventative measure to avoid incurring significant structural damage, threats to safety and expenses for repairs or fines,” Reaves said. “We strongly believe that this inexpensive, upfront investment far outweighs the alternative.”
By using the REO Check, servicers can find out information about the overall condition of both the interior and exterior of a foreclosed property. Other services the REO Check provides is that it inspects whether there are any hazardous conditions at the site and it posts any code violations that exist at the property. The REO Check can take place monthly, biweekly, or on a weekly basis.
REO Check offers real-time, on-site inspections of bank-owned properties. The inspections can be performed from the time an asset is acquired until it is sold to a third party. Properties that were already entered into a portfolio but are still in the eviction or redemption status can also use REO Check.
The REO Check service ensures clients that each property is kept secure, well maintained and readily marketable to show prospective buyers.
With REO volume increasing throughout the country, the REO Check also acts as a dual quality control mechanism for the real estate agent and field services provider. If an assigned real estate agent forgets to coordinate an inspection to take place at a foreclosed property, the REO Check works as an additional and independent review of the services the real estate agent or field service company was going to provide.
“Surprisingly enough, routine REO inspections are not a common practice even though making this small, periodic investment can positively impact the long-term condition and value of these assets,” said Chad Mosley, vice president of business development at Mortgage Contracting Services. “With REO volumes still high, properties are remaining vacant and on the market for much longer. Regularly recurring inspections can mitigate some of the financial risk by the early identification of damages.”