Field Asset Services believes that property preservation companies will have a greater workload this year in order to try to prevent more foreclosures from taking place nationwide.
The Austin, Texas-based provider of pre-foreclosure, REO and renovation field services to the mortgage servicing industry and residential housing investors, said in its 2012 predictions report that firms need to take initiative to pre-empt future problems, continue emphasizing excellent customer service and try to ease code compliance pain points with municipalities.
“The field services industry must be proactive and begin delivering banks and servicers vital property information to avoid additional foreclosures from occurring,” said Dale McPherson, president and CEO of Field Asset Services.
According to FAS, protection and maintenance services during the pre-foreclosure process will increase this year. There are also expectations that transparent, preventive and guaranteed work will be demanded at every point in the field service process, resulting in the need for greater customer service between all parties throughout this time.
With the Federal Housing Finance Agency looking to rent out REO homes owned by the government-sponsored enterprises to investors in 2012, FAS expects remodeling services to grow because of this. Also, institutional investors will begin to emerge as their interest in purchasing single-family residence REO properties increases.
McPherson said it is important for field service companies to open communication with municipalities to mitigate HOA and code compliance violations. FAS said property preservation firms who are more proactive would establish closer relationships with communities and HOAs to avoid possible fines.
To fulfill this need in mitigating any issues with HOAs and municipalities, utilities management services will become more essential in helping ease customers’ problems, FAS said. Additionally, mobile technology will be a key proponent in assisting vendors and contractors to conduct their work more efficiently.
“New programs are being created to lessen the burden banks and servicers are carrying, but as field service providers, we can begin making a difference today by taking greater initiative, developing expertise in our work and becoming trusted partners with our customers,” McPherson said.
