Property Field Inspection Services--- A Vital Part of the Mortgage Lending Industry
Mortgage Bankers Field Services is one of America’s leading property field services companies, serving the real estate, mortgage and insurance industries. If a property fails into a delinquent state, MBFS will be called upon to assist our clients in determining the current state of real property, and to protect that property from risks of loss. MBFS provides a vital function for the mortgage lending industry.
A typical property inspection occurs in four stages ---- inspection review, checking for occupancy indicators, physical inspection (of which there are 10 types) and documentation/transmission of results.
1. Inspection Review- Here it is important for the inspector to confirm that he/she is at the correct address. He will take pictures of the street signs, and front of house for address verification.
2. Checking for Occupancy Indicators- The inspector is required to drive by the property and to determine whether the property is occupied or vacant.
3. Conduct the Inspection (10 Types of Inspections) – The third stage is to perform the actual inspection. There are 10 different types of inspections as follows:
Five Basic Inspections:
· Drive by – No Contact
· Door Knock
· REO bank owned Interior walk Through
Five Other Types Include:
· Insurance Loss Draft
· PCR – Property Condition Report
· Fannie Mae/Freddie Mac – Quality Control
· Auction Marketing
· Sign Placement
4. Documentation/Transmission of Results- Inspections are complete when the results of the inspection are documented on prescribed forms and those results are transmitted to MBFS through the company’s portal.
Under certain circumstances, a preservation company will be appointed to preserve the property by changing the locks, cleaning up and winterizing the property (if applicable).
If you are a mortgage lender and have a portfolio of properties that require, field inspection services, from time to time, please contact us. At MBFS, we stand ready to serve the needs of our clients.
Alternatively, if you are If you’re honest, hardworking, have access to reliable transportation, and the necessary tools to be an inspector, please fill out our online application and we will contact you.