MFR: How did you get started in the business

Mike : We started as a family-owned business that was going to purchase properties and ‘flip’ them for money.  The very first property we purchased was a HUD and had not been trashed out or the yard mowed.  Upon complaining to the mortgage company about its condition, we learned that there was a new M&M contractor assigned to the area and was having trouble finding quality contractors.  After inquiring and finding out what it entailed we decided we could make more money cleaning up properties for agents and HUD than we could by buying and flipping houses.

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http://www.mortgagefieldrep.com/index.php/hidden4/1-latest-news/50-news.html

MFR: How did you first get into this industry?

NVMS: My start in the iindustry dates back to 1998 when I was involved in the origination of mortgage loans and refinances. From there I moved onto real estate settlement industry to learn more about the retail housing market from the title side of the business. After spending close to five years in the settlement arena, I began my career at NVMS where I was charged with developing business for mortgage field inspections and REO property preservation on a national basis.

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http://www.mortgagefieldrep.com/index.php/hidden4/3-newsflash/71-market-leader-nvms.html

The Mortgage Field Services Training and Certification, developed by Mortgagefieldrep.com, provides an invaluable tool for those individuals looking to help banks maintain their assets. As the foreclosure properties increase across the nation, the need to hire experienced, certified professionalsis needed now more than ever.

Whether you are directly involved with the maintenance, or are a key stakeholder in the recovery process, this course will assist you in learning the necessary skills needed to properly perform the tasks according to government agency guidelines. This course will also provide a better understanding of the impact of performing the job correctly.

Learn more by going to

http://fieldservicetraining.com/

Who you know does matter.

The people you know gives you an advantage in your career, and is one of your most valuable assets. We exist to help you make better use of your network and help the people you know in return. Our goal is to connect real estate professionals and make them more productive and successful.

Learn more by going to

http://www.mortgagefieldrep.com/index.php/about.html

1. They invest their time strategically by putting fresh content on MFR when it’s the best time to do so. Let me explain, for me weekends are times to prepare MFR content, but as you will notice most collaboration does not take place on weekends. So hold the great Q/A’s, the awesome discussion topics, or the great status updates until Monday and never late Friday. Think about what your audience is doing and be strategic.

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http://www.mortgagefieldrep.com/index.php/forum/mfr-qaa-and-strategies/30-the-7-habits-of-highly-successful-mfr-members.html

HUD does not publish key codes

Is there a designated person at the M&M where key codes should be sent?

All Management and Marketing Contractors must provide a designated point-of- contact who will receive the key-code information.

With respect to “Swimming Pools”, the maximum allowance to secure an above ground pool is provided, but there are still no specific regulations regarding securing.

Above ground pools must be removed unless additional improvements have been made, i.e., a deck enclosure, in which case, contact must be made with the M&M for guidance.

When is securing or replacing a shed door appropriate?

If a property has a shed or outbuilding that has or once had a door, the structure must be secured either by securing the door or by replacing the door with plywood secured by a hasp and padlock. Personal property or debris, exclusive of health and safety hazards should be left inside the secured building. If, by design, the outbuilding never had a door, the contents should be removed as exterior debris. No boarding or securing is necessary. It the structure is so dilapidated as to constitute a hazard or detract from the property value it should be removed as exterior debris along with its contents.

With reference to the requirement for winterizing toilets, are the lenders going to beresponsible to clean every toilet in the house prior to winterization?

As a health and safety concern, all toilets should be cleaned prior to conveyance, including properties requiring winterization.

Does the lender have 5 days to secure a property once the lender learns that the propertyis vacant, but will have only 48 hours to secure if damages are reported?

Yes, for post-foreclosure cases, properties must be secured within 5 calendar days uponvacancy determination. The lender must take action to remediate any imminent source of property damage or health and safety hazard within 48 hours of the initial inspection. For pre-foreclosure cases, the lender must secure the property within 15 business days (this allows for mailer and/or door hanger responses), but must take action to remediate any imminent source of property damage or health and safety hazard within 48 hours of the initial inspection.

The debris allowable for tire removal is for up to six tires. Is that up to six at $15 flat or $15 each?

The allowable amount is $15.00 per tire.

Under debris removal it specifies a licensed pest control requirement but the allowable for some states is somewhat low (for e.g. $20 in the State of Tennessee).

If a service cannot be provided for the scheduled fee amount, then an over-allowable request should be submitted to the M&M contractor for approval. But the lender must show that the costs are usual and customary for the area.

If on a property’s exterior, the lender finds items such as bicycles, children’s toys, grills, tables, etc., how are these types of items handled?

These types of items should be treated as personal property.

More and more contractors have moved into the mortgage field service industry assisting banks with the maintainance of their properties across the nation due to the downturn in the construction industry.

This emerging market has grown substantially in the past two years. The demand from lending institutions and government entities for professional contractors to aid in the revitalization of neighborhoods is now more needed then ever. It’s a essentcial that banks maintain curb appeal to sell the property for maximum profits.

The growth of this emerging market is primarily due to the unfortunate increase in REO’s. With unemployment rates reaching double digits in many states and more Americans living paycheck to paycheck, it is no surprise that foreclosures and REO inventories are still on the rise. The more foreclosures there is in a particular neighborhood, the more effected house values in that area would be. You might have already felt the effects of this

The more deteriorated the property conditions are on the home the more it will cost the lender to recover. This will of course effect their bottom line. Lenders need regular continues maintainance of their assets to maintain curb appeal for the potential buyer.

Some of the services contractors are providing to bank are

Renovation

Debris removal

Eviction support

Property inspections

Lawn care

It’s estimated that mid 2010 their will be approximately 3,000,000 foreclosures on the market according to analysts from the  Royal Bank of Scotland. About half are seriously delinquent, 90 days past due, and other half have entered the foreclosure process. But the banks have not taken them yet.

It’s not to say that all of this shadow inventory will ever hit the market.  However,  contractors should get themselves in position for the percentage of the properties that will hit the market says Will Addo, President of MortgageFieldRep.com. MortgageFieldRep.com is a nationally recognized database provider to lenders and asset management firms. They use the site to locate contractors, reo agents, inspectors, appraisers and real estate attorney throughout the country.

If you are amoung those contractors effected by the current housing market you should consider getting into the mortgage field service industry.