Mortgage Contracting Services LLC (MCS), a provider of property preservation, inspections and real estate-owned (REO) property maintenance to the financial services industry, has announced the availability of REO Check, an inspection service to assist servicers with ongoing, independent on-site assessments of their foreclosed inventory throughout the REO lifecycle.
“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. “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.”
REO Check provides real-time, on-site inspections of bank-owned properties, which can be performed from the time of asset acquisition until it is sold to a third party, including properties already entered into the portfolio but perhaps are still in an eviction or redemption status. Whether done on a monthly, bi-weekly or weekly basis, MCS’ REO Check provides information about each property’s overall interior and exterior condition, noting such things as the presence of any hazardous conditions or posting of code violations. The service ultimately ensures clients that each property is kept secure, well maintained and readily marketable to show prospective buyers.
Additionally, MCS’ REO Check acts as a dual quality control mechanism for the real estate agent and field services provider. Many servicers will rely on the assigned real estate agent to coordinate all inspection services. However, growing REO volumes leave some agents unavailable to inspect every property as often as they would prefer. REO Check serves as an additional and independent review of the services provided by the assigned listing agent and current field services company.
“Routine REO inspections are the ideal preventative measure to avoid incurring significant structural damage, threats to safety and expenses for repairs or fines," said Caroline Reaves, chief executive officer of MCS. "One of our goals with REO Check is to educate this industry on the value and relevance of implementing a regular inspection procedure on their REO portfolios. We strongly believe that this inexpensive, upfront investment far outweighs the alternative.”
For more information, visit www.mcs360.com.