National Field Representatives, a leading, national mortgage field service provider known for results-orientated property preservation, inspection and property maintenance services, has once again been recognized as a 2022 Certified™ Great Place to Work® business. This prestigious award is based entirely on what current employees say about their experience working for the company.
This procedure contains the amount that Fannie Mae will pay for its share of expenses when specific reimbursement expense limits are defined. Also see the Allowable Foreclosure Attorney Fees Exhibit and the Allowable Bankruptcy Attorney Fees Exhibit for additional information regarding fees associated with either of these legal proceedings. In addition, also see the Property
“Mortgage rates jumped again due to high inflation and stronger than expected consumer spending,” said Sam Khater, Freddie Mac’s Chief Economist. “The 30-year fixed-rate mortgage is nearing four percent, reaching highs we have not seen since May 2019. As rates and house prices rise, affordability has become a substantial hurdle for potential homebuyers, especially as inflation threatens to place a strain on consumer budgets.”
The Federal Housing Finance Agency (FHFA) has released a draft of its strategic plan for 2022-2026 and is requesting input on the plan from the general public.
The plan is meant to be a “transparent roadmap” that will guide the agency in its role as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac.
According to the draft, the FHFA Strategic Plan names three major objectives that aim to guide the agency in its business: to secure the regulated entities’ safety and soundness, foster housing finance markets that promote equitable access to affordable and sustainable housing, and to responsibly steward FHFA’s infrastructure.
“Securing the wrong property can have disastrous consequences for field servicers. That’s why National Field Representatives is utilizing technological solutions to assist field reps in ensuring that they’ve got the right house, every time.”
Default managers industry-wide face a common problem—the potential for a field service company to secure the wrong property. This mistake can result in negative—even disastrous—consequences, including but not limited to lawsuits and permanent damage to the company’s reputation.
To this point, the standard procedure to avoid this type of error has been to require photos of the house number and street sign on both inspections and preservation work. This forces the contractor in the field to focus, if only briefly, on identifying whether or not they are at the correct location. However, this method is hardly foolproof. House numbers and street signs can be missing, damaged, or just incorrect.
There lies the challenge of Property Preservation, “to a specified degree.” Investors, insurers, servicers, and field service providers all have their own regulations, expectations, or “specified degree” to which the properties need to be preserved. As soon as a property is determined vacant (first time vacant) the clock starts and it is off to the races. In order to meet the time requirement, time is of the essence, which heightens the importance of expeditious communication, accurate information, and, most of all, transparency.
On April 19, 2021, HUD published updates to the Single-Family Housing Policy Handbook (Handbook 4000.1). Mortgagees were instructed that changes to Handbook 4000.1 could be implemented immediately but were required to be implemented no later than August 17, 2021.
Due to the continued COVID-19 pandemic, Mortgagees are experiencing a large volume of Borrowers impacted by COVID-19 who are seeking loss mitigation assistance. HUD recognizes the resources required to implement the changes to Handbook 4000.1 may cause delays in assisting those Borrowers in resolving their delinquencies and avoiding foreclosure. To mitigate the impacts to both Borrowers and Mortgagees, HUD is extending the implementation date to allow Mortgagees additional time to implement the changes.
Brad Cossingham, CEO of National Field Representatives (NFR), grew up around the property preservation business. “My father founded the company in 1989 when he purchased two existing companies and formed NFR,” Cossingham explained. “As a kid, it was not uncommon for me to be sent to the corner drugstore to have the films by the contractors developed. This was the practice before the adoption of digital photography.”
National Field Representatives, a leading, national mortgage field service provider known for results-orientated property preservation, inspection and property maintenance services, has been recognized as a 2021 Certified™ Great Place to Work® business.