Home / Tag Archives: Property Preservation (page 10)

Tag Archives: Property Preservation

Vacant Foreclosures Saddle Local Communities With High Costs

A study from the Government Accountability Office (GAO) found that vacant properties rose 51 percent over the span of a decade, from nearly 7 million in 2000 to 10 million in April 2010. Ten states saw vacancies go up by 70 percent or more as a result of high foreclosure rates. The elevated number of vacant homes carries a hefty price tag for lenders that must resume ownership after foreclosure, but GAO says it's local governments that are feeling ""significant"" pressure from the rise in vacant properties.

Read More »

Keystone Asset Management Earns LEED Certification

Keystone Asset Management, Inc., based in Colmar, Pennsylvania, recently earned the designation of being LEED Certified by the U.S. Green Building Council, which verifies environmental performance, occupant health, and financial return. Keystone's certification was earned based on its adoption of environmentally friendly practices and materials. ""We are proud to be a contributor of green standards in the business environment,"" said Jane Hennessy, Keystone's president and CEO.

Read More »

Tod Phelps Assumes CIO Role at Mortgage Contracting Services

Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation services, inspections, and REO property maintenance, announced Tuesday the addition of Tod Phelps as chief information officer (CIO). Phelps started his career in the IT industry 23 years ago.

Read More »

Mortgage Contracting Services Announces Key Promotions

Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation, inspections, and REO property maintenance to the financial services industry, has announced the promotions of Judy Mroczka to SVP of finance and Laura Bast Nold to VP of human resources. Both joined MCS in 2007, Mroczka as VP of finance and Nold as a senior human resources manager.

Read More »

BestAssets Taps REO Veteran to Head Asset Management Services

BestAssets has named Melvin Siemer to the position of EVP and director of asset management services, responsible for the national strategic growth of the company's operations and business development. Siemer leads a team of REO and default servicing professionals that service national, regional, and community banks, as well as credit unions and mortgage servicers. He also works closely with a national network of real estate brokers, subcontractors, appraisers, and property inspectors.

Read More »

FHFA Sues City of Chicago over Vacant Property Ordinance

The Federal Housing Finance Agency (FHFA) filed a lawsuit in federal court Monday against the city of Chicago contesting a local ordinance that makes lenders liable for the upkeep of vacant homes before they take possession of the title. FHFA says the law encroaches upon its role as the sole supervisor of Fannie Mae and Freddie Mac, and could raise costs for homeowners in the city. Both GSEs have instructed servicers to keep a record of all registration, inspection, and maintenance expenses incurred to comply with the Chicago ordinance.

Read More »

Las Vegas Makes Improper Property Maintenance a Crime

Las Vegas has enacted a city ordinance that holds lenders liable for the upkeep of vacant homes even if a default or foreclosure is pending and the borrower still holds the title. Lenders who fail to comply with the maintenance requirements for vacant properties prior to repossessing them could face misdemeanor criminal charges that carry a $1,000 fine and six months in jail. Las Vegas, considered the epicenter of the nation's housing crisis, has a foreclosure rate six times the national average.

Read More »

Safeguard Receives Distinction of ‘Fastest Growing’ in Northeast Ohio

For the second consecutive year, Safeguard Properties was recognized as the fastest growing large company in Northeast Ohio at the annual Weatherhead 100 awards ceremony held on December 1. Safeguard, which is headquartered in Valley View, Ohio, led in the Centurion category that includes companies with annual net sales in excess of $100 million. Safeguard, which is headquartered in Valley View, Ohio, led in the Centurion category that includes companies with annual net sales in excess of $100 million.

Read More »

Mortgage Contracting Services Launches Vendor eLearning Portal

Mortgage Contracting Services (MCS), a Florida-based provider of property preservation, inspections, and REO property maintenance services, has introduced its Vendor eLearning Portal. The online platform enables 24/7 access to educational modules and reference documents on preservation guidelines as well as compliance topics. MCS maintains a nationwide network of licensed and insured preservation subcontractors.

Read More »

To Protect Properties From Criminals, Realis Says Sell Them Faster

Abandoned and foreclosed homes can quickly become hotbeds for criminal activity. Empty houses are looted for copper and appliances, illegally inhabited by squatters, or commandeered for drug trafficking and prostitution. According to Realis Real Estate Software, such activity not only negatively impacts the neighborhood in which it occurs, but it prolongs the time it takes to sell the property. Lauren Roberts, founder of Realis and 25-year REO veteran, says one way to protect foreclosed homes from criminal infiltration is to put them into the hands of new buyers.

Read More »

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.