U.S. Commercial Building Inspections of San Diego, California offers mortgage and foreclosure field inspections for residential and commercial properties. We work with private lenders, mortgage servicers and specialize in government-sponsored loans and bank-owned properties (REO) such as Fannie Mae, Freddie Mac, HUD/FHA, VA, and the USDA.
Mortgage servicers who service government-backed loans must adhere to strict inspector protocols and timelines when servicing a delinquent borrower or foreclosed property called “Property Inspection Risk Management.” In this article, I will go over many of these requirements for residential properties.
Borrowers who are struggling financially and have missed their monthly mortgage payments are at risk of foreclosure. The Servicer will need to verify that the home is occupied and that routine cleaning and maintenance is being done to preserve the property from neglect, vandalism, theft, and other criminal enterprises affect its value.
For example, Fannie Mae requires mortgage servicers to order a property inspection within 45 days after the homeowners miss the first payment and every 30 days after this period until the homeowner becomes current or is foreclosed upon. If the property is abandoned, Fannie Mae requires the inspector to inspect the interior in addition to the exterior review.
This is when a servicer is required to use an in house or hire a third party field inspector who has training, experience, and knowledge of the local market to perform “Property Inspection Risk Management”.
Our inspectors will drive to the subject property to conduct a visual observation along with taking photos to report on its overall condition and occupancy status. We will also determine if there are any existing or potential maintenance and or safety conditions that could impact the property’s value.
The Servicer is required to verify that the inspector is certified, has at least the minimum level of previous experience, and has no financial interest in the subject building.
For example, U.S. Commercial Building Inspections of San Diego has extensive experience as commercial and residential inspectors in our local market. We do not have any financial interest in any real estate, and we are also certified by the International Association of Certified Home Inspectors (“InterNACHI”).
Meaning, we are qualified to work with mortgage servicers on these delinquent government-owned mortgages, foreclosures, and REO properties.
The Servicer must monitor all U.S. properties securing a mortgage with Fannie Mae, Freddie Mac, HUD/FHA, VA, and the USDA to ensure that the Borrower continually manages and maintains the property in accordance with the requirements of the applicable Loan Documents and the Guide.
The Servicer is required to:
- Perform inspections of the property;
- Perform a financial analysis of the operations of property
- And report the results of such inspections and financial evaluations
For example, both Fannie Mae and Freddie Mac require that if the property is vacant or abandoned then the servicer must complete an interior inspection as allowed by applicable law and if the occupancy status of the property is unknown, or occupied (whether by the borrower(s), the tenant(s), or unknown occupant(s)), then only an exterior inspection is allowed.
U.S. Commercial Building Inspections can inspect curbside (drive-by) exterior inspection when legal constraints due to compliance with applicable law including active bankruptcy, or if there is a potential danger to the inspector.
USCBI adheres to a strict health and safety protocol while we perform our field inspections during COVID-19. All our inspector use and are trained in using the proper personal protection equipment (PPE) when inspecting delinquent properties and the maintenance if they are abandoned by the borrower to preserve its value for investors and to help prevent neighborhood blight.
Our inspectors are certified by the World Health Organization (WHO) on proper COVID-19 disinfection and PPE protocols.
There are many types of services that USCBI can provide for our clients at various phases of a delinquent mortgage and during the foreclosure process, and for REO properties.
To read more about our field inspection services, click here or call us today at 619-514-4419