NFR offers a full suite of property preservation services for mortgage field service industry leaders to assist them protecting and preserving their property investment portfolios. NFR leads the industry in national property preservation and mortgage field services for vacant, default and foreclosed properties. We are committed to providing the highest level of quality and service, in a cost-effective, timely manner, which distinguishes our business from other property preservation providers. We strive towards continuous improvement by utilizing the most up-to-date property preservation technology to monitor all aspects of service delivery and ensure that we exceed industry guidelines and client expectations. Our rigorous quality control standards require our property preservation specialists receive the most up-to-date training and education that help our clients protect their investments.
NFR provides property preservation management for lenders and loan servicers in all 50 states, to ensure their properties are preserved and maintained in compliance with regulatory guidelines. Property preservation regulations vary based on loan type, as well as local, state, and federal legislative standards. We provide timely, efficient property preservation services such as securing, lawn and pool maintenance, winterization, debris removal, code enforcement and violation management. Our clients rely on NFR’s team of preservation specialists to maintain their properties and meet all conveyance condition guidelines.
What is Property Preservation?
Property preservation contractors are the business of maintaining and repairing damages to the interior, exterior or landscape of a vacant, foreclosed, or default property. The property may or may not be occupied. Property preservation service providers work with lenders, loan servicers, and asset management companies to provide repairs, inspections, insurance claim management, and maintenance. Property preservation is commonly referred to “mortgage field services,” and national servicing companies will seek out property preservation providers to repair, rehab, secure or inspect existing properties.
Major U.S. government agencies outline property preservation requirements, such as:
- Department of Housing and Urban Development (HUD)
- Federal Housing Administration (FHA)
- Veterans Administration (VA)
Common terms such as property preservation business, property preservation management, foreclosure cleanup, foreclosure clean-outs, foreclosure cleaning, mortgage field services, field asset services, REO property management, property field services and field services used interchangeably within the industry. What’s important to remember is that foreclosure cleaning and foreclosure cleanup generally refers to smaller entities while property preservation generally refers to large scale entities.
When Should You Use Property Preservation Services?
Property preservation vendors maintain, repair or renovate investment properties. There are several scenarios that would require a property owner or investor to consider turning to a professional property preservation company to help improve their property to get it off your books.
The Property is in Need of Repairs
Skilled laborers and licensed general contractors can maintain, enhance, or restore the property to a marketable condition.
The Landscape is Overgrown
Well maintained landscapes can increase the property’s curb appeal and make the property easier to sell.
To Remove or Prevent Squatters
Keep the property secure with frequent check-ins and inspections to make sure the property isn’t home to unwelcome guests.
You are Unsure of the Properties Condition
Have peace of mind knowing your property is frequently inspected and condition reports are provided indicating the condition of your investment.
Our Property Preservation Services Include:
NFR provides lawn and yard maintenance to protect the property from local ordinance violations. Prevent degradation of the property’s exterior with mowing, weeding, trimming, sweeping and removal of debris. NFR will remove all trimmings and clippings in compliance with local and jurisdictional guidelines. NFR uses a proprietary system to efficiently and effectively create auto renewing orders based on client directives to ensure code violations do not occur.
NFR will provide initial secure services per investor guidelines and/or clients requirements. Initial secures could include: changing entry locks, locking windows and doors, winterizing the property if applicable, removing raw garbage or hazardous materials, Completing a grass cut and adding the property to the automatic grass cut system.
NFR will protect your investment by winterizing unoccupied properties. The process will prevent potential damage as a result of freezing temperatures. Service will be performed to meet investor requirements by loan type.
NFR will change locks per the specifications set forth by the client.
Conveyance Condition Management
NFR will secure, inspect and preserve the property putting it into conveyance condition. Nfr will place your property into conveyance condition, keeping you apprised of all steps of the process through utilizing our proprietary system of record, and using client facing tools such as BidMilestones for complete portfolio transparency.
NFR will remove interior and exterior debris from the property under the direction of the loan servicer or investor specifications.
NFR will complete this type of work to the standard of investor requirements for each property.indicating pools NFR’s services include covering, decking, draining, chemical treatment and maintenance. Including the installation of gates and locks.
NFR will work with service providers in the event they need to gain access to a property for inspection, maintenance, repairs, and utility management services, etc.
Upon receiving a notice of an unsecured property, our team of preservation specialists will re-secure the property immediately and check all window and door locks to prevent future risks following client’s requirements.
Cash for Keys
NFR can provide property occupants the negotiated cash, on the behalf of the servicer when the occupants vacate the dwelling in exchange for a pre-agreed upon sum of money. In many instances, the cash for keys program is much faster, and less expensive for stakeholders and a worthwhile alternative to a lengthy eviction process.
Mold / Discoloration Remediation
NFR will remove, clean, sanitize and disinfect mold or mold related contaminants in a property. In addition, we work to identify the source of the mold and eliminate it.
Code Violation Management
Code violations include registration non-compliance, debris, neglect, and poorly maintained lawns, among other things. Our team of preservation experts will inspect a property to ensure it meets all local and state codes and perform the necessary preservation services in the event the property needs to be brought back to its original, conveyance condition.
When occupants are evicted, our property preservation team will support the eviction by working with local authorities to complete the lock-out process. We will remove any debris left-behind by the occupants and secure the property pre the specifications outlined by state and local jurisdiction.
Insurance Claim Repairs
NFR has a specially trained and dedicated team to deal with damages/repairs resulting from insurable losses such as natural disasters, vandalism, theft, etc. This team is intimate with the details, materials, pricing, scopes provided by the insurance carrier, etc.