Preservation & Field Service Companies offers their eyes, ears and hands to other companies that have a need in a area they cannot be.

There are many types of Field Service Companies:

·   Financial Field Service Companies provide inspections and other financial services for mortgage companies, banks, savings and loan associations, insurance companies, credit unions and many other types of clients. Internet directories place these companies under the category of  "Financial Services",   "Financial Field Services"  or  "Financial Services Companies".

·  Mortgage Field Service Companies provide services primarily to banks, mortgage companies and other real estate lenders.
Field Service Companies in turn contract with independent field inspectors who conduct the field work.

What is A Field Inspection?

A field inspection is a visual inspection of real estate or other collateral such as autos, boats, motorcycles, computers, etc. The inspection may involve interviews with the property owners or occupants. An independent field inspector acts as the eyes and ears of the company requesting the inspection.

Why are independent field inspectors sent to do the work? There are a number of reasons and they vary depending on the circumstances and the type of inspection. Field Inspectors are required primarily because the financial institution has not been able to contact the property owner or the financial institution needs someone to re-establish the lines of communication.

Field inspections or service work is performed for mortgage bankers, commercial bankers, vehicle and equipment leasing firms, field service firms, banks, insurance companies and financial firms.

 Once a property goes through the foreclosure process, the lender will need assistance from contractors.  If the property remains occupied, the local sheriff's department will meet an eviction crew at the property to oversee the setout of personal property of the occupants.  This allows the lender to reclaim physical possession of the  property for securing. 

Check with your local sheriff's department to verify the required number of eviction crew members.  For billing purposes, most national companies allow the initial eviction to be charged man hours.  There is usually a followup work order to remove the debris within a certain time frame to be billed per cubic yard.  Keep good records and provide detailed dump receipts with the landfil's name address and phone number.  Be sure to take a photo of the crew, attending officer and officer's police car.

For a property to be in Conveyance condition, HUD requires:

• If conveyance is during grass cutting season, the grass must have been cut within two weeks of conveyance. (varies by state)

• Mortgagees are to remove materials considered unhealthy or hazardous are to be removed prior to conveyance.

There are further HUD conveyance condition requirements concerning roof damage and fire insurance claims but whether these would be a condition for conveyance does not depend on whether the conditions exist or not, but rather when did the conditions occurred, when were they discovered and when were they reported.

Additional conveyance conditions may be required by the M&M responsible for the property.  The conditions may vary a little from one area to the next and from one M&M to another, but the conditions for property conveyance usually are:

• The mortgage company has clear title to the property which is usually accomplished as a result of the foreclosure sale.

• The property must not be occupied.

• The property is secure and has been secured following the guideline requirements including lock codes.

• Outbuildings must be secured with proper locks and key codes.

• Boarding, if required, must be complete as per the HUD specs.

• Pools, hot tubs, and/or spas are secure.

• The property has been winterized.

• Utilities have been transferred into the mortgagee’s name, if required

• If the property has a sump pump, the sump pump is functional and electricity is on and transferred into the mortgage company’s name.

• Exterior debris and health hazards have been removed from the property.

• Interior debris and health hazards have been removed from the property.

• Personal property has been removed from the property.

• The property is free from any damage, other than that due to mortgagor neglect/unfinished renovations, except for fire, water, freeze, flood, earthquake, tornado, hurricane, boiler explosion, vandalism, and roof damages.

• There are no outstanding property condition code violations or citations.