Property Maintenance and Preservation Policy Manual

All the agencies require some level of property maintenance and preservation. This policy highlights al those requirements in one central resource of approximately 32 pages.

Overview

Intended for lenders with a servicing portfolio, the Property Maintenance and Preservation policy manual provides guidance for inspecting, securing, maintaining and preserving collateral properties which may have been abandoned, foreclosed or otherwise in an REO status.



Benefits

The Property Maintenance and Preservation Policy Manual features the following benefits:

  • Supports strong operational preparedness
  • Establishes staff training requirements
  • Defines roles and responsibilities
  • Helps meet regulatory and internal compliance requirements
  • Allows policy revisions to fit your business model
  • Delivered via email within one business day
  • Maintain one central consolidated source of relevant information for use by asset, portfolio, and property managers as well as third-party vendors.

Optional Services

Maintenance: Receive regular and ongoing industry updates to keep your policy within regulatory requirements.

Publishing: Publish your manual, including your company procedures, in AllRegs Online to complete your policy manual solution.

Contact your account manager for information regarding these optional services!


Policy Manual
Property Maintenance and Preservation
Section Title Priority Action
1.1 Goals and Objectives Mandatory Review Include the point of view or culture of your organization in this section, if applicable.
1.2 Required Review Mandatory Review Be sure this accurately reflects your company’s annual policy review process.
2.1 Internal Controls Mandatory Review Include or reference related procedures in this section, as well as controls for third party vendor implementation.
3 Staff and Training Mandatory Review Include the means by which your organization provides and tracks required training.
4.1 Property Maintenance and Management Recommended Best Practice Modify this section with any requirements unique to your portfolio or business operations.
4.2.7 Disaster Impacted Property Inspections Mandatory Review This section is agency specific. If it does not apply, note that here or consider removing this section.
4.3 U.S. Department of Housing and Urban Development Inspection, Preservation, and Protection Requirements Optional Enhancement This section is agency specific. If it does not apply, note that here or consider removing this section.
4.4 Veteran Affairs Property Preservation Requirements Optional Enhancement This section is agency specific. If it does not apply, note that here or consider removing this section.
4.6 Second Lien Mortgage Loans Recommended Best Practice If your organization does not service second lien mortgages, note that here or consider removing this section.
4.7 U.S. Department of Agriculture Rural Developement Property Preservation Requirements Optional Enhancement This section is agency specific. If it does not apply, note that here or consider removing this section.