PLANO, Texas, Feb. 16, 2015 /PRNewswire/ -- Mortgage Contracting Services, LLC, (MCS) says the challenges faced by loan servicers on Federal Housing Administration-insured mortgages are real, but not insurmountable. MCS is a nationwide provider of property preservation, inspections and REO property maintenance to the financial services industry, with decades of experience handling large FHA portfolios on behalf of mortgage servicers nationwide.
According to the February 2015 Mortgage Industry Outlook Report released by The Collingwood Group and The Five Star Institute, 39 percent of respondents who service FHA loans said their toughest challenge was fulfilling the agency's property preservation requirements.
"Not only does our management team include some of the most experienced servicing professionals in the country, but our knowledge base regarding FHA compliance and conveyance is the best in the industry," says MCS CEO Caroline Reaves. "We have staff dedicated to ensuring that our field service professionals have the most up-to-date information available on FHA requirements. We also provide rigorous training for those professionals who maintain FHA properties. In short, we are committed to being the solution to the industry's worries about FHA property preservation and conveyance."
FHA-insured loans differ from other kinds of loans in a variety of ways. With FHA loans, for example, there is often a waiting period between foreclosure and when the servicer can convey the property to the U.S. Department of Housing and Urban Development (HUD). During that waiting period, the loan servicer (banks and other mortgage servicing companies) must maintain the property and often must advance the cost for the completion of expensive, HUD-mandated repairs before conveyance.
"Our clients rely on MCS to be their eyes and ears in the community," Ms. Reaves says. "We are fully committed to providing the highest-quality property preservation services and ensuring that the conveyance process goes smoothly."
For nearly 30 years, MCS has protected and preserved communities across the nation. Some of the largest and most respected banks and mortgage servicers in the industry trust MCS to perform property inspections, property preservation, REO property maintenance and other default-related services in all 50 states. MCS has a history of providing these services in a highly regulated environment, the proven ability to handle large volumes of properties, and a record of recruiting, managing and monitoring a substantial vendor network. For more information, please visit http://www.MCS360.com.
For more information, please contact Amy Hunt at 800-559-4534 or firstname.lastname@example.org.
SOURCE Mortgage Contracting Services, LLC