First American Field Services and First American Real Estate Tax Service, members of the First American Corporation family of companies, have made available a new vacant-property registration service that manages, tracks and maintains the registration process for lenders and servicers.
The service was developed to help investors and servicers stay in compliance with the changing municipal ordinances governing the growing number of vacant properties in their portfolios. Properties in a lender's servicing or real estate owned portfolio requiring vacant-property registration are identified, and then the registration process – including the disbursement of fees – is managed for the client, the company says.
This service draws on First American Field Service's core strengths in field services and the tax company's existing relationships with 22,000 jurisdictions.
"By using client-driven rules to determine which properties are required to be registered, we are able to execute rapidly, update the system of record and deliver cost savings," says Paul Dauterive, president of First American Field Services. "Our service eliminates the need for servicers to dedicate resources to registration."
The registration process and requirements vary among municipalities, and late or improper registration can result in significant financial penalties for lenders and investors. In extreme cases, property conveyance may be denied for failure to follow local property requirements.
SOURCE: First American Corporation, (800) 873-4532