A mortgage field inspector conducts collateral inspections of mortgaged properties for financial institutions. After the property is inspected, you prepare a report for the financial company describing the state of the property—its occupancy and whether it is in disrepair, for instance.
How do lenders check for occupancy?
Lenders usually stipulate that homeowners have 30 days after closing to occupy a primary residence. To verify the person moving in is actually the owner, the lender may call the house and ask to speak to the homeowner. A tenant is likely to respond that the owner lives elsewhere.
What is the purpose of an occupancy check?
The occupancy inspection verifies who exactly lives there and works to obtain additional information such as rental amounts and a copy of the lease.
Do mortgage companies do occupancy checks?
Mortgage companies will verify occupancy because mortgage fraud is a fairly common practice for those looking to avoid the high interest rates of investment properties. Moreover, occupancy can affect the appraised value of the property.
Why would a mortgage company do a property inspection?
Home inspections are done during a house purchase; property inspections are done when a homeowner defaults on the mortgage or is in foreclosure. If you default on your mortgage payments, your servicer may order monthly property inspections to ensure that its interest in the property is protected.
Why would my mortgage company take pictures of my house?
A mortgage company may send someone to take photos of your house for appraisal purposes if you’re selling it or are trying to modify your mortgage loan. Photos may also be taken if you’re falling behind on your mortgage and a foreclosure is foreseeable.
How do I prove my mortgage is primary residence?
For the property to qualify as a primary residence, the following criteria must be met: You must live in the home for the majority of the year. The home must be located within a reasonable distance from your place of employment. You must begin living in the house within 60 days of closing.
Do I have to tell my mortgage company if I let my house?
The short answer to this question is no. Failure to inform your lender should you rent out your property will infringe upon the legal conditions of the initial mortgage contract. If you do wish to let to a third party, a ‘consent for lease’ is required which can only be obtained by applying to the mortgage lender.
Do lenders check occupancy after closing?
Some lenders, including Urban Financial Group, perform occupancy inspections after closing to verify that the borrower is living in the home before the file is sent to HUD for insurance. If the borrower has not moved into the property within 60 days of closing, the lender cannot submit the file to HUD for insurance.
Will a bank give a mortgage without an inspection?
The short answer is no, inspections are generally not required when using a mortgage loan to buy a house. But lenders almost always want to have an appraisal done before they will approve a home loan, in order to determine how much the house is worth.
What is occupancy verification?
Occupancy Verification. Our field professionals provide residential assessments to verify if a property is vacant and to determine a home’s current condition. Occupancy Inspection Report Data. Current owner address. Property photographs. Residence condition, including an outer physical inspection. Occupancy verification.
What is a mortgage Field Service inspector?
Field inspectors personally verify information and create reports about residential and commercial properties for banks, mortgage lenders and insurance companies. They provide valuations, inspections and property preservation services.
What is a mortgage field inspection?
A mortgage field inspector conducts collateral inspections of mortgaged properties for financial institutions. As a mortgage field inspector, your job duties include taking digital photos of houses, apartment buildings, and even construction sites to collect information.
What is a property inspection fee?
Property inspection fee is a fee charged to borrower for inspections related to the mortgage property.
