Items Tagged with 'Superior Home Services'

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From HW Magazine

Superior Home Services manages the entire hazard claim process

Providing a full insurable damage review of all loans in default, foreclosure and REO
Superior, which is well known for its property repair management solution, now provides a stand-alone hazard claim program as well. This program manages the entire hazard claim process, providing a full insurable damage review of all loans in default, foreclosure and REO.
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From HW Magazine

Superior Home Services tackles damaged FHA properties in default

Hazard claim management solution addresses conveyance requirements
Superior has been managing hazard claims for mortgage servicers for more than 30 years, with the ultimate goal of maximizing those funds to remediate the damage at the subject property, and then executing those repairs with the insurance funds available. By offering a hazard claim management solution, Superior can now manage a mortgage servicer’s entire damaged property portfolio: government loans, conforming loans, private investor and bank-owned inventory. 
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Hot Seat: Patrick Nackley of Superior Home Services

Taking a proactive approach to damaged properties in default
Servicers can often remediate damage to vacant properties in default prior to the foreclosure sale taking place. This opportunity is not always available, depending on jurisdiction or circumstances particular to a given loan, but frequently the option is available.
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HUD mortgagee letter poses new challenges for mortgage servicers

Repairing to adjuster's scope of loss means higher standard for conveyance condition
If the hazard claim settlement proceeds are insufficient to complete the repair, the mortgage servicer may have to contribute corporate funds to remediation. If the repair is not timely, the mortgage servicer may have waived the contractual right to claim depreciation, leaving money on the table.
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Hot Seat: Patrick Nackley of Superior Home Services

Helping servicers get the most out of hazard claims
We don’t want servicers to get shorted on pricing, depreciation, being paid overhead and profit. If you are maximizing the value of each settlement and anticipating using that money to repair, you are reducing the incidents of corporate contribution.
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Executive Conversation: Patrick Nackley on the perils of hazard claims

Superior Home Services manages the opportunity in HUD default properties
As servicers try to comply with HUD mandates, they can get backlogged and end up filing hazard claims on every damaged property just to be safe. While that’s understandable, it means they have to be careful about how the claim funds are managed after settlement. HUD routinely demands claim settlement funds be used to get the damaged property into pre-loss condition. So a short-term solution to one issue can invite additional obligations for the servicer.
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