I recently joined First Rate Field Services, a national property preservation, inspection and REO services company. Having spent seven years in the default servicing space with a hazard claims provider, I was aware of First Rate Field Services but did not understand the full scope of their services. Other companies like First Rate Field Services exist, but our innovative technology and service delivery model is what excited me the most.
Many service providers in the default mortgage servicing space have felt the commoditization of their services over the past few years. Property Preservation and Inspections probably sounds boring to most people. Even so, as long as mortgage loans are delinquent, insurance inspections are required, and investors are repairing properties to be sold, the services provided by First Rate will be necessary.
During the last couple of months, I have spent as much time as possible learning about our services. Right out of the gate I spent several days at the 2018 MBA Mortgage Servicing Conference and Expo in Grapevine, TX. Attending and displaying at this conference provided the First Rate team the opportunity to convey our message of high customer service and innovative technology to many of our clients and future partners.
As I sat in the strategic meetings with our partners, I witnessed the passion of the team. I paid special attention to how we work with our Servicer and Investor Clients on FHA properties. First Rate’s technology allows us to partner with our clients to make sure that FHA conveyance timelines are met. We have the ability to eliminate unnecessary costs for our clients, which allows them to focus on their core competencies. Our operations teams communicate on a regular basis with our clients to reduce any extraordinary costs that could occur if the work is not done in a timely manner.
After that exciting week, I visited the corporate office and operational centers in the St. Louis area. This was a great opportunity for me to witness what makes First Rate Field Services unique. I was extremely excited to witness the operational leadership strategize on service delivery. Day to day issues arise, and through careful, yet tactical, planning, the team is able to prepare in advance for “out of the box” items, while also making sure that our clients are served at above standard service level agreements. The most important thing I learned is that communication is key!
Communication is Key! Any visitor to our operations center will see that we communicate on a regular basis with our clients and avoid “automated” solutions that end up costing our partners more in the long run. The operational leaders at First Rate Field Services are ready to move properties through the appropriate timelines and do so while maintaining a high level of customer service. Since we are an agile organization, we do not rely on outdated technology or processes to meet these needs.
When a loan defaults, servicers are burdened with extraordinary costs. Coupled with additional compliance costs, mortgage servicers can rely on partners like First Rate Field Services to eliminate compliance concerns and tame these costs. The most exciting days are down the road for First Rate and our partners. I am happy to have joined the team and look forward to working with our partners on all these issues.