Mortgage servicers have a never-ending list of responsibilities, and one critical item is vacant property registrations (VPRs). VPRs can cause headaches for many servicers, as small fines add up to major penalties. If fines pile up, municipalities may enact liens that could prevent a servicer from selling a property. Plus, registration requirements change frequently, necessitating constant monitoring to ensure compliance.
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Jeff Connell is a First Vice President of Mortgage Operations at MCS, overseeing compliance, risk, and property registration for the organization. His team is responsible for managing the registration of properties for our clients pursuant to all applicable laws and ordinances. In addition, his team is responsible for all compliance issues for the company including managing responses to all audits performed by our clients. Jeff has an extensive record of accomplishments working in the mortgage servicing industry for over 30 years at places such as Chase, GMAC, Mr. Cooper, and Pacific Union Financial.
The vacant property registration (VPR) process is one aspect of property preservation that may seem insignificant at first glance. But VPRs can cause headaches and trepidation for many servicers, as small fines compound into major penalties—sometimes on a daily basis. It’s important to understand what vacant property registrations are, the risks related to managing them and why you should work with a property services partner with VPR expertise.