MCS | Knowledge Center

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.

As Q2 2024 starts, mortgage servicing professionals have used many forums to discuss what’s in store for the industry throughout the year. Events like the MBA Servicing Conference and industry-sponsored webinars have hosted industry professionals to share their perspectives. MCS’s team of mortgage experts share five key items that continue to resonate across the industry.

When you work in property preservation, work orders are the lifeblood of your business—as important as the actual property preservation services you’ll be providing. To help set yourself up for success, it’s important to understand work orders, including what to look for, the common work order types, how to avoid some common mistakes and how to ensure your success in fulfilling work orders.

Even if you’re new to property preservation, you’ve probably already discovered the industry is driven by its own processes and regulations—and even its own language. And learning to speak it is critical to your future success. To help you get started, we’ve compiled a few key terms you’ll need to understand to communicate with confidence. 

Property preservation work can be a great way to round out your handyman services business and hedge against economic downturns. But entering a new line of work may seem overwhelming at first. Here are a few key concepts to understand about the industry so you’re ready to dive in and feel set up for success.