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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Vacant Property Registration
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.