You’re probably aware that mortgage companies are some of the leading customers of field inspection services, but you might have also wondered why mortgage companies shell out money to get photos of properties that could easily be viewed from Google Street View or historical assessor photos. In many cases (and it’s important to note this is not a blanket statement) these properties are secured by mortgages backed by Fannie Mae, HUD, FHA, VA or other government insured loans.
In an effort to spur the housing market and encourage lenders to do business with customers that may not have stellar financials and credit history, which is often a large swath of young or low to moderate income borrowers looking to enter the housing market, these government backed loans provide the lender with an insurance that if the loans default they will buy back the mortgage from the lender. In most cases, the lender is incentivized to maintain the loan, work with the borrower, and try and figure out a way to ensure borrowers can stay in their homesteads, but in a worse case scenario that a foreclosure occurs, private mortgage insurance premiums that the seller has paid over the course of their loan are used to fund programs to protect the lender through these buy back programs.
As part of this agreement between the lenders and these government agencies that insure the loans, the lenders must follow certain procedures to stay in compliance. As the mortgagor falls behind on payments, one of the first things that must be determined is whether the borrower is still living in the property or not. That is why these field agent reports often boil down to vacancy reports, asking you to determine via some method whether the property is occupied.
It’s extremely important to note, especially because neighbors are often curious as to why someone might be snooping around taking pictures of their neighbor’s home, not to mention anything about foreclosures. Not only could this be a breach of privacy, but it’s also entirely possible these inspections could be done for a multitude of reasons – including even refinancing or in the case of no mention of the client, for insurance purposes or appraisals.
As the founder of FieldAgentResource.com, I’m passionate about helping individuals looking to earn extra money find value in becoming a Field Agent. I’ve been a field agent since 2023 and in that time I’ve made an effort to learn as much as possible about maximizing my revenue in the field. Through informational articles and submissions from field agents in the community, I hope to empower individuals to make the most of their field inspection endeavors.
