Glossary |
Terms that are on use on this site.
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| There are 14 entries in the glossary. |
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| Backup Rep | The field rep that is secondary to one or more other reps in a particular area. Most companies will have two or more reps in an area and work can be equally or unequally divided among the reps. |
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| Bank Owned | The bank has aquired title (ownership) to the property. The bank is the seller. |
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| Bankruptcy | The legal process in which a person or firm formally declares their inability to pay debts. In Chapter 7 bankruptcy filings, any available assets (with some exceptions) are liquidated and the proceeds are distributed to creditors. Chapter 11 bankruptcy filings are reorganizations of bankrupt businesses. Chapter 13 bankruptcy covers work-outs of debts by employed individuals with some assets. Upon a court declaration of bankruptcy, a person or firm surrenders assets (Chapter 7) or makes pre-arranged payments over three to five years (Chapter 13) to a court-appointed trustee who distributes the funds to the approved debtors. |
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| Bankruptcy Inspections | A drive-by, no contact inspection that provides the current condition of the property, the occupancy status of the property and a narrative if there is any damage or any potential conditions that could affect the value of the property. Contact no-one. Do not contact mortgagor, occupant or neighbors. Do not discuss the mortgage, bankruptcy, etc. with any third party. Bankruptcy inspections are normally performed every 30 days. |
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| Board Broken Only | A service performed whereby only the broken windows at a property will be secured by boarding, regardless of the area regulatory requirements for the loan type. This order also authorizes the field representative to board any broken windows at the property without prior approval. Photographs of the broken windows, and completed boarding, must be provided. |
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| Board or Screen to Area Specification | A type of property preservation work order type that requires that any broken windows found at the property will be boarded or screened according to the area regulatory requirements for the loan type. |
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| Board-Up | Secure a property by using plywood to cover broken windows, doors, and any other unsecured access. Additional preservation procedures may be requested such as locks, tarps, and security personnel if necessary. |
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| Borrower Interview | The purpose of this assignment is to make direct contact with the borrower and obtain the reason for the delinquency, date of last payment, payment proposal and current phone numbers where the borrower can be reached. The property condition and descriptions is included with the report. If the borrower is unavailable at the time of inspection, a call back card is normally left at the property. |
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| BPO | A BPO (broker price opinion) is a brokers opinion of value of the property. Normally must be performed by a licensed real estate agent or broker |
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| Broker Opinion of Value | Valuation of a property. Same as a Broker Price Opinion (BPO) or Comparative Market Analysis (CMA). This inspection determines the physical condition of the property and compares it to similar properties that have recently been sold. The inspection is used to help determine the market value of the property and usually requires access to the Multiple Listing Service in order to see the data on other listings and sales. In order to perform this service, one must be a licensed realtor and the report must be signed by a licensed broker. Pictures are required. |
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| Broker Price Opinion | A broker price opinion is a real estate brokers opinion of value of a property. |
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| Broker Report | Same as Broker Opinion of Value |
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| Business Site Inspection | Validate the existence or operation of a business enterprise. Customer traffic and photographs may be requested. |
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| Business Verification | Business verification is a basic walk-through of the facility to confirm a business is viable.
Business verifications are performed for for dental practices, medical practices, veterinary practices and many other types of business. For each of these businesses, the field rep will need to view rooms and verify the equipment on site is conducive to its type of practice.
A lot of these practices are prefunding inspections which can be new start ups. The field inspector is sent on site to make sure, that the particular site is being set up for a dental practice, a vet practice, a medical practice or the type of business indicated on the request.
These inspections take approximately 10 minutes and require photos such as the outside of building, with signs if available, 1 interior, 1 unoccupied exam room or other as requested. |
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