October 31st, 2007 → 1:23 pm @ terry
For all that have purchased the e-book, the associated members’ site is finally online. Actually, it’s only one page for now but, hey, it’s a start. From this page you can download the latest manual and any other tidbits I may put there.
To access the site use your e-mail address as your user name, and your password is the receipt number from your original purchase and download. If you did not receive an email from me with the particulars, e-mail me and I will resend the download link. I have to have the email address you used for your original purchase and download.
October 23rd, 2007 → 6:30 pm @ terry
I know everyone has their own opinion about the outcome of the mortgage mess we’re seeing now and how it may effect the mortgage field services business. I have gone through several spells of saying we are going to have so much work and then on the other hand I would say I don’t see the work that I thought I would. Right now we are swamped. I’ve just been too busy to put anything in the blog.
We have been getting a hundred or more inspection orders per day for a little over a week now. Some days it has been over two hundred. And on top of that, the property preservation orders have been pretty steady – a little something every other day or so.
We’ve also had more than the usual amount of insurance loss draft inspections. I have always seen loss draft inspections increase this time of the year – there seems to be more fire related losses due to unattended cooking, fireplace accidents and the first use of heaters for the season.
I worked an insurance loss draft inspection this morning and the homeowner was completely confused. He thought I was with the insurance company. I find that a lot of homeowners are confused by the procedures of an insurance loss inspection so I thought I would talk about them this evening. You may find some information you can use later.
When a home is damaged, an insurance adjuster will usually come to look at the damages and determine what it will cost to make the repairs. Most adjusters have experience in making the determination or they have access to more experienced adjusters or software that does a good job.
Most homeowners do not even think about their mortgage company during the whole process. But, the mortgage company is part owner of the house too, so they have the right to get involved in the process and usually do. They want the repairs done right to prevent loss to the property’s value since it is the collateral for the mortgage loan. It is even common for the insurance agent to tell the mortgage company about the loss.
The mortgage company gets the insurance adjusters report and will ask for the repair estimates and later, proof that the work has been done. They will also require that the contractor sign a waiver of lien and they usually will send an inspector to confirm that the repairs have been done.
Depending on the mortgage company and the cost of repairs, the homeowner usually will not get the full amount of the loss draft check at one time. Some mortgage companies will send only enough money to start the work, and some always send only partial payments of one third or one fourth at a time. An inspection is usually ordered for each partial payment.
The insurance loss draft check will always be made payable to the mortgage company and the homeowner together . The mortgage company will have the homeowner endorse the check and send it to them. Then the mortgage company sends the funds back according to their way of doing business – usually partial payments.
The final release of the money is usually released only after the mortgage company receives a waiver of lien from the contractor. Licensed contractors are aware of this and do not expect payment in full until they are finished with the work. They also know their work is going to be inspected by someone sent by the mortgage company. Some lenders do not charge for inspections and some do.
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October 12th, 2007 → 12:02 am @ terry
They still owe me the thirty-five dollars!