Maxim Enterprises

What you can't measure, you don't know in property preservation.

Here are some tips on the financial handling of a property preservation business.  

Bogged down with the daily chores of running a property preservation company?

Here is a quick guide that we came up with to help businesses that are in property preservation get the most out of their employees, contractors and clients.

Oh boy! Let the fun begin with this 3rd Party bidding for HUD

HUD released ML 2010-18, ML (Mortgagee Letter) 2010-18   that went into effect Tuesday, July 13, 2010.  With these changes HUD has added additional requirements (please refer to the HUD website for specific information) that Vendors are required to adhere to.  When a property is not in Convey Condition, vendors are required to bid each item necessary to cure the conveyance condition.  When submitting a bid, vendors are required to adhere to HUD requirements and allowable(s).  As outlined in ML 2010-18 guidelines, vendors are required to submit a bid utilizing a 3^rd party estimating tool when bidding services that either cannot be performed for the allowable or do not have an allowable.

 

When supplying a bid, utilize a 3rd Party Template; the template will detail the information that is required.  Each service item must be itemized and submitted.  

 

When performing services for client, vendors are required to complete assignments by the date listed on the work order.  If a bid is required in order to place the property in ICC a bid must be submitted within 24 hours of completing service.   If a bid is denied, vendors are required to update the bid within 24 hours with the required information. If you have any questions or require clarification about what must be provided on a specific work order, contact the Maxim team representative listed in the work order comments for assistance.   

HUD cubic yard - examples

HUD uses the cubic yard to measure the volume of an object in order to quantify the price for removal of interior and exterior debris, hazards and personal property. A cubic yard is 36 inches by 36 inches by 36 inches.

 

New HUD structure and how it affects property preservation industry

New HUD structure is government at its best. Here are the details on the new structure.
Mortgagee Compliance Manager – Nationwide, awarded to MCB

The Mortgagee Compliance Manager (MCM) performs a variety of pre- and post- property conveyance services to ensure that HUD's interests are protected. These services include: reviewing property inspections to ensure the property is in conveyance condition; resolving conveyance exceptions; providing guidance to Mortgagees related to pre-conveyance and post-conveyance responsibilities; and leveraging HUD's software and information systems to execute and complete the tasks within this contract.

1. The migration of all states is not complete however all states that we work in except MI have been transitioned to the new structure. MI is still managed by MCB on the old structure.



Field Service Manager – Regional – contractor by state is attached

Field Service Managers (FSM) are companies that provide property preservation and protection services consisting of, but not limited to, inspecting the property, securing the property, performing cosmetic enhancements/repairs, and providing on-going maintenance. Properties acquired by HUD will be assigned to FSMs. There will be multiple contracts awarded through each HOC, with the FSMs competing for new acquisitions through their respective HOCs.



Asset Manager – Regional – contractor by state is attached

The AMs are responsible for the marketing and sale of REO property. Multiple AMs will be contracted to market HUD-owned properties within their selected contract area within their geographic HOC areas.

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The only thing permanent is change

I just visited my old stomping ground, Hiram College.  Myself and some other Hiram alumni went to watch the Men's soccer team play their first night game.  Yes, Hiram College only had day games when I played there 18 years ago. Now with the addition of lights, they will be able to play and practice anytime.  Moreover, what really struck me was the changes that Hiram College has made over the past 18 years since I was gone.  New dining hall, new athletic facility and finally new living spaces.  All of these changes reminded me of class that I had with a History professor at Hiram.  He mentioned to the class that "the only thing permanent was change".  At that time, I really didn't pay too much attention to that saying and was trying to keep up with all the reading that he had assigned to us.  So what exactly is my point in mentioning this? 

Well, it got me thinking about my journeys both professionally and personally. Change can be both positive and negative.  For example, one positive change that has occurred personally for me has been this triathlon experience.  Since following a training program in November of 2009, I have returned back to my college weight and have made healthier choices.  On the professional side of things, I have been very fortunate to work with a great staff at Maxim and have great contractors in the field.  Another positive change that has occurred has been our development of our software for our business.  This software has created transparency in how we do business and has also allowed us to be more productive and efficient in delivering results to our clients.

As we move forward in our business, I look forward to the changes and challenges that lie ahead.

Happy Labor Day!