SGPNOW Inspections for Credit Unions

Credit unions need monthly inspections on properties with mortgage default to monitor occupancy status, identify maintenance issues, and document property conditions for potential foreclosure proceedings.

Credit unions often face challenges such as managing mortgage defaults, protecting investments through the foreclosure process, and ensuring proper maintenance of their assets through property preservation.

SGPNOW can help. Our nationwide network of vendors provides credit unions with reliable monthly inspection services documented through comprehensive reports that include photos. All orders follow a stringent quality control process to ensure thorough inspection results.

There are several key reasons why ordering inspections is critical for credit unions when dealing with defaulted mortgages:

1. Occupancy Status

One of the main purposes of an inspection is to find out if the mortgaged property is still occupied by the borrower or if it has become vacant. If the property is found to be occupied, credit unions have the ability to decide to work with the mortgagee to devise a payment plan.

If an inspection reveals the property is vacant, it signals the borrower has likely abandoned it. This raises concerns about the property's maintenance and security. The credit union then knows urgent steps are needed to protect their interest in their asset through securing and other property preservation tasks.

2. Assess Property Condition

Inspections provide a current status on the condition of the defaulted property. Our Inspectors will note any clear maintenance issues, code violations, and/or significant damages present.

If problems like mold, vandalism or other issues are detected early through an inspection, it allows the lender to mitigate those issues sooner rather than later, halting damages from escalating while the property sits unattended.

Timely maintenance of properties prevents minor issues from becoming major (and costly) problems down the line. This protects the credit union's investment and the potential resale value of the property.

The Benefits of Inspections with SGPNOW

Credit unions can utilize inspection services through SGPNOW’s nationwide network of licensed and insured vendors providing residential inspections.

SGPNOW oversees a rigorous quality control process where 100% of inspection orders undergo a review before results are delivered to the client. This quality guarantee ensures credit unions receive comprehensive and accurate findings to make informed decisions.

Additionally, SGPNOW's depth of coverage across all 50 states, Guam, Puerto Rico and the Virgin Islands allows them to efficiently inspect properties regardless of location.

SGPNOW’s Services of Inspection Includes:

1. Occupancy Inspections

A qualified SGPNOW field inspector will attempt to make contact with the occupant of the property, requesting their name.  SGPNOW allows for customization of the frequency of the inspections and the number of attempts made to determine the occupant of the property.

2. Exterior and Interior Inspections

Our inspectors will carefully review all areas of the property, both exterior and interior, to report any damages or maintenance issues. After the inspection, the credit union receives a detailed report with photos showing the full condition of the property.

3. No Contact Inspection

A qualified SGPNOW inspector will go to the location. However, they will stay on public areas like the sidewalk or street. From this position, the inspector tries to determine if the property is occupied or vacant. They also look for any visible exterior damages. The credit union then gets a report on what the inspector sees from the public areas.