Those responsible for property registration compliance have quickly come to discover that time is indeed money. And thanks to PRS, they are also discovering that technology, in the form of property registration online, saves both. This is especially true when that technology is utilized by competent, experienced property registration professionals.
What Does Online Look Like?
Over the past decade many municipalities and local governments who have enacted Vacant Property Registration Ordinances (VPROs), have also developed online portals that facilitate a digital approach to property registration compliance. Incorporating technology has made the process of registering foreclosed, vacant and abandoned properties easier for banks, mortgage companies, mortgage servicers and other responsible parties. Gone are the days of trying to maintain costly traditional “paper” files of subject properties. With the development of sophisticated databases like the one PRS utilizes, also gone are the tedious, time and money consuming headaches of trying to keep up and keep track of the thousands of VPROs currently in place. And with the right online property registration partner, also eliminated are the burdensome, time and money consuming challenges of monitoring changes and modifications to existing VPROs as well as surveying the landscape for new ones. Technology has also empowered responsible parties to avoid costly property registration fines, penalties and potential civil and criminal citations for overlooking or failure to meet the time-sensitive deadlines and fee submission schedules contained in virtually every VPRO.
What can responsible property registration parties expect to see when they go online to meet registration requirements? A visit to either New Castle County Delaware webpage, or the City of Coconut Creek (Fl) Abandoned Property webpage provides a pair of good illustrations of what is necessary to register property online and provides a host of answers to frequently asked questions.
While technology has improved access to online property registration, it has only solved half the battle of meeting VPRO compliance. That’s certainly the case for banks, other lenders and responsible parties who may hold title to large portfolios of foreclosed properties which in many cases are spread out over large geographical locations. PRS takes that technology one step further in sifting through the more than 2,000 VPROs to match the right needle from the property registration haystack.
Cutting to the Chase
Not only does PRS provide a comprehensive approach to tracking VPROs, it also quickly and cost-effectively determines the most fundamental aspect of property registration compliance: “Which properties are subject to registration and which might be exempt?”
First, PRS utilizes C.O.R.E. (Community Ordinances & Registration Engine). C.O.R.E. is a state-of-the-art database that contains every single existing VPRO currently in effect across the United States. It also monitors and tracks any changes or modifications to existing ordinances which local governments may alter to meet changing market and compliance conditions. C.O.R.E. also surveys the property registration landscape for potential new ordinances being considered that may come into play and affect responsible parties. PRS teams C.O.R.E. with the “go to” resource that solves the mystery and complexity of registration determination. By entering basic property ownership information, in a matter of seconds the OTR Tool Kit (Obligation to Register) answers the question of whether a particular property is subject to VPRO requirements or is exempt. OTR saves responsible parties immeasurable time and expense in determining the need to take the next step—online registration. OTR is particularly valuable because it also takes into consideration the various foreclosure “triggering events” that may require or exclude registration obligation of a particular property as it moves through the often-lengthy foreclosure process. Some of the triggering events monitored by OTR include:
- When a loan initially goes into default.
- When a loan is in default and property is vacant.
- When first legal action is required.
- When first legal action is taken and vacancy occurs.
- Accurately tracks time-sensitive registration deadlines that, depending on the ordinance, may require compliance within 30-60-90-180 day increments, and also monitors registration renewal requirements and their respective deadlines.
These two PRS tools are critical in ensuring clients never miss a property registration requirement, fee submission or renewal submission—all of which can potentially and unnecessarily balloon the bottom line costs of meeting registration obligation.
A Win/Win Partnership
Quick and cost-effective assistance with property registration is one click away at the PRS webpage. Not only can we help you determine your OTR, but we can also help manage your property portfolio large or small, at any location in the United States. We can even help you process any necessary property registration forms, assist in your online registration and keep you updated on any new VPROs coming into play, and changes or modifications to current VPROs. PRS has the industry standard tools to help you save both time AND money.