A sophisticated and comprehensive vacant property registration database, utilized by PRS, has quickly and quietly become the “go to” resource for banks, mortgage companies, mortgage servicers and other responsible parties charged with the task of meeting property registration requirements. No longer does it take laborious amounts of time to sift through more than 2,000 Vacant Property Registration Ordinances (VPROs) to determine which properties need to be registered, when they need to be registered, where they need to be registered or how they need to be registered. PRS can assist responsible parties in finding needles in haystacks when it comes to registration compliance, saving clients time and money while avoiding potential fines, penalties and other negative aspects of missing registration deadlines and other associated requirements.
Responding To The 2007 Crash And Beyond With VPROs
The acronym “VPRO” was hardly a familiar one to those in the mortgage industry prior to 2007. But with the housing market crash of that year, followed by a general downturn in the U.S. economy, many cities and counties felt themselves negatively impacted by a tidal wave of mortgage foreclosures, vacancies and abandoned properties. In response, they developed and enacted literally thousands of vacant property and foreclosure registration ordinances designed to mitigate and manage the costs of growing neighborhood blight, code enforcement issues, public safety and health concerns as well as devastating impacts to local municipal budgets such as lost property values and diminished property tax bases. The growth of VPROs, which require responsible owners to register foreclosed, abandoned and vacant properties, submit registration fees and renewals, and comply with other ordinance provisions are well documented in a pair of recent publications on the subject. One from Community Progress, the other from the Department of Housing and Urban Development.
How PRS Puts the Vacant Property Registration Database to Work
Using two web-based applications, PRS employs CORE and OTR to track, manage and communicate vital information about property registration ordinances for client banks, mortgage companies, mortgage servicers, property preservation companies and other responsible parties. CORE (Community Ordinances and Registration Engine) stores every single foreclosure vacant property registration ordinance currently enforced in the United States. It also monitors changes to current ordinances and keeps a watchful eye on new VPROs being considered. This is critically important to responsible parties whether they have one property to register or large portfolios of properties that may be subject to registration requirements. OTR (Obligation to Register) helps responsible parties answer the fundamental question: Which of my properties, if any, require registration? OTR then extends that capacity to help determine how property registration obligation may change depending on the various “triggering events” associated with the sometimes-lengthy foreclosure process. Combined, these two technologically driven tools ensure no vacant property registration deadlines are missed, renewals are not overlooked, and any special property maintenance provisions, code enforcement issues, or other ordinance requirements are communicated.
Time and Money Saved
By putting CORE and OTR to work, PRS helps manage property registration compliance with time and money saving application in exacting detail. While initial registration fees are nominal, usually $150-$200 per property per year, any missed registration requirements, any overlooked renewal dates and any properties found to be in code violation or neglect of other ordinance requirements can quickly escalate the overall costs of property registration into thousands of dollars in fines, penalties and sometimes even criminal or civil citations. For responsible parties with large portfolios of properties that may potentially require registration, those punitive sums can rise exponentially in very short periods of time. In summation, the vacant property registration database helps both local government users and responsible parties. Local governments have a powerful tool in helping check, limit and reduce the negative consequences of neighborhood blight caused by foreclosed, vacant and abandoned properties, while simultaneously relieving time and resource demands on responsible parties who may not have the resources or expertise in meeting vacant property registration requirements. To explore how PRS can assist both local governments and responsible property ownership parties with simple, efficient and affordable help, we invite you to tour our webpage or call us at 321-428-0628.