These days, TrendSource is pleased to offer a wide array of virtual inspections, helping our clients keep up with the times and find efficiencies in their compliance management efforts. TrendSource Virtual Inspections include Virtual OnSite Inspections, Virtual I-9 Verifications, among many others.
But TrendSource does not (and never will) offer Virtual Occupancy Verification Inspections, and there’s a good reason for that: a Virtual Occupancy Verification would entirely defeat the purpose of the Inspection.
Why Do Occupancy Verifications Exist?
Occupancy Verification Inspections exist to provide lending institutions clarity on if somebody currently occupies a residence and, if so, who that person is.
For lending institutions, this information is invaluable if the property is on their books. Whether they outright own the home, or it is put up for collateral or refinance, banks often find themselves in situations where they must identify if they property is occupied and by whom.
For example, if a property is under foreclosure, the bank needs to ensure the property has been vacated and that the previous occupants are not squatting illegally. Such a situation would expose the bank to liabilities they cannot assume.
Additionally, loan terms are more favorable for borrowers who list properties as their primary residence. This means that banks have a vested interest in ensuring that a property is occupied by the individual their lending documents say lives there.
There is simply no way to gather this type of information through a virtual inspection, which is why all Occupancy Verifications are completed in person.
TrendSource Occupancy Verification Inspections
TrendSource has been providing Occupancy Verification Inspections for over a decade, working closely with lending institutions to provide on-the-ground information about their properties. This is achieved through two types of Occupancy Verification Inspections: Scheduled and Unscheduled (also called door knockers).
Scheduled Occupancy Verification Inspections are exactly what they sound like. A TrendSource Inspector schedules with the contact on the lending document to confirm their occupancy by visiting the property at a set time.
A Door-Knocker Occupancy Verification Inspection, however, is unscheduled. This is to get as authentic a picture as possible of the property’s current resident. By showing up announced, a Field Agent is likelier to detect any shenanigans (a technical term). It is important to note that the resident is notified that a Field Agent will be visiting, they are just not told when—this is important for the safety and comfort of all involved.
Whether scheduled or unscheduled, lending institutions have much to gain from Occupancy Verification Inspections and TrendSource is a trusted provider.
