NOVEMBER 2023 NAMFS INDUSTRY PRICING INITIATIVE UPDATE
NAMFS is pleased to share that on November 14, HUD published their Mortgagee Letter, ML 2023-20. Included in this update are increases to expense reimbursables for vacant property inspections, as well as, Initial and Follow-Up Occupancy Inspections. These Inspection allowables align with Fannie Mae’s March 2023 and Freddie Mac’s August 2023 announcements. These alignments in pricing were a key component of our Industry Pricing Initiative.
NAMFS continues its efforts on Year 2 of the Industry Pricing Initiative with updated information for 2023, how that impacts Inspections, and detailed information on ten (10) specific services in Property Preservation. We identified the cost of these services in two (2) distinct ways, a blended cost estimator and a NAMFS Member Survey. In the first approach, NAMFS obtained cost information for each of these services by utilizing four (4) industry-accepted cost estimator tools in eight (8) MSAs across the nation. This information was then blended into a single cost for each service. The NAMFS Member Survey obtained information from the entire supply chain along with feedback related to time and material costs to obtain a single cost for each service.
NAMFS presented this updated information to Industry Investors and Insurers in late August and early September. This information was also discussed at our 2023 NAMFS Leadership Summit.
We continue to seek support for this initiative and if you would like to donate any amount to this effort please DONATE TODAY. If you have any questions/feedback please contact NAMFS via email at admin@namfs.org and include “NAMFS Industry Pricing Initiative” in the subject line. NAMFS appreciates your support.
NAMFS Board of Directors
Eric S. Miller – NAMFS Executive Director
NOVEMBER 2023 NAMFS INDUSTRY PRICING INITIATIVE UPDATE
NAMFS is pleased to share that on November 14, HUD published their Mortgagee Letter, ML 2023-20. Included in this update are increases to expense reimbursables for vacant property inspections, as well as, Initial and Follow-Up Occupancy Inspections. These Inspection allowables align with Fannie Mae’s March 2023 and Freddie Mac’s August 2023 announcements. These alignments in pricing were a key component of our Industry Pricing Initiative.
NAMFS continues its efforts on Year 2 of the Industry Pricing Initiative with updated information for 2023, how that impacts Inspections, and detailed information on ten (10) specific services in Property Preservation. We identified the cost of these services in two (2) distinct ways, a blended cost estimator and a NAMFS Member Survey. In the first approach, NAMFS obtained cost information for each of these services by utilizing four (4) industry-accepted cost estimator tools in eight (8) MSAs across the nation. This information was then blended into a single cost for each service. The NAMFS Member Survey obtained information from the entire supply chain along with feedback related to time and material costs to obtain a single cost for each service.
NAMFS presented this updated information to Industry Investors and Insurers in late August and early September. This information was also discussed at our 2023 NAMFS Leadership Summit.
We continue to seek support for this initiative and if you would like to donate any amount to this effort please DONATE TODAY. If you have any questions/feedback please contact NAMFS via email at admin@namfs.org and include “NAMFS Industry Pricing Initiative” in the subject line. NAMFS appreciates your support.
NAMFS Board of Directors
Eric S. Miller – NAMFS Executive Director