SecureView landed a monumental contract with Fannie Mae and this is a game changer for Contractors as reported by Brena Swanson over at HousingWire. First, my hat is off to Swanson as this is some good, actionable intelligence which the Mortgage Field Services Industry needs. Now, let’s talk about SecureView. In essence, SecureView is a Robert Klein production. It is a costly production. And without confirmation of precisely how much more money Contractors are going to be paid, it is a bankrupting production.
The rule is effective immediately for the following states: Arizona, Illinois, Indiana, Louisiana, Minnesota, Ohio, Tennessee, Washington, Massachusetts, Maryland, New Hampshire, New York, New Jersey and Pennsylvania.
Future launch dates:
Oct. 1: Colorado, Connecticut, Mississippi, North Carolina and South Carolina
Dec. 1: Arkansas, District of Columbia, Delaware, Hawaii, Idaho, Maine, Montana, North Dakota, Puerto Rico, Rhode Island, South Dakota, Vermont, West Virginia and Wyoming.
Under the terms, vendors must remove all plywood coverings on windows from the dwelling, garage or outbuildings.
Here is the honest reality: If you are a mom and pop outfit, you are done on Fannie Mae properties. Pure and simple. Gone are the days of picking up a sheet or two of plywood at Lowes or Home Depot — incidentally, Home Depot just had a Data Breach. People are going to have to order a ton of product from SecureView and that is going to price out most of the players. In turn, this is going to impact Supply vs Demand — mark my words on this! To read the pricing and see the SecureView Video, please consider Subscribing to the Foreclosurepedia Nation as an Industry Insider!
SecureView Window Covers
48″ x 96″ $115.00 per sheet
Each sheet includes an 8ft bracing system
Equates to $.80 per United Inch
60″ x 96″ $169.00 per sheet
72″ x 96″ $199.00 per sheet
Each sheet includes two – 8ft bracing systems
Additional Bracing System
8ft $9.00 each
SecureView Security Door
Now, I want to be clear in that I am supportive of the SecureView concept. The neighborhoods deserve it. We have two problems in place. First, when you tell Contractors to not only install SecureView on everything initially, but replace everything as well, that is one HELL OF A PRICE TAG. With many firms, Safeguard Properties which Klein founded and is Chairman of included, refusing to pay Contractors tens of millions of dollars per year in well documented cases of fraud — simply take a look through the Altisource Category and view Altisource’s Vendors — I am extremely concerned with Fannie Mae writing blank checks for Contractors to cover. Second, though, is the fact that the days of the ma and pa Contractors are gone and following the timelines I predicted. For those of you gearing up to step to the plate, it would be prudent to perform a bit of Due Diligence via the ISTAR Clear Base. While most listings are Member Only, we are releasing a few over the next several weeks in redacted form.