Date published: February 1, 2010
Marshall & Swift (M&S), New Berlin, Wisconsin, a worldwide provider of building cost data and estimating technology, announced that the Department of Housing and Urban Development's Office of Single Family Asset Management (SFAM) will use M&S' cost estimator data and solutions to provide repair, replacement, maintenance or improvement costs on Federal Housing Administration (FHA) housing units, as a pilot initiative.
Marshall & Swift's cost estimator estimates repairs on the growing number of residential properties now in or entering the real estate foreclosure market. The subscription service establishes repair costs to increase the time for understanding what repairs are needed in the overall real estate transaction.
HUD's decision to use Marshall & Swift's data will help it simplify and ultimately eliminate the manual costallowable updates routinely performed to develop and confirm costs for the industry across the United States and its territories on a consistent and totally verifiable basis, according to M&S.
"Marshall & Swift is proud to continue to provide support to the Federal Housing Administration and the U.S. Department of Housing and Urban Development's Office of Single Family Asset Management (SFAM)," said Salil Donde, M&S' chief executive officer. "The selection of Marshall & Swift's industry-leading total component database offers defendable repair cost estimations in the 50 states and territories, and will streamline validating costs for residential property repair and preservation."
"Marshall & Swift's objective third-party information will provide a conduit for the agency and industry to work more closely with each other and reduce unneeded time, costs and expenses associated with the protection and preservation of assets," said Donde.