For many the industry isn’t getting better at solving their problems. Hopefully, at least for those finding themselves experiencing a long bout with unemployment, they will find a little relief coming from at least one of the GSEs Freddie Mac. In an announcement FHLMC stated that they would be extending their previous Forbearance plans...
Senate Majority Leader Corbett came through for many homeowners in a tight pinch. Those that were worried about completing a short sale while still having a second mortgage that could come after them years later, commonly to what everyone refers to as seeking a deficiency, was not a settling thought for many sellers who...
As of July 13th 2011 Bank of America received a new guidelines (or in the business it is called a directive) from our old pal Fannie Mae(FNMA). In this new guideline change they are requiring homeowners that look to go through the HAFA program to actually jump through several new hoops. One of those...
In setting a new president starting today Aurora will not longer allow its loss mitigation (loan modification and short sale representatives) to message their processing department representatives. Due to the high volume they are being instructed to only transfer you to their voice mail and/or document the account that you called. They too along...
Starting July 1st Chase continued down their path of their slowest merger ever with EMC (Guinness Book of World Records currently weighing out if they qualify for any records). By Chase opening up their Collections Department and other Loss Mitigation Departments to this they hope to start servicing their EMC portfolio in order to...
Wells Fargo has a long standing reputation to upkeep of being the fuddy duddy of the Loss Mitigation industry. I am sure that if they could convince people to submit their short sale and loan modification packages via the old horse drawn cart they would. Well in an unprecedented leap into the 20th century,...
Would you think that they would let the homeowner’s get off easily for that long? Well it seems that Fannie is back at it again. This time at Bank of America with a whole slue of new hoops for the very tax payers keeping their doors open. In this case it seems their latest...
In recent history time has shown HSBC to be in the process of consolidating its mortgage divisions. A recent letter sent out to our customers who have a mortgage that is being serviced by HSBC Mortgage Corporation division, in possibly yet another decline in their company standings, as many of the other HSBC divisions...
If you’ve notice lately there there has been a slow down in information getting out to you from Saxon Mortgage it could have to do with some upgrades they are doing. They are currently in the process of porting the old files in to the new system which has only allowed for information to trickle out...
It is important that while servicing your client’s loans with PNC Bank that you understand their Pay Off Statement Request Guidelines. Often when ordering a pay off it is no more than a request by phone but every so often you come across a lender that asks for you to request it in writing....