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,...
Bank of America: Fannie Mae(FNMA) Loans to go through new ringer for HAFA Program Assistance for Homeowners
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...
HSBC to make some major changes to its Mortgage Divisions
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...
Saxon Mortgage: Going through growing pains…System Upgrade has them down till 5-9-2011
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...
PNC Bank: Ordering a Pay Off Statement via 900 number. Strange… Just a little bit.
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....
Chase: Phone Number Changes (Contact Information Changes)
Chase, one of the mega Goliaths in the mortgage servicing industry is about to start a major renovation on their phone systems. In a conversation the other day with a representative in the Executive Office it was divulged to one of our negotiators that there were going to be some major changes in the phone...
Bank of America: Steamlined Cooperative Short Sales with no Paperwork! No way…
Bank of America in an effort to close more deals has designated a company, Default Servicing LLC., since September to begin contacting homeowners that were pre-qualified for the short sale process. Their new program, shrouded in part due to secrecy of how to qualify, has been initiated and Default Servicing, LLC has begun making...
FDCPA: They won’t stop calling; When can my creditors legally call me?
Many of our customer’s frequently get calls through out the day and complain that they never stop. Often even while a review continues on their accounts the lender will still continue to call, along with their collection activity (calls, letters, late charges, etc.) including sending the files to foreclosure until there is a set...