Starting last month CitiMortgage, a CitiGroup company, is one of the few lenders that allow the homeowners to call in and verbally authorize the lender to speak to their 3rd parties as opposed to having to submit this in writing. Most lenders allow for a 1 time verbal authorization but in many cases it...
Posts Tagged ‘ APPROVAL ’
Chase Home Mortgage: Openers, and Negotiators, and Closers, oh MY!
Chase, like many companies in its pursuit for improving how it does business, attempted to make some changes to Loss Mitigation Workout line up. Traditionally speaking the process goes from having a simple document collector and negotiator structure to trying to break down the whole system to a Multiple Stage Process (opener, negotiator, closer,...
Bank of America: What do I need to know about my automatic email status notifications?
BAC Home Loans Servicing, LP., or Bank of America, wants you to know what all those auto responders mean. In a recent email sent out on August 17, 2010, BAC sent a message about the changes that had taken place over a month ago on July 15th to their partner’s website (Equator.com). It goes into explaining...
BAC Home Loans: After B of A receives the counter offer how long before I hear a response?
This is often a question that we receive from our clients and the Agents we work with. Really, it’s hard to say because it all depends on whether the lender is going to counter back again on any of the terms. Until the offer is submitted to the investor anything may still happen and...
Bank of America: How long before they respond using Equator?
Due to our volume of business with Bank of America we frequently get asked approximately how long it takes us to process a short sale with Bank of America or BAC Home Loans Servicing, LP and, like most lenders, who have a very large volume of short sales (which is most) Bank of America’s...
Bank of America: Understanding BAC Loan Servicing LP’s acceptance of Counter Offer Terms
Realtors have told us the better they understand the counter offer process, the more successful they are in closing short sales. The following facts related to the counter offer process are critical to closing short sales in Equator. Fact #1: Your acceptance of the counter offer terms does not mean the transaction is approved...
How to write a hardship letter for a loan modification or a short sale?
Often we receive the question of how a homeowner should write their hardship letter and we find that there is still no simple answer. Should I include if I didn’t file my taxes? What if I don’t know what a profit and loss is? Many times the answer is right there but simply needs...
HAMP: MHA Guidelines change June 1, 2010 – Homeowners looking for help; Now is the time.
There have been many problems with the program put out by the Obama administration referred to as MHA or Making Homes Affordable but things may be changing for the better. Frequently, homeowners over the past year have only seen an 18% success rate while companies such as our own would not be able to operate under...
Fannie Mae: As if it wasn’t already tough enough you better have a game plan!
Recently GSE Fannie Mae rolled out new guidelines guiding the servicers on how to manage its portfolio. Stating that it wants its borrowers, if they are in an active foreclosure and if they have a sale date within 14 days, the only acceptable remedy to stop foreclosure is to fully reinstate the defaulted loan. Until further...