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...
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,...
While processing short sales through the Equator system, once known as REOTrans around this time last year, we received a new message notice advising that they were completing the valuation part of the process. This is a relatively new in the sense that it has only been in the past month couple of months that...
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...
BankUnited, along with becoming defunct, has ceased completing it’s many of its own internal servicing procedures it has offer its investors in the past. One of the latest is that they are no longer processing short sales. In a strange turn of events BU is now working with a 3rd party service provider Nation...
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...
So as if it wasn’t already tough enough to get your mortgage lender on board with your short sale now they are charging you to approve it! Buyers, agents, homeowners, etc. already have enough trouble on a day to day basis processing short sales but now Service Link Loss Mitigation Services a division of...
We find that our clients are really frequently asking these days with the HAMP and HAFA programs (Obama Modification Program or Making Homes Affordable Program) the question that seems to be on everyone’s mind and that is what is this 4506t? Traditionally the 4506t is used be loan officers and submitted to mortgage lenders...