Our Mortgage Loan Modification Services
Soliciting Borrower’s Financial Information
We help you streamline the increasing number of loan modification requests with our services. Our home loan modification experts compile the financial profile of borrowers seeking loan modifications. They acquire all the supporting documents like bills, pay stubs, and unemployment benefits paperwork. We document all records of borrower hardships and accurately relay information across all channels involved in the mortgage modification process.
We walk the extra mile as an expert loan modification services company to verify the information received by the borrower. This helps to streamline the entire loan modification process that translates to faster turnaround times.
Check Borrower Loan Eligibility
Our mortgage experts scrutinize all the documents supplied by the borrower. They compare the documents with the terms of the loan contract. This information will provide you with preliminary insights into the decision-making process. It will help you to decide if the loan of a particular customer is to be modified or not.
We go to the finer details of the loan like payment terms, payment amount, rate of interest, and tenure of the loan. This helps us to determine the level of hardship faced by the borrower seeking the loan modification.
Review of Documents
Any mismatch in the details of the documents provided by the borrower can slow down the loan modification process drastically. Even worse, it can hint at being fraudulent in nature. We bear the responsibility of the end-to-end process of mortgage modificaiton with a high-level focus on document review to ensure that there are no risks associated with a loan modification request.
Our team of mortgage experts meticulously ensure the integrity of the borrower’s documents with their review process.
Complete Modification Fulfillment
As an experienced mortgage modification company, we leverage our experience to oversee the completion of the process by aiding with title endorsements or subordinations, should the modification arrangement require it. We digitize the new mortgage arrangement of the borrower by entering the updated arrangement into the CRM systems.
We bring a fine mix of process knowledge, highly trained people, and technology to provide you with a robust loan modification services solution.
Dispatch Modification Packages and Educate Borrower about Modified Plan
Once the loan modification process is complete, we compile a file containing the details of the new mortgage plan. Details like revised payment terms, amounts and dates are included in the package. We handle the entire back end of your communications with the borrower, keeping them duly informed of the changes instituted by the loan modification process. We augment this responsibility by educating the borrower of the new terms of the modified plan.
Our Mortgage Loan Modification Process
- Gathering of Borrower Information: We collect all information documenting the hardships faced by the borrower. This information is duly verified and filed under the borrower’s profile.
- Determining Eligibility: – A due diligence with the borrower is completed to verify furnished documents. Based on verification, the eligibility of the borrower to avail loan modification is determined.
- Submission of Loan Modification Terms: – All of the terms that a borrower is eligible to avail in the loan modification are isolated and documented. The necessary documents are forwarded to the underwriter.
- Liaise with underwriters on Loan Terms: We coordinate with underwriters to assist them in the loan modification decision.
- Complete regulatory compliance with government loan modification rules and regulations.
- Present offer to Borrower: The modified term sheet containing the new terms of payment and loan tenure is forwarded to the borrower. They are given a detailed understanding of the terms of the modified loan.
How We Drive Excellence with Our Loan Modification Process
We have successfully developed process-based protocols to help you reap benefits in your mortgage loan modification process. Our tried and tested standardized procedures that enable you to work with high volumes of loan modification requests includes:
- Setting up a dedicated team of mortgage experts who specialize in loan modification
- Instating due diligence and verification processes that help you make insightful decisions while approving loan modification for a borrower
- Leveraging the use of technology for faster processing and approval times
- Establishing effective communication channels to interact with borrowers