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CHAPTER BY CHAPTER REVIEW
CHAPTER 1:
LOAN MODIFICATION BASICS
§ What is a Loan Modification
§ Alternative Mortgage Relief options
§ The Loss Mitigation Department vs. the Collections Department
§ A Forensic Loan Audit, if and when one should be complete
§ Reasons a Loan Modification could be denied
§ Foreclosure Laws by State
CHAPTER 2:
PROVIDING 3rd PARTY MORTGAGE RELIEF SERVICES
§ Choose your clientele wisely
§ Cooperating vs. Non-Cooperating Lenders
§ Delays that are out of your control
§ Responding to Homeowners Frequently Asked Questions
§ Processing a Loan Modification as a 3 party
§ Do not make unrealistic promises
§ Consider yourself a Facilitator not a Negotiator
§ Loan Modifications and Bankruptcy
§ Collecting Fees
§ The Excuses
§ Resources
CHAPTER 3:
MARKETING TECHNIQUES
§ Networking
§ People you know
§ Publicizing
§ Alternative methods
§ Marketing Example
CHAPTER 4:
PRE-QUALIFYING PROSPECTS; THE INTERVIEW
§ How to determine if a prospect is a good candidate
§ Pre-qualifying a prospect using a basic calculations
§ What if your client is not yet late on their mortgage
§ What you will need to obtain from the homeowner; the check list
CHAPTER 5
PROCESSING THE LOAN REQUEST
§ Ensure an effective hardship letter is written
§ Completing the 4506-T form
§ Completing the Letter of Authorization
§ Which lenders require their own authorization form
§ Completing the income section of the financial statement
§ Completing the expense section of the financial statement
§ What should not be included in the financial statement
§ Which lenders require their own hardship packe
§ Calculating Self-employed/Non-W2 income
§ The proposal
§ Tracking your requests
CHAPTER 6:
WORKING WITH THE LOAN SERVICER
§ The initial call to the lender
§ The lender may circumvent you
§ What if a loan modification is denied?
§ What if a loan modification is approved?
§ What if there are no updates?
§ Trial Period Modifications
CHAPTER 7:
THE MAKING HOMES AFFORDABLE PLAN
§ Introduction
§ Which lenders currently participate
§ Home Affordable Modification Program Guidelines
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