What's Your Next Move?

Curing the Loan

100

Principal residence, Fannie Mae, Due 4 payments and client’s hardship is resolved.

Deferral

200

Vacant property, Freddie Mac, Due 2, hardship will be resolved. Max payment cannot exceed 150% of clients current mortgage payment and plan cannot exceed 12 months w/o investor approval.

Repayment Plan

300

Owner occupied, FHA, Due 4, hardship resolved, and they want to pay the total past due in 2 payments in October both scheduled at the same time.

Reinstatement and set promise to pay luna

400

Investment property, Fannie Mae, due 2, and they had 2 prior modifications.

Standard PRO Modification

500

Occupied primary residence, due 2, no prior modifications, USDA loan.

Stand Alone Partial Claim

Freeplay

100

Scenario: Client is due 2, not in workout plan. Wants to make 1 of 2 payments due with a debit card to reduce the delinquency. Can a debit card payment be accepted?

What is NO? 

We’d only be taking a debit card for a full reinstatement or 1 of 1 cure.

https://pathfinder.foc.zone/content/process/1ade73df-2651-42de-b2b7-f2726e0ce4c3 

200

Scenario: Due 4. FHA Loan. RFD- Excessive Obligations. Not able to cure by EOM or Next month. Not in active workout plan. Client is now chatting with today to let us know they are now impacted by Hurricane Milton. What is your next move? 

What is direct client to AFS Fast track? 

300

True or False: VA foreclosure mortarium ended 05/31/24 so we are required to proceed with initiating, continuing, and/or completing foreclosures on VA-guaranteed loans?

What is false?

The VA announced on May 29th, 2024 of the VA foreclosure moratorium has been extended through 12/31/24. This means servicers are to cease initiating, continuing, and/or completing foreclosures on VA-guaranteed loans 

https://news.va.gov/press-room/va-calls-for-extension-of-veteran-foreclosure-moratorium-through-dec-31-2024/

400

Team member determines the loan is eligible for Streamline Modification in Pathfinder. What is the correct task to set? 

What is set the ENFHLS Task in Director 7? 

500

Fill in the missing blank for the New VA Loss Mitigation waterfall:

1. Reinstatement

2. Special Forbearance

3. Repayment Plan

4. Traditional Modification

5. 30-Year Modification

6. 40-year Modification

7. ??

Streamline Short Sale

9. Streamline DIL (deed-in-Lieu)

What is VASP (VA Servicing Purchase) * Only Owner occupied 

https://pathfinder.foc.zone/content/policy/3ba0e04b-4372-4399-bb57-6cc19c9b0a0a

Non-Retention

100

What is a Short Sale? 

What is a type of loss mitigation workout that allows the lender to accept funds from the sale of a property for less than what is owed. 

https://pathfinder.foc.zone/content/policy/db1df5c5-f2ec-4b4c-a8fd-9f6d0f3eb2d6

200

What is a Deed in Lieu (DIL)? 

A type of loss mitigation workout that transfers all interest in the property from the client to the lender to satisfy the defaulted loan and avoid foreclosure.

https://pathfinder.foc.zone/content/policy/a3119586-c4ff-44a2-8a46-48d5525e3d12

 

300

After gaining client's agreement for Rocket Homes, what email address do we use for Rocket Homes transfer? 

*Bonus Point: What information from client needs to be included in the email? (include at least 5)*

What is [e-mail]?

Obtain all of the following information from the client:

• Loan number
• Client's full name
• Best contact number
• Alternate contact number
• Best time to call
• Email address
• Property address
• Property type (for example: single family, condo, rental)
• Are they current or past due?
  • If they are past due by how much?
• Principal balance
• Are they in a forbearance?
• Are they in foreclosure?
  • If yes, when is the sale date?

https://pathfinder.foc.zone/content/process/099d4d19-acc2-4826-9819-2eddf4de4ee3

400

Scenario: Client is due 3. Has 80K in equity but haven't been able to sell the home in the last 35 days. 

True or False? - The client will qualify for Standard Short Sale

What is false? 

The client does not qualify for a standard Short Sale, as the home must have negative equity.

500

When determining DIL eligibility, what are 4 things we must confirm? 

1. The home is in good/livable condition 

• If the home is not in livable condition, a deed-in-lieu is not possible.

2. HOA dues and fees have been paid, if applicable. 

• If there is an outstanding balance with the HOA, a deed-in-lieu cannot be completed.
• The client must pay any outstanding HOA balance before applying

3. Occupancy and by who?

• Advise the client the home will need to be vacant and in broom swept condition before the home can be inspected and approved for a DIL.

4. Confirm no liens or judgments are against the home.

• No title issues are permitted.
• Advise the client any title issue they are aware of or which are uncovered would need to be resolved with proof of resolution before a deed-in-lieu can be completed.

https://pathfinder.foc.zone/content/process/fc11313c-943d-4610-95b0-73c7ec772778

Digging Deep

100

Client states they had a few hard months.

We want to ask what it was that happened to make those months hard.

200

Client states they had an unexpected bill that caused them to fall behind.

We want to ask was the bill for a medical situation, home repair, car repair, etc.

300

Client states they are not sure if they are able to make a payment by the end of the month.

We would want to ask what makes them think they may not be able to. Are they expecting a paycheck before the end of the month or any large payments that the due date can be changed so they can make the mortgage payment.