Show:
Loan Modification
SS/DIL
HAMP
Repayment Plan/ Promise Plan
Refinance
100
What department handles the loan modification process?
Loss Mitigation (LMT)
100
What loans are not allowed to be reviewed for ss/dil until proper options are considered?
2007-1
100
What department handles the HAMP modifications?
(Trick Question!) :) "HAMP"
100
Can a repayment plan (RPP) be setup when the account is only due for 1 payment?
No. A repayment plan will only work outside of 30+ days, also known as: (Pot 2) or (2 due)
100
Does a customer have to have good credit to qualify for a refinance?
No
200
What should we advise the customer to do after sending in documents?
Follow up to verify all documents are received.
200
What department handles the initial contact with customers about a short sale or deed-in-lieu?
Property Solutions Department
200
Where will it state that a loan is "HAMP" eligible?
Wording above account information, and the flags.
200
What is the maximum limit for both a RPP & promise plan without management override?
6 months
200
What would you advise the customer if they ask: "What if my home is underwater in value?"
The refinance department (LMU) can refer you to available options for a short refinance which may forgive the difference between the amount that you owe, compared to the value of the home.
300
What are the 3 basic requirements needed for submitting for a loan modification?
Hardship Letter Verification of Income (VOI) Expenses
300
What is the basic definition of a deed-in-lieu?
The the borrower agrees to deed to property back to Vericrest. -Thereby avoiding the lengthy and costly foreclosure process.
300
When requesting for a HAMP packet to be sent to borrower, do I write: (A) Borrower needs a ln mod packet sent to them. (B) 5 responses showing account eligible.
(B is correct!) You will want to do the 1st status on this task. Advising account is in default, primary residence, Sr. Lien, the orgination date and a unpaid balance under $729k.
300
Will an account on a repayment plan still gain late charges, since they are on up to date arrangements?
Yes, will report ALL delinquency.
300
Does a customer have to pay closing costs?
No, Vericrest will pick up this portion to assist.
400
There is one state that requires a different loan modification packet, what state is it?
North Carolina
400
Define - short sale.
When Vericrest agrees to accept a lesser amount then the mortgage payoff amount.
400
What does "HAMP" stand for?
"Home Affordable Modifiation Program" --Government program--
400
If you setup a plan due by the last day of the month, this will be their new due date after the plan has finished, right?
No, this will only be their due date during the RPP or Promise plan time frame.
500
What is the main "type" of loan that we need to push for loan modifications?
2007-1
500
What is the one thing we, as representives, do not want to share when solicitating for a short sale or deed-in-lieu?
-DO NOT SHARE THE INCENTIVE AMOUNTS!-
500
How many days does the customer have to respond to a HAMP packet being sent to them?
15 days
500
Will a customer have all the information in writing, including on their statements?
No - a repayment plan is a verbal agreement only.
500
Can you transfer a call to LMU (refinance) if they do not have an open task (#595)?
No - they would have to solicite options outside of Vericrest.