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Loss Mitigation Options
Streamline Modification
Adequacy of Servicing
Ch. 5 "Need to Know"
100
100. Loss Mitigation options are divided into these two parts.
What is Home Retention and Alternatives to Foreclosure
100
100. Streamline loan modification options allow servicers to extend permanent payment relief under certain circumstances when the borrower has not submitted this.
a. What is a completed loss mitigation application.
100
100. When a servicer completes a SS or DIL on a loan that is less than 61-days delinquent, these are the only 2 acceptable reasons for default.
a. What Imminent Default and Property Problems
100
100. The expiration date will be given for no more than 14 days for this extension.
a. What is Notice of Value
200
200. A minimum P&I reduction of this amount is necessary for a VA Streamline Modification.
a. What is 10%
200
200. The Veteran must only successfully completed these two things in order to receive a permanent loan modification.
a. What is a 3-month trial payment and signed loan mod agreement
200
200. 25 days
a. What is the number of days to complete AOS from step 1 to recommendation
200
Under 38 CFR 36.4317, a snapshot of the loan performance must be reported by this day to allow VA to forecast future liabilities.
a. What is 7th day of the following month
300
300. VA regulations do not require this if the borrower is unable or unwilling to retain the home?
a. What is loss mitigation review
300
300. Once eligible, the servicer shall send the streamline loan modification TPP agreement to the borrower within this amount days
a. What is 15-calendar days from the date the borrower is determined eligible.
300
300. System that identify Veteran’s marital status, VA income, pending claims and contact information to name a few.
a. What is SHARE or VBMS
300
300. This process will open in your workbasket if the loan is found to be soluble
a. What is Postpone Loan Termination Process
400
400. This newly-named program, previously known as HAMP, lowers the monthly mortgage payment to 31 percent of verified monthly gross income to make payments more affordable
a. What is VAAM
400
400. ***Daily Double*** The loan and/or borrower is ineligible for a Streamline Mod if any of these apply. Name 2
a. What is loan is not in default, less than 12 payments made, mod more than 3 times, property is abandoned, 10% min P&I cannot be achieved, prior streamline mod defaulted, or complete loss mitigation packet received
400
When receiving financial information from the Veteran, this link takes you to Loss Mitigation Tool screen where you can evaluate potential options for the Veteran.
a. What is NewTrak Tools
400
301. This advance may be issued to borrower occupants who complete a SS or DIL
a. What is a $1,500 relocation advance
500
500. During a refund consideration, this calculation is used to determine if the property value exceeds the unguaranteed portion of the loan.
a. What is NPV
500
500. If the borrower does not make the final trial payment before the due date in the Trial Payment Plan, but does this, the servicer can still accept and complete the streamline modification.
a. What is making the payment before the end of the given month
500
500. When reviewing an AOS, you should review the case notes and contact the servicer and borrower, if necessary, to determine if servicing was adequate under this series of regulations.
a. What is 38 CFR 36.4300
500
500. VA has no objection to the use of this virtual identification on RPP, SFB, or modification.
a. What is electronic signature