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The housing industry in the USA is only now coming out of the decline it faced in 2009. With many homes being foreclosed and more than 10 million homeowners looking for more affordable refinancing options, the US government launched the Home Affordable Modification Program (HAMP) to keep borrowers afloat. In the simplest of terms, mortgage modification allows borrowers who qualify for the same to restructure their existing mortgage, thereby allowing for a more favorable monthly payment option.
Such growing demand for mortgage loan modification therefore has necessitated an efficient and systematic process which would allow mortgage lenders to service old and new customers in as smooth a manner as possible. At Flatworld Solutions, we understand that the growing backlog of mortgage modifications require immediate intervention by expert mortgage modification service providers. We have worked with some of the world's largest lending institutions by handling their mortgage back-office processing tasks, while providing suitable mortgage underwriting assistance customized to their requirements.
Mortgage Modification Underwriting Assistance We Offer
Mortgage loan modifications involve a lot of permanent changes made to an existing mortgage schedule, and while the process does take some time, customers still require the process to be completed in as soon a time as possible, while properly restructuring their -
Mortgage term extension
Reduction in principal amount
At FWS, we take over the entire underwriting process for mortgage modifications falling under HAMP as well as non-HAMP mortgages.
Our mortgage loan modification underwriting support services include -
Mortgage modification underwriting
Borrower verification and fraud detection
Income statement analysis
Evaluation of property value
Delinquent home loan modification
Quality check of existing loan modification services
Interest, monthly payment, and loan tenure modification
Credit history review and debt to income ratio for borrower
Credit worthiness checks
Property and title appraisal
Mortgage underwriting plan verification and approval
At Flatworld, we believe in leveraging the latest technology to automate most of the common loan eligibility checks and best-fit determinations of your mortgage modification program. By combining in-depth portfolio analytics with inherently customizable customer-centric strategies, we can tailor our services to our clients' specific requirements.
Mortgage Loan Modification Underwriting Process We Follow
With an experience of over 16 years in working with various national and regional mortgage institutions, we have managed to build a loan modification process which suits the needs of our clients. The main steps involved in the process include -
Receive input from the loss mitigation department about the borrower
Determine the borrower's program eligibility according to set norms
Pre-review borrowers application
Prepare an initial loan modification package
Perform basic loan modification underwriting
Offer is presented to the client (approval or denial)
Once the borrower contacts you for mortgage loan modification, his details are shared with your loss mitigation department, who in turn share the details with us. We help to conduct a financial review of the borrower's qualifications and his eligibility as per the set norms and regulations. Thereupon, we perform an in-depth review of the borrower's -
Loan to income ratio
Debt to income ratio
Total cash reserves held
Existing financial condition
Current mortgage terms and clauses
Our underwriters help to complete a thorough review in as short a time as possible, followed by which they generate an initial loan modification package which is then submitted to the borrower. Based upon their response and negotiation, our client gets back to us to make any necessary changes. Finally, upon client approval, a final offer is presented to the borrower (either approval or denial for loan modification)
Benefits of Outsourcing Mortgage Modification Services to FWS
A mounting backlog of loan applications combined with mortgage modification applications needs an efficient, systematic response, while ensuring due diligence in borrower validation. By partnering with us, you can avail of the following benefits -
Faster loan processing and mortgage modification underwriting
In-depth document review, creation of payment plan, underwriting procedures and customer follow up
A thorough and detailed scrutiny process ensuring reduced risks
Accurate, fast, and on-time reporting features due to the presence of high-quality technology and infrastructural capabilities
Choose Flatworld Solutions for Modification Underwriting Support
At FWS, we believe that our approach towards loan modification enables us to differentiate ourselves from the rest of our competitors, and has helped us do business with more than 18488 happy customers. Our mortgage service assistance helps clients cut the red tape surrounding borrower-lender interactions and provide a cohesive roadmap towards loan modification for all parties involved. Years of expertise and knowledge acquired in this subdomain have allowed us to identify the borrowers most likely to re-perform after a mortgage modification, and stay re-performing.