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Modification Underwriting Services

Modification Underwriting Services

The housing industry in the USA is only now coming out of the decline it faced in 2009. With a large number of 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 services customized according to their requirements.

Our Mortgage Modification Underwriting Services

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 -

  • Interest rates
  • Mortgage term extension
  • Partial claims
  • Reduction in principal amount
  • Shared appreciation

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 services include -

  • Mortgage modification underwriting
  • Loan mitigation
  • Borrower verification and fraud detection
  • Income statement analysis
  • Evaluation of property value
  • Delinquent home loan modification
  • Quality check of existing loan modification services
  • Loan negotiation
  • Interest, monthly payment, and loan tenure modification
  • Credit history review and debt to income ratio for borrower
  • Credit worthiness checks
  • Property and title appraisal
  • Foreclosure support
  • 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.

Our Mortgage Loan Modification Process

With an experience of over 10 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 -

01
Receive input from the loss mitigation department about the borrower

Receive input from the loss mitigation department about the borrower

02
Determine the borrower's program eligibility according to set norms

Determine the borrower's program eligibility according to set norms

03
Pre-review borrower's application

Pre-review borrowers application

04
Prepare an initial loan modification package

Prepare an initial loan modification package

05
Perform basic loan modification underwriting

Perform basic loan modification underwriting

06
Client-side Approval

Client-side Approval

07
Offer is presented to the client (approval or denial)

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 according to 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
  • 100% compliance with all mortgage regulations
  • End-to-end solutions for all mortgage related sub-services such as mortgage closing, mortgage appraisal, post-closing services and title services amongst others

Choose Flatworld Solutions for Mortgage Modification Services

At FWS, we believe that our approach towards loan modification enables us to differentiate ourselves from the rest of our competitors. With more than 9000 happy customers, our in-depth mortgage services help to cut the red tape generally 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.

Read our article which details out exactly how the loan modification underwriting process is important for your business and how efficient underwriting can help you achieve better business gains.

Contact us right away and learn how we can help you streamline your mortgage modification process!

Our Process

Our Process

Understanding vendor's mortgage process is important before outsourcing. Take a look at our loan process.

Resources

Resources

Outsourcing mortgage services to Flatworld Solutions can help you streamline your operations.

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