Comment

Comment by Kevin - Greenville, SC on August 25, 2011 at 6:51am

Servicers sign participation agreements, not investors.

 110 servicers have signed participation agreements (SPAs) to modify loans under HAMP. The SPA covers loans held in portfolio or loans serviced on behalf of other investors.  In addition, approximately 2,300 lenders service loans owned or guaranteed by Fannie Mae or Freddie Mac.  Approximately 89% of eligible mortgage debt outstanding is covered by HAMP participating servicers.

 

http://www.mbaa.org/files/Conferences/2010/NationalServicing/SERV10...

 

Comment by Tara Polley on August 25, 2011 at 5:20am

Hi Kevin,

That's not actually accurate. They've written it that way because investors do not want borrowers contacting them directly, however, the investor owns the loan and determines if they participate.

Comment by Kevin - Greenville, SC on August 24, 2011 at 7:27pm

http://www.nclc.org/images/pdf/foreclosure_mortgage/loan_mod/lmp_id...

 

Comment by Kevin - Greenville, SC on August 24, 2011 at 6:54pm

http://www.nclc.org/images/pdf/foreclosure_mortgage/loan_mod/lmp_wh...

What to Do When the Servicer Says the Investor Is Not Participating 

1) Ask who the investor is.  § Servicers participate, not investors

Comment by Estella Drake, CDPE on August 24, 2011 at 5:09am

@Trish-what they are probably saying is the investor does not participate in the HAFA Program. Did your client receive a letter from WF stating HAMP was denied and a short sale was an option o
r deed-in-leu? WF does participate, go on MERS.org and see who the investor is. If it says WF serviced and WF investor they hold the note, if the investor is other than WF you will at least see who it is and the phone their phone number is listed. This will also let you know if this is a Deligated or Non-Deligated loan for faster response. Hope this helps.

Comment by Brenda L Wood on August 24, 2011 at 4:59am

Becky, it has been almost a year since I did an ASC S.S. but at that time it was the standard package  plus their own financial worksheet.  I have attached it.  ASC_financial_worksheet.doc

Comment by Tara Polley on August 24, 2011 at 4:47am

Becky, ASC requires the same documents as everyone else. If you need the MHA documents, you can find them at www.MakingHomeAffordable.gov under "Request Modification"- they also work for HAFA.

Trish- Perhaps it is the investor who is not participating? Who owns the loan?

Comment by Brenda L Wood on August 24, 2011 at 4:40am

They were one of the first to jump on board...  Visit http://www.makinghomeaffordable.gov/get-assistance/contact-mortgage... for a complete list of HAMP/HAFA servicer participants.  Wells Fargo is indeed on that list.

Comment by Trish Friberg on August 24, 2011 at 4:21am

Started a WF short sale and they told me they don't participate in HAFA...anyone else heard that?

 

Comment by Robert A. Carrino on August 24, 2011 at 2:06am

ASC escalation contacts anyone?  I could use some if anyone is willing to share : )

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