Outsource Loan Modification Services
We provide expert assistance with your home loan modification process to reduce losses and ensure business continuity
Expert Mortgage Assistance is a leading mortgage modification services company that will help you establish streamlined workflows to efficiently meet rising volume of modification demands. Our home loan modification services is designed to meet all back-office support needs for loan modifications in order to deliver better mortgage experience to borrowers. Over the years, we have leveraged our experience and process to create more positive business outcomes for lenders and credit unions alike.
The upward spiraling rates of unemployment and negative equity has peaked the number of mortgage delinquency. This has resulted in a rise of the distressed borrowers counts who are in need of a home loan modification program. The volume of work (required to successfully complete modifications), shortage of resources, and lack of standardized business processes have left investors challenged. Lenders need to embrace a systematic process to meet these challenges. This is possible by outsourcing loan modification functions to third-party experts.
We experience in handling the back-office needs of
over 5000+ loan modifications
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Our Mortgage Loan Modification Services
Soliciting Borrower's Financial Information
We help you streamline the increasing number of loan modification requests with our services. Our home loan modification experts compile the financial profiles of borrowers seeking loan modifications. They acquire all the supporting documents like bills, pay stubs, and unemployment benefits paperwork. We document all records of borrower hardshipsand accurately relay information across all channels involved in the mortgage modificationprocess.
We walk the extra mile as an expert loan modification services company to verify the information received by the borrower. This helps to streamline the entire loan modification process that translates to faster turnaround times.
Check Borrower Loan Eligibility
Our mortgage experts scrutinize all the documents supplied by the borrower. They compare the documents with the terms of the loan contract. This information will provide you with preliminary insights into the decision-making process. It will help you to decide if the loan of a particular customer is to be modified or not.
We go to the finer details of the loan like payment terms, payment amount, rate of interest, and tenure of the loan. This helps us to determine the level of hardship faced by the borrower seeking the loan modification.
Review of Documents
Any mismatch in the details of the documents provided by the borrower can slow down the loan modification process drastically. Even worse, it can hint at being fraudulent in nature. We bear the responsibility of the end-to-end process of mortgage modification with a high-level focus on document review to ensure that there are no risks associated with a loan modification request.
Our team of mortgage experts meticulously ensure the integrity of the borrower’s documents with their review process.
Complete Modification Fulfillment
As an experienced mortgage modification company, we leverage our experience to oversee the completion of the process by aiding with title endorsements or subordinations, should the modification arrangement require it. We digitize the new mortgage arrangement of the borrower by entering the updated arrangement into the CRM systems.
We bring a fine mix of process knowledge, highly trained people, and technology to provide you with a robust loan modification services solution.
Dispatch Modification Packages and Educate Borrower about Modified Plan
Once the loan modification process is complete, we compile a file containing the details of the new mortgage plan. Details like revised payment terms, amounts and dates are included in the package. We handle the entire back end of your communications with the borrower, keeping them duly informed of the changes instituted by the loan modification process. We augment this responsibility by educating the borrower of the new terms of the modified plan.
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Our Mortgage Loan Modification Process
- Gathering of Borrower Information:- We collect all information documenting the hardships faced by the borrower. This information is duly verified and filed under the borrower’s profile.
- Determining Eligibility:- A due diligence with the borrower is completed to verify furnished documents. Based on verification, the eligibility of the borrower to avail loan modification is determined.
- Submission of Loan Modification Terms:- All of the terms that a borrower is eligible to avail in the loan modification are isolated and documented. The necessary documents are forwarded to the underwriter.
- Liaise with underwriters on Loan Terms:- - We coordinate with underwriters to assist them in the loan modification decision.
- Complete regulatory compliance with government loan modification rules and regulations.
- Present offer to Borrower:- The modified term sheet containing the new terms of payment and loan tenure is forwarded to the borrower. They are given a detailed understanding of the terms of the modified loan.
How We Drive Excellence with Our Loan Modification Process
We have successfully developed process-based protocols to help you reap benefits in your mortgage loan modification process. Our tried and tested standardized procedures that enable you to work with high volumes of loan modification requests includes:
- Setting up a dedicated team of mortgage experts who specialize in loan modification
- Instating due diligence and verification processes that help you make insightful decisions while approving loan modification for a borrower
- Leveraging the use of technology for faster processing and approval times
- Establishing effective communication channels to interact with borrowers
Why Outsource Mortgage Loan Modification Services to Us?
- 1000+ highly experienced mortgage professionals working fulltime
- Experience in handling back-office needs of over 5000+ loan modifications
- We evaluate individual cases, customize suitable loan modification solutions (Forbearance, Short sale, Deed in lieu of foreclosure etc.)
- Standardized and automated back office support for loan modification back-office support
- Up to 30% reduction in TAT, leveraging 24/7 work environment
- Up to 40% reduction in per employee operational cost
- Seamless communication and highly transparent operations
- 100% data confidentiality and privacy
- Flexible staffing model
Looking for a premier loan modification company to transform your mortgage modification process? Outsource mortgage modification to Expert Mortgage assistance for unparalleled excellence in loan modification services.
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Capitalizing on Key Skills for Superior Loan Modification Services
Bachelor’s degree in Finance, Business Administration, or a related field, with 3-5 years of experience in handling loan modifications and financial restructuring strategies.
Proficient in evaluating borrower financials, including income, expenses, and credit reports, to determine eligibility for loan modifications based on guidelines from Fannie Mae, Freddie Mac, and HUD.
Expert in reviewing borrower documents (tax returns, bank statements, and hardship letters) and ensuring accuracy and compliance with modification policies and industry regulations.
Skilled in analyzing and proposing debt restructuring options such as reduced interest rates, extended loan terms, and principal forbearance to align with the borrower’s financial capacity.
In-depth knowledge of federal and state regulations, including the Home Affordable Modification Program (HAMP), and the requirements of RESPA, TILA, and the Dodd-Frank Act for loan modifications.
Proficient in utilizing loan modification management systems such as LoanSphere and Encompass to track modification status, manage documentation, and ensure regulatory compliance.
Experienced in communicating with borrowers to explain modification options, gather necessary documentation, and guide them through the modification process while managing expectations.
Adept at collaborating with underwriters to evaluate modification applications, assess borrower hardship, and recommend viable modification solutions based on lender risk tolerance and regulatory guidelines.
Skilled in creating financial models and performing cash flow analysis to determine the most feasible modification options and ensure long-term loan performance.
Extensive experience in maintaining accurate records and detailed reports of loan modifications, ensuring compliance with audit and reporting standards, including post-modification loan servicing.
Proficient in identifying potential risks and proposing modifications that minimize defaults while balancing the financial interests of both the lender and the borrower.
Experienced in leveraging automation tools like RPA for streamlining document collection, processing, and decision-making, improving turnaround times and reducing human error.
Skilled in conducting internal audits and compliance reviews to ensure loan modifications adhere to guidelines and reporting requirements for federal, state, and investor regulations.
Capable of managing high volumes of loan modification requests, prioritizing cases based on urgency, and ensuring timely resolution while maintaining service quality standards.
Works closely with legal teams, underwriters, loan servicers, and customer service departments to ensure a seamless modification process that benefits both the borrower and the lender.
Committed to staying informed on changes in mortgage regulations, industry best practices, and emerging technologies to enhance loan modification services and improve client outcomes.
FAQs on Mortgage Loan Modification Services
We utilize advanced loan servicing platforms such as FICS, MSP by Black Knight, and proprietary AI-driven tools to streamline loan modification services processes. These platforms assist in document collection, eligibility assessment, and workflow automation, enabling precise data handling. Our technology integrates predictive analytics to assess borrower repayment capabilities and optimize modification terms. This ensures compliant, efficient servicing that supports sustainable loan modifications.
Pricing for loan modification services is tailored based on the complexity of each modification, borrower volume, and required documentation. We provide a detailed cost structure that aligns with the project scope, ensuring transparency and budget alignment. We offer scalable pricing models for bulk modification projects that maximize efficiency and cost-effectiveness. Our estimates encompass all essential services, avoiding unexpected expenses. This approach allows for an adaptable solution to meet specific client needs.
Turnaround times for loan modification services vary based on loan complexity and borrower data requirements, typically 5 to 15 business days. To expedite processing, we streamline workflows with automated document verification, eligibility checks, and underwriting. Our team’s experience and structured workflows help avoid delays while maintaining quality. For urgent cases, we offer expedited processing options. This ensures timely, reliable service that meets regulatory standards and borrower expectations.
For loan modification services, we adhere to regulatory standards such as the Consumer Financial Protection Bureau (CFPB) guidelines and the Real Estate Settlement Procedures Act (RESPA), ensuring full compliance at each service step. Our processes align with ISO 9001 for quality management and ISO 27001 for information security, safeguarding borrower data and maintaining service accuracy. Routine audits ensure alignment with these standards and continuous regulatory compliance, reducing risks and enhancing borrower trust.
With scalable solutions and dedicated teams, we can handle high-volume loan modification services projects. Our modular workflows and advanced technology efficiently process complex, large-scale borrower portfolios. Utilizing AI-powered assessment and secure loan servicing platforms, we manage bulk modifications without compromising accuracy. This adaptability enables us to cater to high-volume and specialized modification requests effectively.
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