Loan Modification

Besides displacing a homeowner, a foreclosure can result in up to $80,000 in losses for the homeowner, lender, local government, and neighboring homeowners whose homes fall in value. With approximately 1.5 million subprime adjustable rate mortgages (ARMs) expected to reset to higher interest rates in 2008*, servicers need to rapidly implement comprehensive loan modification programs.

In developing a best practices approach to your loan modification documentation, below are some key elements to consider:

1. Loan Modification Agreements—Why types of Agreements best fit your borrowers?
2. Package content—What should your loan modification package include?
3. State, federal regulations and investor requirements—Is your package compliant with all three?
4. Rapid Implementation—How quickly can you implement a comprehensive and flexible program?
5. Adapting to change—How quickly will you be able to implement any pending regulatory or investor requirements?
6. Recordation—Does the loan modification need to be recorded? If so, is your package in compliance with the recording entity requirements?
7. MERS Compatibility—Does your program support the Mortgage Electronic Registration System?
8. Secure deliverability—Are you able to securely send and receive packages electronically? Can you support eConsent and eSign?
9. Workflow—How will you implement this program? Are your systems ready to support it?

Desert Document Services’ loan modification document solutions help meet your specific business and workflow needs with:

• Standardized loan modification agreements that can be quickly customized
• Flexible document packages—from individual documents to complete document packages
• Rapid Implementation utilizing “Industry Best Practices” approaches
• Compliance expertise to help ensure federal, state, and investor compliance
• Flexible secure delivery options, including eSign so you can rapidly obtain borrower acceptance

Give us a call to learn more. 800.726.9898, Ext. 3

*April 2007—Special Report from the Congress Joint Economic Committee