Comments on: For Borrowers in Trouble: Reliable Contact with People Who Can Help

By: loanswithjorge

loanswithjorge — Wed, 26 Sep 2012 19:51:12 +0000

Again, amazing…how can one guy looking at a different screen have different data…thats impossible!

As a fairly tech savy person and experinced programmer, though my screen may be designed differently, with different buttons or colors, it DOES NOT affect data. The DATA is consistent regardless of computer or screen or access…it just might be aranged differently, or maybe certain information is not showing because you might not have clearance.

Fine, okay…but one guy has 8 payments on your account and the other guy has 36 payments on your account, this is just unimaginable!

How can you have different data on the same mortgage? This is just unrealistic to the purpose of maintaining data.

Simple solution, if you have a DATABASE and are considering a servicer/subservicer/whatever…create… more »

…a restricted and secure access point to only specific information for this contractor so that the information is consistant on your screen aswell as on the contractors screen (you see this now with almost everything, credit card companies, power companies, almost anyone that has adopted “payonline” options, has these access points for account holders)…again, I cant believe this is even a problem!

Surely push “Good information management” through, its a no brainer. « less

By: loanswithjorge

loanswithjorge — Wed, 26 Sep 2012 19:31:53 +0000

It is amazing that this is even a topic/option, of course it should be, or should HAVE been in place.

Where I get lost with this as the mortgagee. As a mortgagee…

MORTGAGEE: I really do NOT care about your house, I want my money. Your home is yours, your families nest. As the mortgagee that extended you the money to purchase your families home, I simply want to make ANY/ALL arrangements possible to collect the money you agreed to for the home you decided was best for you and your family. We are not in the house business, we are in the money business…unfortunatley the money is tied to your home.

The bank DOES NOT want your house…I promise they dont, they want money. Not having a dept/case mgr within a company that will help the company aquire the original reason behind… more »

…the transaction, is just flagrant.

In a case of asset-based lending, I could see the bank giving the run around, he will make more profit reselling the property…which surely this is the basis behind HOEPA, now prohibiting asset-based lending practices…but does not make sense to properties that are upside down and a borrower trying to make good.

For sure, “Continuity of Contact” (DEPT or CASE MGR)…one guy/gal, one number that can play the role of intermediary reducing the “lost in translation” effect between borrower and company…create more jobs!!! « less

By: amyrozycki

amyrozycki — Wed, 26 Sep 2012 17:10:34 +0000

Moderator: Thank you for your response… I understand the lender/servicer’s fears that the integrity or independence of a review may be compromised by the coaching of clients by their underwriters; however, that is not what I was implying, and I doubt it would be an issue as the underwriters are working for the servicers, not the clients; so underwriters would have no incentive to coach clients. What I was implying was for underwriters to follow up and ask questions or confirm obvious small mistakes that are made before simply denying a modification. Yes, in a perfect world housing counselors would catch all errors, but aside from the fact that we are also human and miss things from time to time ourselves, and that every servicer has slightly different requirements; often times clients… more »

…submit paperwork before seeking the aid of a housing counselor so we are coming in during the middle of the process. (2 examples of avoidable denials based upon obvious errors which could have been corrected… A client was denied due to an obvious miscalculation in the expense column of her RMA; another client was denied because although she wrote a detailed explanation of her hardship, she did not check the hardship box). « less

By: Moderator

Moderator — Wed, 26 Sep 2012 14:02:59 +0000

Thanks for your response, amyrozycki. Would lenders be concerned that, by flagging open items, an underwriter might compromise the independence of the review process, even if inadvertently? How would the underwriter be comfortable, for example, that a borrower isn’t checking a box to get approval when, in fact, the original application was more accurate? As an alternative, would it make sense for housing counselors to review materials for accuracy and completeness (i.e., check the box, if appropriate) before submission?

By: amyrozycki

amyrozycki — Tue, 25 Sep 2012 14:01:34 +0000

I am concerned about underwriters being overwhelmed by calls from clients and understand how difficult it is to constantly be interrupted while trying to review detailed information… however; the reps also interrupt the underwriters to find out information for clients and counselors so it wastes time adding a 3rd person to the mix when the information at hand is critical to the decision making process. I don’t think the average turn around time for evaluation decisions is accurate. Because of the barrier in communication, many clients are being denied due to forgetting to fill something in or check a box when the underwriter could simply call and say, “can you check the box and fax it back in to me, or can you explain… or send me xyz document?” so they are able… more »

…to accurately complete the evaluation. Instead, clients must re-apply from the beginning which wastes time that could be spent on new client applications, and prolongs the foreclosure process. My suggestion would be for clients to have a SPOC for both inbound and outbound communication, and for the housing counselors to have direct contact with underwriters with the understanding that housing counselors will be contacted for any needed information or decisions BEFORE client files are closed in order to avoid declines based upon missing information, misunderstandings, or the reasons stated previously.

Thank you.

RE:
Moderator

September 21, 2012 12:53 pm

“Hi amyrozycki. Thank you for your reply. Are you concerned that providing direct access to underwriters might overwhelm servicers and therefore further delays in resolving mortgage modification requests? Do you have any suggestions for how servicers might accommodate the borrower’s interest in both receiving information directly from departments within a lender and having all communications channeled through a single point of contact?”
« less

By: Moderator

Moderator — Fri, 21 Sep 2012 16:53:53 +0000

Hi amyrozycki. Thank you for your reply. Are you concerned that providing direct access to underwriters might overwhelm servicers and therefore further delays in resolving mortgage modification requests? Do you have any suggestions for how servicers might accommodate the borrower’s interest in both receiving information directly from departments within a lender and having all communications channeled through a single point of contact?

By: amyrozycki

amyrozycki — Tue, 18 Sep 2012 16:34:49 +0000

Thank you for your response… Yes, I think it is feasible to expect servicers to make the accommodation of having a SPOC for ALL outbound and inbound communications with clients and housing counselors, AND that they are able to answer questions (or find the answer and follow up), and have direct contact with underwriters (in order to eliminate rejections based on correctable errors or missing information). It would be ideal if housing counselors were able to have direct communication with underwriters and eliminate the third person in between which would also be more cost effective due to a reduction in communication problems, time, and the amount of re-dos because of inaccurate rejection issues.

By: Moderator

Moderator — Tue, 18 Sep 2012 15:48:08 +0000

Welcome to Regulation Room, we3reeds, and thanks for sharing your story. It sounds like you and your spouse are going through a difficult time. We suggest you contact a HUD approved housing counselor to see if they can help. The main goal of the Regulation Room is to provide useful and effective comments to the agency about the proposed rule. Do you think the new continuity of contact requirements will give borrowers in trouble the support they need?

By: Moderator

Moderator — Tue, 18 Sep 2012 15:34:32 +0000

Hi amyrozycki. Welcome to Regulation Room, and thank you for your comment! It sounds like you have first-hand experience working with borrowers, which is helpful. CFPB’s proposal would require servicers to designate a customer service representative, or team of representatives, who troubled borrowers can contact for assistance. Are you suggesting that CFPB should require servicers to channel all communications to distressed borrowers through the designated contact? Do you think that it would be feasible to expect servicers to make such an accommodation? If the designated contact has access to all communications made to troubled borrowers, would that address your concern about borrowers receiving conflicting or confusing information from multiple departments?

Could you read CFPB’s… more »

…proposed information management requirements and comment on whether the proposal adequately addresses your concern about conflicting communications? CFPB is also proposing to require that servicers respond to requests for information “within a reasonable time,” which it is proposing to define as 3 business days. Do you think that this is enough time to allow servicers to respond? You can comment on CFPB’s proposed information management requirements here. « less

By: we3reeds

we3reeds — Tue, 18 Sep 2012 01:52:24 +0000

Also I have stacks of documents showing they lost my paperwork , some comments are , they cannot find it , then its been given to collections, which there was no reason for that, then every other time they would misplace “lose” my documents, then switch peole and they loose it. I have the conversations where the realtor and the rep at the bank tell each other they lost my stuff , also the documentation and notes from the attorney we paid to “help” us they marked down man times that there is a hold up do to misplaced papers