Loan Modifications and Regs X & Z Series

Modification Basics

Day 1: Introduction

By O. Max Gardner, Bobby Rivera

Duration:  2.5 hours

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Investor, Servicer relationships:  Who determines what programs borrower will be reviewed for.

Investor?

Types of Investors

Servicer?

Types of Servicers

Pooling and Servicing Agreements.

Determining what is being done in a Specific Pool?

Examples of reported data.  (Snap shot of Modifications performed in a specific pool).

Example of Servicer Program:

Selene/BCAT Trust

Day 2:  Looking at Modifications from Investor perspective, Modification Vocabulary

By O. Max Gardner, Bobby Rivera

Duration:  1.5 hrs

Granular review of modifiable terms to a mortgage loan from an Investors perspective.  Helping advocates set realistic expectations.

Day 3:  The INTERVIEW  

By O. Max Gardner, Bobby Rivera

Duration: 3 hours

Get the full story.  

In or out of BK.

Loss Mitigation Tool:

Bobby Rivera’s Worksheet 

Day 4:  Income (Mortgage v Modification v Bankruptcy)

By O. Max Gardner, Bobby Rivera

Duration:  2.5 hours

Intro:  Underwriting Standards are Changing

Types of “Income”

Day 5:  Intro to Mortgage Servicing Rules

By O. Max Gardner, Bobby Rivera

Duration: 5 hours Part I

Part 1:  Error Resolution: Forced Placed Insurance; Periodic Statements, Other servicer duties

Part 2:  Loss Mitigation Procedures

Day 6:  Fannie Mae, Freddie Mac Flex Modification

By O. Max Gardner, Bobby Rivera

Duration:

Eligibility

Waterfall

Doing the Math

Day 7:  FHA

By O. Max Gardner, Bobby Rivera

Duration

Eligibility

Waterfall

Doing the Math

Day 8:  Wells Fargo Retention Options (Sharing our Experience)

By O. Max Gardner, Bobby Rivera

Duration:

Monitoring Approved Modification (4 examples, 4 programs)

Eligibility

Waterfall

Day 9:  Setting Realistic Expectations, Due Diligence and Hot Topics

By O. Max Gardner, Bobby Rivera

Duration:

Proper Analysis:  Pre-Mod Submission Pre-BK Filing

Modifications in Bankruptcy

Reviewing a Proof of Claim

Auditing RFI Responses

Auditing Denials

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