America’s Servicing Company (ASC) Loan Modification

America‘s Servicing Company (ASC) Mortgage Loan Modification Process

America‘s Servicing Company (ASC) Loan Modification process is similar to that of ASC as it serves as a division of Wells Fargo but as is in every case every company’s modification timeline varies:

1. Phone Interview With ASC If you have yet not been assigned to the ASC home preservation department that is the forst step. The loan modification review process starts with the home preservation department.
2. Mortgage Assistance Application Submission ASC has a package that must be correctly filled for the modification. While most banks call that the Request for Mortgage Assistance (RMA) Forms And Package Of Paperwork, ASC Home Mortgage has the Mortgage Assistance Application which requires the borrowers to provide their complete finances as well, additional information and the supporting documents.
3. ASC Mortgage’s BPO  (Broker’s Price Opinion) In some cases the property has to be valued. ASC is known for often just using an Automated Valuation Model (AVM).
4. Negotiations Anyone who has been through the loan modification process with the ASC knows that is difficult, while the terms are being reviewed, it is great to have the right team on your side to help you negotiate the numbers they are using for their review before they are sent off to underwriting for final review of any proposed loan modification approval.
5. Modification Approval/Decline The final step is getting an answer. ASC is generally working on behalf of an investor and when you get a response it’s usually the beneficiary that made the final decision.

It’s actually sad that the process is never this easy as much as we like it to be so. Even you can tell by looking at the steps that even these steps have their hurdles. At Absolute Consultant Group (ACG) we support homeowners through the loan modification process with their mortgage servicer. While dealing with the Loan Modification process of ASC it is pretty normal to get the runaround between the departments. Sending documents more than once is also very normal.  When dealing with any large corporation getting transfered from department to department or location to location is a normal affair. ASC Mortgage Loan Modifciation Department (Loss Mitigation) might transfer you to the ASC Home Loan Customer Service Department and then you might find that they are sending you back again. Rather then Submitting the wrong information on your application, getting denied, getting stuck in the re-entry department and not being able to figure out what happened, coming to our staff can help you avoid a lot of heartache. Our staff is available to review your paperwork and to help you step with the best foot forward. Call us at 888-934-3444.

ASC Mortgage Loan Modification Timeline

There is nothing new in corporations and bureaucracy; ASC is only a mortgage services and is always representing debt on the investor’s behalf. As such, ASC Mortgage’s Loan Modification timelines change based on some obvious things and other not so straight forward events. Here are a few of the reasons this question has such sticky answers.

• For one, America’s Servicing Company is basically only a mortgage servicing company. As they are representing the debt on someone else’s behalf so it hugely limits the decision taking capability of ASC. Services follow a Pooling and Servicing Agreement (PSA) that governs every home mortgage. These agreements are between the service and each institution (investor) they represent. The PSA delegates certain decisions on behalf of the investor and puts it in the hands of the service. The mortgage investor decides where the services is  not delegated (non-delegated) to make certain decisions. This means that for any loan modification term they want to to make they have to get approval from the investor. Certain investors like Fannie Mae (FNMA) and Freddie Mac (FHLMC) often take the process of making decisions and do it themselves. In a heavily regulated business the more hands involved in each review the longer it takes leaving ASC with their hands tied.

• Another issue, In the ASC loan modification process the timeline varies on where you fall in the line. The service is usually based on first come first serve basis. The company not necessarily has to go in the order the assistance applications are received but has to dynamically adapt to the environment as well. First come first serve workflow ends with the question the when is the customer’s foreclosure date. Anyone with an active foreclosure auction date has priority over those who don’t. Those with sale dates around the corner are generally pushed to the front of the line to be considered for mortgage relief assistance. The tough part is services, such as ASC, work in such a large volume that there is a foreclosure date for just about every day of the week. With the pressure mounting for homeowners and professionals alike due to the daily foreclosure auction sale dates ASC deals with what’s happening today or tomorrow and isn’t as concerned with working as quickly as you might want even if you have a sale date for next week. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Lastly, Every mortgage modification program is not a good program. The objective of the lender is to modify the loan in such a way that it fulfills their criteria as well as sits in with your affordability. There is more than one way to modify a mortgage and ASC looks at as many aspects as possible in order to modify your loan. The “waterfall” process is a well known approach where Wells Fargo will review your home loan for a modification by changing different factors and they go down the line. If the first one doesn’t work they will review you for the next one, and so on, until they find a mortgage solution that works. Departments due to this “waterfall” process are often very specialized so many times different represenatives handle different parts of the review. An example of this is how Loan modification negotiators review only loan mods while short sale negotiators only review short pays (discounted payoffs).

ASC Mortgage’s Home Loan Modification Timeline Conclusion: One of the first question that comes in your mind is that how long will it take? As much as it will be great for us as well as our clients to give our clients a specific timeline for the modification they vary so greatly from loan to loan. As discussed above decisions aren’t always made at the servicer level. It depends whether ASC can take the decision themselve or they have to send it out to the investor for review it makes a big difference. Again, if their modification review fits from the first plan you are analyzed for or it takes you till the 11th plan that will also affect your modification timeline. There are even factors outside just the banking systems which includes but is not limited to how fast they get property values from valuation companies, how many times they ask you to send documents via fax (legibly) and many other factors all effect the modification timeline for your ASC Home Mortgage Loan Modifiication to be reviewed.

Dealing With An ASC Mortgage Loan Modification Decline And The ASC Reentry Team

Has ASC declined your loan modification? Are you dealing with the Reentry Department? Well if you’ve been contacted either in writing or by your Home Preservation Specialist that they denied your loan modification or request for mortgage assistance you are not alone. ASC has one of the highest decline rates in the industry. This is where our specialized knowledge comes in. There may still be options for you but you have to act fast. In some cases you may only have a small window to appeal the process. Dealing with a Home Loan Modification Decline may be difficult and knowing what to ask may be confusing. That’s why understanding the details of all the plans and how that conflicts with your information is key. Here at ACG we have dozens of points we review in order to understand why your ASC Home Mortgage loan modification was rejected. Have us review your declined modification for free by calling us at 888-934-3444.

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