PHH Corporation Loan Modification

PHH Mortgage Modification Process

The PHH Mortgage Modification process has conventional loan modification process:

1. The application process is initiated by a phone interview.
2. Submition of complete PHH Request for Mortgage Assistance Package of Paperwork; Provide supporting documents and complete finances.
3. Sometimes a property valuation is required which is done by Broker’s price opinion – Often this is done via an automated valuation model (AVM)
4. Terms of Modification Are Reviewed, Negotiated and Sent To Underwriting
5. Lender Provides A Response

If the process was this easy we would be out of a job; Sadly it never is such case and that is why we, Absolute Consultant Group (ACG) are here to support homeowners through the process. There is always back and forth during the PHH Loan Modification Process. Submitting documents over and over again is very typical.  Often you will get transfered from department to department having you run around from PHH Home Mortgage Loan Modification Department to PHH Customer Service Department. Often clients come to us after submitting the wrong information on their application, getting denied, and not being able to figure out what happened. Our staff is available to review your paperwork and to help you step with the best foot forward. Call us at 888-934-3444.

PHH Mortgage Loan Modification Timeline

Dealing with large companies such as PHH Mortgage There is a lot of bureucracy involved. PHH Loan Modifcation timelines vary often on obvious and other not so obvious parts. Here are a few of the reasons this question has such sticky answers.

• For one, PHH just serves as a loan servicer. Meaning that they are often representing the debt on someone elses behalf which limits their ability to make their own decisions. As a servicer they have to abide by their PSA or Pooling and Servicing Agreement that they have with each investor. They may be delegated to make decisions on behalf of the investor they are servicing the loan for and in other cases they are not delegated (non-delegated) which means they have to request permission from the investor before being able to make any arrangements. Some investors such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all decision making authority from most servicers. As you can imagine the more parties invovled the longer it takes and the more someone like PHH Mortgage Department has their hands tied.

• Another issue, affecting the modification timeline is urgency. This business is a first come first serve until you ask if your PHH Loan has a sale date? If it does, chances are you are going to get bumped up in the process. Servicers such as PHH have homes going to sale just about all the time. Sales even set a week from today are not worked as urgently as you might want because of foreclosures pending going to auction between today, tomorrow and the next day. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Lastly, there is no one size that fits all mortgage solution. You often will be reviewed for a large number of programs. If you don’t qualify for the first modification type they will review you for the next one. In the banking, world departments become very specialized in their particular types of programs. Loan modification negotiators review only loan modifications and short sale negotiators only review short sales. The method is called the waterfall process and you will also find that often you are reviewed by different loan modification departments at each step of the waterfall.

PHH Bank Mortgage Loan Modification Timeline Conclusion: Sorry to say but time frames vary greatly. Whether the decisions can be made in house or have to be sent out for appoval, whether you fit the first plan you are reviewed for or the 10th plan, along with factors outside the bank including but not limited to how fast they are able to get their property values back from valuation companies, how fast documents are received legibly on their end and much much more all effect how long it will take for your PHH Mortage Loan Modifiication to be reviewed.

Dealing With A PHH Mortgage Loan Modification Decline

Often dealing with a PHH Home Loan Modification Decline may be confusing. 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 PHH Mortgage loan modification was rejected. Have us review your declined modifcation for free by calling us at 888-934-3444.

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