Home Point Financial Loan Modification RMA Form Application Package

Home Point Financial Loan Modification Request For Mortgage Assistance (RMA)

Applying for a loan modification with Home Point Financial, first thing you have to do is to submit a complete Home Point Financial Request for Mortgage Assistance (RMA) Package. It will be better if you consult with a professional first before submitting the package. Finding the right professional to work with is crucial as there are many professionals in the market to choose from. We are a company that help our customers in getting mortgage relief so we have put the package on our website to help you.  Click here to request a call from a loan mod pro or call 888-934-3444. 

Home Point Financial Hardship Letter

Home Point Financial Loans have a Hardship Affidavit built into their package in which you have to state your hardships,

What is a loan modification?

A Loan Modification is not in any way similar to a Refinance. A Refinance will be if you get a second loan to pay off the first one. You cannot combine your previous loans such as first mortgage or second mortgage while doing a Loan Modification. A Loan Modification is done to modify the terms of an existing loan.

What terms can I change on my mortgage with a loan modification?

There is no potential for out of the box thinking in banking industry. So the number of terms that you can get modified on your loan is very limited.

Interest Rate Modification

Most of the people demand to get their interest rate changed. Although it is one way to reduce the payment but not the only way. The mortgage servicer will push to reach affordability to it will be based on your income.

Loan Term Adjustment Mod

One other way to reach affordability is to extend the time of the loan but people sometimes have seen that they add payments at the start of the loan so it is not desirable. They will not extend the loan by the length of your missed payments. They will extend the loan back to usually its original length of 30 years but in some cases more. We have seen as much as 50 years, but as 30 years is the norm, any extension beyond is generally no more than 40. Beneficiary of the note and the limitations they set completely control this.

Principal Capitalization and Principal Reduction Modification

Principal capitalization is when they take the amount you are behind on, including any past due payment, interest, and fees later adding them to the outstanding balance of what is owed. In rare cases that are generally dictated by the amount of perceived equity in the home (or lack there of) the investor on the loan may be willing to take a reduction on the principal owed

Getting Your Forms Submitted To Home Point Financial Loans To Get The Process Going. What is in the Home Point Financial Loan Modification Package?

Home Point Financial Loans require the same documents as are required by other lenders. It will be required of you to submit your complete financial information to your servicer such as a monthly budget, your tax returns for the last two years along with a 4506t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a loan modification, and a hardship letter.

Getting The Right Value Goes A Long Way.

It is necessary for any lender like Home Point Financial to balance out all the options available to the homeowner and one way to do that is to get a value. There are many ways which can be adopted to get a valuation including some cases in which the value is obtained online. The broker obtains the value by comparing different similar properties. Sometimes they will need an interior value which requires access to home. In most cases drive by or external value is enough. It doesn’t depends on what type of value they are getting they will compare home that are either listed or have been sold recently. They consider the homes perceived condition, the size of the living space, the size of the lot, how many stories it has and whether or not it has a pool. They will also consider market conditions and how fast homes are selling in the area. There are many factors they take into consideration.

Loan Modification Appraisal Values

Before the investor approves any conditions of the modification they will like to complete a valuation.The best option for the lender will be to do the valuation on computer in a very few cases will the investor hire an agent to do a value due to the costs and in even fewer cases the investor will want an appraisal from an appraiser. The homeowner may be required to pay upfront fees in some of the cases for these services.

Filing Value Disputes and Variances

Often it happens that the value comes in too high or too low due to the mistake of the agent and this can happen to anyone whether you are a expert or a rookie does not matter, In this case you will have to file a value dispute. Depending on who the investor is or if it’s insured there may be different processes for filing disputes with Home Point Financial or another managing entity.

Home Point’s Net Present Value or NPV Process and Analysis.

It is up to the lender to qualify you for the loan modification or not and to forward your file or not after a valuation has been completed and it has returned. Usually there is an auditing process before the submission to management and if approved there is often another auditing process the occurs before an approval letter is issued.

Home Point Financial NPV Counters

NPV stands for Net Present Value. NPV is basically an algorithm so the lender can get the value for his money. This isn’t a stable value either. It changes from day to day. The process of looking at two separate borrowers and checking where they can make more money is known as NPV. In most of the cases the borrower is behind on his/her payment so the lender will have to decide whether to take the amount owed and increase their balance is even worth it or not. Homeowners have to know that when the numbers don’t add up for the investor that is when they are most likely to get declined.

Caiber Mortgage NPV Counters

It is usually very easy to counter the NPV you will just have to find the parts that don’t make sense and counter them. You have to look at each point and observe what would be the likely output. In most cases there are incorrect income figures but it could go beyond that to things like the property’s perceived value and even in some cases the consumers credit report.

Three Payment Plan

If you have been approved for the modification after all the steps you will usually be placed on trial payments. You will not know what the finalized terms will be that they are offering you but the final payment should be inline with what you will be paying for the mortgage at least at the onset of the new plan.

Home Point Financial Modification Complete

There is a finalization process when the loan modification is being completed with Home Point Financial.The finalized Loan Modification documents will be sent out somewhere between second and third trial payment if you are on trial payments. They usually come with a prepaid package to return the documents to the lender. Once the documents are returned and the loan modification goes through the final audits with underwriting the master loan documents are amended to show the new terms of the loan.