OneWest Bank Loan Modification RMA Form Application Package

OneWest Bank Loan Modification Request For Mortgage Assistance (RMA)

If you want to apply for Loan Modification with OneWest Bank you will be required to complete and submit OneWest Bank Request for Mortgage Assistance (RMA) Package document. Latest paperwork is always a good choice. Consulting a professional or your lender before submitting the paperwork is greatly helpful. There are many professionals in the market to work with and get help but finding the right one is very crucial. That’s why we put the latest paperwork we could find online; to help you. That is what we do as we are a company working to help our customers with Mortgage relief.  Click here to request a call from a loan mod pro or call 888-934-3444. 

OneWest Bank Hardship Letter

OneWest Bank has a Hardship letter affidavit built into their application which states your hardships,

What is a loan modification?

First understand the what is difference between Loan Modification and Refinance. Loan Modification is different than refinance. In refinance you want to get a second loan to pay off your first loan. While doing Loan Modification you cannot combine loans that are first mortgage or second mortgage.  We do exactly what it sounds. We will work with you to get the terms of the loan modified. What terms can I change on my mortgage with a loan modification? Banking industry does not has the potential to think outside the box. This is the reason that the things you can get modified for you mortgage are very limited.

Interest Rate Modification

In most cases people want to modify the interest rate. The mortgage servicer will push to reach affordability to it will be based on your income.

Loan Term Adjustment Mod

The total life of the loan can also be extended but this will not work in the same way as they have been seen adding payments to the back of the loan. It is not possible to get the loan extended for the period of your missed payments. In most of the cases the company will extend the loan back to its original length of 30 years . 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

The lender will take the payment that you are behind on which is called as Principle Capitalization which will include 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 OneWest Bank To Get The Process Going. What is in the OneWest Bank Loan Modification Package?

This is not limited only to OneWest Bank, all the lenders have the usual document requirements. You will have to provide your financial information to you 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.

The lender will prefer to balance out all the options available to the homeowner while doing the Loan Modification. A valuation can be completed in many ways. In some ways the value is obtained online. In some cases a real estate agent, also called as a Broker’s Price Opinion (BPO) completes a value. In some cases an interior valuation is required which requires access to home. In some cases only a drive by is enough. The person making the valuation will compare properties that are currently listed and which have been sold recently doesn’t matter which type of valuation they are doing. 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

In some cases A valuation is required by the investor. A lender will do a  computer based valuation also known as an Automated Valuation Module (AVM). The cases in which the investor will hire a broker to do a valuation are very rare due to the costs. In very rare cases the investor hires appraiser. The homeowner may be required to pay upfront fees in some of the cases for these services.

Filing Value Disputes and Variances

Any one can make a mistake doesn’t matter if they are a professional or a layman and the value may return too high or too low, you may have to deal with a value dispute. Depending on who the investor is or if it’s insured there may be different processes for filing disputes with OneWest Bank or another managing entity.

OneWest Bank’s Net Present Value or NPV Process and Analysis.

At this time after the value has returned the lender will make a decision as to your qualification for the Loan Modification. Before the submission to management, there is an auditing process and if approved, there is another auditing process the occurs before an approval letter is issued.

OneWest Bank NPV Counters

NPV stands for Net Present Value. NPV is an algorithm that the investor uses to get the value for their money. This is also not a stable value. It changes from day to day. In an NPV the investor will look at two seperate homeowners and see where they can make more money. The lender will have to see whether taking the amount owed and increasing the account balance is worth it or not as the client is already behind on the payments. 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.

OneWest Bank NPV Counters

Countering the NPV decline is easy. You will only have to look at the parts that don’t make sense and attack those parts. Look at each point and try to figure out what the feasible output should be. The most typical 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

You will be on the trial payment plan for three months if you get approved for loan modification from OneWest Bank. 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.

OneWest Bank Modification Complete

Before the completion of the Loan Modification process there is a finalization process. If you have been placed on trial payment plan then the finalized loan documents will be sent out somewhere between second and third payment. 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.