Guild Mortgage Loan Modification

Guild Mortgage Modification Process

The typical and conventional procedure is followed by Guild Mortgage for Guild Mortgage for the Loan Modification process:

1. Phone Interview The triggering process of the loan modification process is the phone interview.
2. Submit A Complete Package Guild Mortgage Request for Mortgage Assistance (RMA) Package of Paperwork will have to be completed and submitted also providing supporting documents and complete finances.
3. Guild Broker’s Price Opinion A Property Valuation is Completed (If, Applicable) – Often this may also be done via an automated valuation model (AVM)
4. Negotiations Terms of The Modification Review Are Processed, Negotiated and Sent To Underwriting
5. Modification Response Servicer Provides A Response

The process looks simple but sadly that is never the case, we Absolute Consultant Group (ACG), are here to support homeowners through the process. Moving around in circles is very typical during Loan Modification process with Guild Mortgage. Having to submit the same documents over and over is frustating but typical. Getting transferred around the company from department to department having you run around from Guild Loan Modification Department (Loss Mitigation) to Guild‘s Customer Service Department is also quite normal. Submitting the wrong information on your application, getting denied, and not being able to figure out what happened is why 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.

Guild’s Home Mortgage Loan Modification Timeline

There is a lot of bureaucracy involved in a company like Guild Mortgage. Guild Mortgage’s Loan Modification timelines vary often on factors look pretty straight forward but not always. Here are a few of the reasons this question has such sticky answers.

• For one, Guild Mortgage is only a mortgage servicing company. They represent loan on the investor’s behalf. This limits the decision making capability of the company. As a mortgage note servicer they have to abide by their Pooling and Servicing Agreement (PSA). They have an agreement with each and every investor. The company is allowed to make decision in some cases by the investor and in the other cases they have to get permission from the investor first. Investors like Fannie Mae (FNMA) and Freddie Mac (FHLMC) often take the decision making authority into their own hands. In a heavily regulated business the more hands involved in each review the longer it takes leaving Guild Mortgage with their hands tied.
• Another issue, Priority is a factor that effects the loan modification timeline greatly. Priority is mostly governed by when the application was received but it depends on other factors as well. The service works on a first come first serve model but if you have a foreclosure date then it will effect your priority. If you have a pending sale date then it is possible that your application will be reviewed sooner. You have to keep in mind though that servicers, such as Guild, have foreclosure dates for homes almost every day. Even a week from today is not worked as quickly as you might want because of foreclosures going to sale happen so often and in such a large volume. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Lastly, not all mortgage workouts were created equal. There are a large number of programs each with its different terms for how they would modify your loan. Typically, if the first modification type 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 representatives 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).

Guild’s Home Mortgage Loan Modification Timeline Conclusion: While it would be nice to give our clients  a specific turn around time for their modification to be reviewed. The timelines will vary greatly from customer to customer. Whether the decision can be made by the servicer themselves or if they have to send it  out for the investors approval, whether you fit the first plan you are reviewed for or the 11th 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 Guild Mortgage Loan Modifiication to be reviewed.

Dealing With A Guild Mortgage Loan Modification Decline

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

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