Answers (20)
- Crestico Funding
- Contributions:62
Perhaps the first Minute and half of this clip can give you a little idea as what MERS does
http://www.thinkbigworksmall.com/mypage/archive/1/53413/
It does explain why MERS is needed to see what has happened with this loan.
http://www.thinkbigworksmall.com/mypage/archive/1/53413/
It does explain why MERS is needed to see what has happened with this loan.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Hamp,
I just learned that Homeowners may have access to MERS: http://www.mersinc.org/homeowners/index.aspx
Happy funding, Rudi
I just learned that Homeowners may have access to MERS: http://www.mersinc.org/homeowners/index.aspx
Happy funding, Rudi
- Hamp Yonce, "Zilluminati"
- Contributions:3512
Rudi
I know what MERS is. I just don't know what info would be in a "MERS Finding". I guess the Mod could result in an assignment that would show up? Or possibly just commentary about servicing issues on the loan in general. I guess it doesn't matter. And, on second thought, I don't even care.
I think this sounds like an excuse to cover some other discomfort with the file. Good luck straightening it out. I used to love cases like this.
I know what MERS is. I just don't know what info would be in a "MERS Finding". I guess the Mod could result in an assignment that would show up? Or possibly just commentary about servicing issues on the loan in general. I guess it doesn't matter. And, on second thought, I don't even care.
I think this sounds like an excuse to cover some other discomfort with the file. Good luck straightening it out. I used to love cases like this.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Thanks Andrew, Lewis, HUGD & Ed. I appreciate your input guys.
I still have Corporate and a few other AEs doing research. This is something new to everyone that I have spoken with except the first AE, which was from Nations Direct.
Thanks again, Rudi
I still have Corporate and a few other AEs doing research. This is something new to everyone that I have spoken with except the first AE, which was from Nations Direct.
Thanks again, Rudi
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
- Andrew Adams, "RenovationSpecialist"
- Contributions:9406
Paid as a greed does not mean they are current if they are not current they are late. I believ that is the issue that they were in a trial period making partial payments...the payments get reported as late..The Consumer will have to wait 12 months to Refi.
I am a DE Lender and bank and have never had an underwriter ask for or reference a MERS report.
I am a DE Lender and bank and have never had an underwriter ask for or reference a MERS report.
- Lewis Poretz, "High Quality Advice"
- Contributions:219
Very interesting topic and one that will certainly be interpreted differently from lender to lender and even underwriter to underwriter. The question is how do they know a loan mod was attempted. Actually, the real question should be, if the consumer paid on time why would they even be penalized for attempting to modify their loan and put themselves in a better financial situation. Just ridiculous if you ask me...
They could have the 700+ score and be past due if the mortgage is not reporting current... for example it could show paid as agreed but has not reported for the past four months while the consumer was making on time modification payments.
What many don't understand is these payments do not always get applied to the mortgage, especially if the loan mod is turned down. Trust me, I have seen it first hand. It is really quite a travesty. The date last reported is the only thing to my knowledge that would trigger a loan mod attempt.
They could have the 700+ score and be past due if the mortgage is not reporting current... for example it could show paid as agreed but has not reported for the past four months while the consumer was making on time modification payments.
What many don't understand is these payments do not always get applied to the mortgage, especially if the loan mod is turned down. Trust me, I have seen it first hand. It is really quite a travesty. The date last reported is the only thing to my knowledge that would trigger a loan mod attempt.
- Hamp Yonce, "Zilluminati"
- Contributions:3512
Guys what does a MERS finding disclose. Being a former lowly, scummish, non FHA approved, Broker, I've never seen one.
HUGD
I thought RUDI was a bank now.
HUGD
I thought RUDI was a bank now.
- Ed Brophy, "Ed Brophy"
- Contributions:454
It's true on the MERS findings. During the trial payment period of a mod the difference between the actual payment and the trial payment is treated as late.
If the borrower isn't approved for the loan mod, the borrower must repay the "deferred" payment amount immediately or as some lenders are doing financing the "deferred" amount as a silent second if you will. It's basically a consumer loan using the home as collateral.
If my memory serves me correctly, I'll check in the morning, USBank is one of the banks without the overlay.
If the borrower isn't approved for the loan mod, the borrower must repay the "deferred" payment amount immediately or as some lenders are doing financing the "deferred" amount as a silent second if you will. It's basically a consumer loan using the home as collateral.
If my memory serves me correctly, I'll check in the morning, USBank is one of the banks without the overlay.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
I'm calling it a night. I'm up early, so I'll check in to see what's new. Thanks to both of you, Andrew & HUGD!
Have a pleasant evening, Rudi
Have a pleasant evening, Rudi
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
HUGD,
No problems with a 707 mid-score.
Thank you, Rudi
No problems with a 707 mid-score.
Thank you, Rudi
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
HUGD,
As I responded to Andrew, I was told they would know when they got their MERS back. That makes sense to me, when I was an AE I saw MERS Reports. We were instructed about the information supplied for Broker Approvals and on files. Although an AE I was not suppose to be privileged to see this information.
Thank you, Rudi
As I responded to Andrew, I was told they would know when they got their MERS back. That makes sense to me, when I was an AE I saw MERS Reports. We were instructed about the information supplied for Broker Approvals and on files. Although an AE I was not suppose to be privileged to see this information.
Thank you, Rudi
- Andrew Adams, "RenovationSpecialist"
- Contributions:9406
The trial period is usually a partial payment. If he was reported late on his mortgage then he will need to wait 12 months. I am guessing he is reporting as late at least once in the last 12 months,
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Andrew,
That implies 12 months seasoning on a short sale, doesn't it?
You couldn't find anything regarding loan modifications? My borrower has a 1st & 2nd through CITI. CITI solicited him last August. They denied him after his 6 month trial in February. All payments were made on time. The question remains if this has the same guidelines as a short sale?
Thanks for you efforts Andrew!
Happy funding, Rudi
- Andrew Adams, "RenovationSpecialist"
- Contributions:9406
The only reference I could find was to getting an FHA loan after a short sale and as long as the last 12 payments were made on-time that's not an issue. If anything Rudy it's a lender Overlay.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Andrew,
I look forward to what you come up with. Thank you for doing this. I receive All Regs email bulletins, although I'm not a subscriber. I was doing very few Agency Loans.
Happy funding, Rudi
I look forward to what you come up with. Thank you for doing this. I receive All Regs email bulletins, although I'm not a subscriber. I was doing very few Agency Loans.
Happy funding, Rudi
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
@HUGD,
Yes, although Jumbo Loans and Self-employed borrowers are still my specialties. I have to conform to our Full-Service Mortgage Banker / Broker ideals. "When in Rome, do as the Romans do."
I also had to give up my upFront Mortgage Broker Membership due to the fact that I work for a bank. I still do business the same as before, without the UMBA Membership. I'll miss the loans I was receiving off of their website. But, we have so much to offer, that will be replaced quickly.
I've had my www.umboc.com website since 2007. Now I'm Upfront Mortgage Banker Orange County, instead of upFront Mortgage Broker Orange County.
So HUGD, have you ever heard this 12 month ruling about mod borrowers?
Thank you, Rudi
Yes, although Jumbo Loans and Self-employed borrowers are still my specialties. I have to conform to our Full-Service Mortgage Banker / Broker ideals. "When in Rome, do as the Romans do."
I also had to give up my upFront Mortgage Broker Membership due to the fact that I work for a bank. I still do business the same as before, without the UMBA Membership. I'll miss the loans I was receiving off of their website. But, we have so much to offer, that will be replaced quickly.
I've had my www.umboc.com website since 2007. Now I'm Upfront Mortgage Banker Orange County, instead of upFront Mortgage Broker Orange County.
So HUGD, have you ever heard this 12 month ruling about mod borrowers?
Thank you, Rudi
- Andrew Adams, "RenovationSpecialist"
- Contributions:9406
That sounds like BS to me. So if a homeowner thinks they want a modification and get turned down FHA won't buy the loan...I find that near impossible to believe. Give me a little bit to check out All Regs.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Andrew,
Thanks for responding.
I asked the same question. I was told when they receive their MERS findings.
Thank you, Rudi
Thanks for responding.
I asked the same question. I was told when they receive their MERS findings.
Thank you, Rudi
- Andrew Adams, "RenovationSpecialist"
- Contributions:9406
How would they know they attempted a modification?
Did they fall behind on the payments?
Did they fall behind on the payments?
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Contributions:7435I was just told by an AE that I was going to Broker an FHA loan, that Investors require 12 months seasoning on borrowers that attempted a loan mod, from date of termination.
Is this actually true? .... Thank you, Rudi
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