Is Closing Department Final Step?

[grullagirl]

Just curious does anyone know the departmental steps for a loan modification?

Starts in Loss Mitigation????

Then to underwriting = where they collect any missing documents and do the verifications

To Lender approval = where you get approval/disapprove

To Closing Department = where they draw up the final documents

Just curious if the closing department is the final step and can the whole thing be denied if it gets as far as the closing dept.?

[Evan Bedard]

Hi grullagirl,

Just curious if the closing department is the final step and can the whole thing be denied if it gets as far as the closing dept.?

Once your actual lender/investor approves or denies your case that will be the final step as they have the final say on your modification..

[Jillian118]

Well Chase is my investor & my servicer originally wamu. after ten months they are telling me that I am approved but in the last step which she called second review.

[art4ari]

I was told today my case is with a negotiator, I am in my 5th trial payment... what does this mean??? where exactly in the escalator to final mod papers in my hand am I??

[grullagirl]

From what I understand, the closing dept. preps and draws up the final documents to be sent to the borrower. Is this done before or after the investor approves the modification?
It makes you think that they make up the names/departments as they go along as there doesn't seem to be consistency not only between the different servicers but even in the same bank.
I suppose they are still flying by the seat of the pants with the government involved.
I hope this is no indication of how our healthcare may be run someday.

[grullagirl]

Originally Posted by art4ari

I was told today my case is with a negotiator, I am in my 5th trial payment... what does this mean??? where exactly in the escalator to final mod papers in my hand am I??

One would think that a negotiator would work with an investor to hammer out an acceptable agreement? So maybe after the negotiator comes the closer? There was a poster on in the Citi Forum that actually worked in the Citi mod dept. that mentioned that the 5 - 6th trial payment was normal right now for getting close to the end. I'm hoping like heck that all of us that have been in this "vacuum" for months on end will see the positive results.