Loan Processor going crazy!

[AB009]

Ok... I work for a small Loan company as a processor and let me just strat off with - I HAVE NEVER BEEN SO STRESSED IN MY LIFE! This job is a lot of responsibilty.

I have quite a few files under review [so they say]. The process takes 40 - 90 days. I have to call every other day and i am always told the same thing "under review" then i'll call and out of nowhere and they tell me they need bank statements and all this other information. They tell me they have received the authorization and financial analysis information and the next day they tell me they haven't received anything!! my qooooooodness!

Country Wide is the worse. The representatives are the rudest i have ever spoken to, all of them! GMAC is a headache! one day they tell me they are modifying the loans and they next day they are not. Wachovia.... i wonder if they even know what they are doing. PHH changes rules and requirements every day! And last but not least... CITI, very poor customer service.

Vericrest is a good one but they are very slow. BOA is also a good one but they tend to change information and do what THEY think is best.. they ask to speak to our clients constantly for dumb reasons. They go over the financial analysis information EVERY time we call, its pathetic!

Its hard knowing you have these peoples future in your hands. Most banks have denied half of our clients and we just don't understand why. If they don't qualify for the Obama program they don't qualify for any other program. Its crazy!!

I have ran out of ideas to push them to review these cases faster since most of these houses are set for foreclosure.

If there are any loan processors on here... what do you suggest i do?

Thanks!

[Evan Bedard]

Hi ab009 welcome and thank you for joining.

If you click on this link it will take you to the Saving the Dream attorneys guide book. This book was made for attorneys but has excellent info on how to process a loan modification:

Attorney Loan Modification Training | LoanWorkout.org

[AB009]

Thank You Evan!

I will visit the site RIGHT NOW! =]

[Evan Bedard]

Your welcome I'm sure it will help you with your processing..

[yarell]

Hello, I myself am a loan processor trying to help homeowners, and banks are just not cooperating with me. You say half your clients were denied. What strategics are you using to get them qualified?

[AB009]

Hello Yarell,

Well, the most important document the bank takes a look at is the Hardship letter. They make a decision based on that letter. I ask the borrowers about diffucult situatuions they may be in and create a very dramatic letter . It always works! Try it!

[Lhuynh]

Originally Posted by AB009

Hello Yarell,

Well, the most important document the bank takes a look at is the Hardship letter. They make a decision based on that letter. I ask the borrowers about diffucult situatuions they may be in and create a very dramatic letter . It always works! Try it!

They also look at the gross income, mortgage payments, all that good stuff..its not just based on a hardship, if it is than everyone would qualify

[AB009]

Well of course they take a look at the entire packet/income ect... BUT the decision is always based on the hardship letter. You'd have to conversate with the representatives to get this kind of information from them.

[heidi79]

Hi AB,

What info can you share with me about Vericrest? I was able to do my loan mod and my dad's with the information from this site. Now my family is asking me to do it for them too! My aunt has Vericrest, she's 5 months behind, she's afraid cuz she doesn't speak English and she doesn't wanna get denied. The problem I see is that she's like $700 negative every month. Please advise.

[calgirl67]

Originally Posted by AB009

Hello Yarell,

Well, the most important document the bank takes a look at is the Hardship letter. They make a decision based on that letter. I ask the borrowers about diffucult situatuions they may be in and create a very dramatic letter . It always works! Try it!

I heard they don't even read the hardship letter.