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What is a "second level review" with investor?

Discussion in 'Wells Fargo - American Servicing Company (ASC)' started by Daisy Cutter, Mar 16, 2010.

  1. Daisy Cutter

    Daisy Cutter LoanSafe Member

    I am applying for a modification for first mortgage with Wells as servicer/Freddie as investor.

    Today I was told my modification paperwork is in "second level review" with investor and that I should call back next week.

    Can anyone share some insights as to what this is, or whether it is bad or good news? thanks
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Daisy cutter- Sounds like some BS excuse as to why your case is still pending.. I think many reps just make up stuff as they go...
  3. mikedonovan85

    mikedonovan85 LoanSafe Member


    hi, i dont know what either 1st level review or 2nd level review is. Wells fargos processor said in a note to me that im in
    1st level review. I see you are in 2nd, what is this terminology meaning.

    whats strange with mine is that i was in final review since feb, then suddenly they say 1st level review. Im thinking they may be talking
    about HAMP and it has 2 levels but it could also be that the review started again (or perhaps really) and im in 1st level review.

    i can only assume 2nd level is much better than 1st ? any one know what wells fargo is talking about ?
  4. mikedonovan85

    mikedonovan85 LoanSafe Member

    Congratulations you seem to be on the home stretch. I cannot understand for the life of me why i went
    from final review back to a level 1 review. I do know that the HAMP escalations has my case and perhaps wells is trying to start again
    as my whole process since fininishing the trial in early jan seems to be undocumented, not reviewing and not going any where for 5-6 months now. Im hoping the HAMP escalation has started a quick cross the dots review as I seem to be eligible for HAMP and am 2 months in default and starting foreclosure if i dont pay or stay in review. I hope they end this soon, its unbearable to go from final back to the beginning ????
  5. Cat Damiano

    Cat Damiano Mortgage Wars

    The verbage "Second Level Review" is also a term used by FreddieMac for the servicers on the loans that they back for their modification process. In this instance this is what it means.

    According to the FreddieMac Q&A:

    Second Level Review ​
    10. ​
    Q: ​
    Why are you using Home Retention Services to manage the Second Level Review process? ​
    [FONT=Arial,Arial][FONT=Arial,Arial]
    A: ​
    [/FONT]​
    [/FONT]​
    [FONT=Arial,Arial][FONT=Arial,Arial]
    We understand the importance of helping at-risk borrowers avoid foreclosure as quickly as possible. By engaging Home Retention Services to conduct Second Level Reviews, you will receive feedback on each mortgage you submit in a faster and more efficient manner. ​
    [/FONT]​
    [/FONT]​
    11. ​
    Q: ​
    How do I submit the mortgage documents to Home Retention Services? ​
    [FONT=Arial,Arial][FONT=Arial,Arial]
    A: ​
    [/FONT]​
    [/FONT]​
    [FONT=Arial,Arial][FONT=Arial,Arial]
    You may submit documents to Home Retention Services through its designated Web portal or by fax at (800) 332-1839. In order to use the web portal, you must request a unique user ID and password by sending an e-mail to fresecondlook@stewart.com or calling (866) 877-8109. Once you receive your user ID and password, Home Retention Services will provide you with instructions on how to use the Web portal. ​
    [/FONT]​
    [/FONT]​
    12. ​
    Q: ​
    Can you clarify when a mortgage must be submitted to Home Retention Services for a Second Level Review? ​
    [FONT=Arial,Arial][FONT=Arial,Arial]
    A: ​
    [/FONT]​
    [/FONT]​
    [FONT=Arial,Arial][FONT=Arial,Arial]
    If you determine that a borrower is ineligible for a HAMP modification, Home Affordable Foreclosure Alternative (HAFA) Short Sale or Deed-in-Lieu, or any of the foreclosure alternatives under Guide Chapters A65 and B65, you must submit the mortgage to Home Retention Services for a Second Level Review. ​
    [/FONT]​
    [/FONT]​
    13. ​
    Q: ​
    Do I need to enter information in Workout Prospector® before I send a mortgage to Home Retention Services for a Second Level Review? ​
    [FONT=Arial,Arial][FONT=Arial,Arial]
    A: ​
    [/FONT]​
    [/FONT]​
    [FONT=Arial,Arial][FONT=Arial,Arial]
    Before you submit the mortgage to Home Retention Services, double check Workout Prospector to ensure you have: ​
    • Populated all of the applicable fields in the HAMP data entry screens, including the escrow amounts and NPV values.
    • Executed the sequential process to achieve the target payment using steps two through five in Guide Section C65.6(b).
    • Saved the HAMP status to "Draft-Borrower Declined Terms/Ineligible".
    [/FONT]
    [/FONT]
  6. vishal650

    vishal650 LoanSafe Member

    Hi,
    I am on same second level review. What kind of outcome did you get after second level of review?
    Thanks

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