Beginning June 1, a borrower's eligibility for a modification must be fully verified before the borrower enters the trial period. An earlier directive gave servicers the option of placing a borrower into a trial period based on verbal financial information supplied by the borrower which was subject to verification during the trial period. New applicants will now have to supply an Initial Package which will include a request for modification including a hardship statement and optional demographic information; acceptable evidence of income, and IRS Form 4506-T, Request for Transcript of Tax Form.
HAMP Guidelines Updated to Improve Loan Modification Conversion Rate
No comments:
Post a Comment