Dual Tracking Regulations The Consumer Financial Protection Bureau rolled out a rule and a few states have passed laws in recent years to restrict mortgage servicers from dual tracking. This means that a mortgage servicer cannot continue the foreclosure process if the...
HSBC Commission Structure For Short Sales HSBC as a mortgage servicer has a strict commission structure for short sale transactions. They also do not participate in the government short sale HAFA program. We were advised that this was due to them not receiving any...
Wire Returned After Closing After a short sale closes and the wire is sent to the mortgage servicer they will require the final closing package to be sent in to them in order to close out the file on their end. The typical documents for a final closing package include...
Ocwen Verbal Authorization Mortgage servicers have different guidelines when it comes to having a 3rd party to the loan authorized on a borrowers mortgage account. Some lenders require it to be emailed, faxed, or even notarized and sent in. Some lenders will allow a...
Short Sale Programs There are many different short sale programs. The main factors in determining what program you will be required to be reviewed for are the following: What type of loan was used to purchase the property? ( FHA, VA, Conventional.) Who is the investor...
