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View Diary: Hilarious! Judge Pwns US Bank. (113 comments)

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  •  Borrower Solicitation (0+ / 0-)
    Each servicer must have clear and comprehensive internal written policies for identification and solicitation of borrowers who are potentially eligible for HAMP based on information in the servicer’s possession. These procedures should follow investor guidelines and comply with all contractual restrictions.
    Servicers must pre-screen all first lien mortgage loans where two or more payments are due and unpaid to determine if they meet the following basic criteria for consideration under HAMP:

    One-to-four unit residential property,

    Occupied by the borrower as his or her principal residence,

    Not vacant or condemned,

    Loan originated on or before January 1, 2009,

    UPB does not exceed HAMP limits, and

    Not previously modified under HAMP.
    Servicers must proactively solicit for HAMP any borrower whose loan passes this pre-screen, unless the servicer has documented that the investor is not willing to participate in HAMP pursuant to the requirements outlined in Section 1.3 of Chapter I.
    Solicitation must include written communication clearly describing HAMP. Use of the form of solicitation letter available on www.HMPadmin.com shall satisfy this requirement. The servicer’s HAMP solicitation may also identify other options potentially available to help the borrower cure the delinquency and retain homeownership.

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