Recently made alterations to the Federal HARP program (Home Affordable Refinance Program) create simultaneous opportunities and problems for lenders and servicers across the United States. The provider of innovative real estate data and solutions, DataQuick, has addressed HARP modifications with effectively timed services that promptly identify homeowners who are eligible to apply for loan modification.
Through the use of proprietary analytical tools on its countrywide real estate database, DataQuick has highlighted 6.7 million homeowners whose circumstances fall in line with the enhanced eligibility criteria, and who stand a good chance of benefiting from the program. Lenders and servicers are able to conveniently match their existing portfolio to the DataQuick database to find out who the most suitable candidates for loan modification are.
According to HARP criteria, applicants must have zero late loan payments over the last 6 month, and are allowed a maximum of one late payment over the course of the preceding year. In response to this enhanced requirement, DataQuick has forged a partnership with TransUnion and is now in a position to identify homeowners who match these extra credit-based criteria.
While it’s true that this may result in greater levels of business for lenders and servicers, it can also result in a variety of logistical and operational difficulties. As the tide of loan modifications surges increasingly, so also will the need for traditional settlement service delivery. DataQuick is also able to provide thorough, high-quality services that address the aforementioned need. These services include:
- Flood compliance assessments
- Combined credit reports and support services
- Official, licensed appraisals (as are mandatory on homes that do not qualify for automated valuation models)
DataQuick endeavors to swiftly adapt to changes in the real estate landscape and to assist lenders and servicers in conducting business in a more streamlined fashion. Homeowners of course need all the help they can get when it comes to qualifying for and obtaining a loan modification. Hostile housing market conditions mean that every dollar saved on mortgage payments represents a significant victory for many Americans who are desperately trying to save their home from foreclosure.
As far as the preparation of an effective loan modification application is concerned, Mycaal.com gives you access to the best loan modification software available that enables you to prepare, submit and store the most thorough loan modification application possible. Expert loan modification help is a lot closer than you may think.
About Carla Ghosn
|CEO and Founder of MyCaal.com, earnestly helping American homeowners save their home. If you need loan modification help, visit www.mycaal.com to access loan modification software that helps you get pre-qualified and prepares your loan modification package online.|