MBA's Online Store - Loss Mitigation Training

[lisannem]

I was just looking through the books and online courses offered by the MBA (Mortgage Bankers Association) and was wondering if anyone had purchased any of their loss mitigation materials?

[877YouKeep]

As with many education based materials, written as an overview and definitely not with current market conditions. I guarantee they will not discuss the changes that happened in 2007 from 2006, ex.

Fannie Mae has changed their recording guidelines from recording $ 10,000.00 to
$ 20,000.00, not a biggie but important when it comes to modification and how docs are received.

Fannie went from a 108% UPB to 115% UPB limit on Mods in 2007 - to the general public that has not had the opportunity to be in the business or read our materials the UPB is Unpaid Principal Balance and many lenders up until 2007 would not allow more than 8% capitalization Fannie has taken the level to 115 and I have seen as high as 142% on Sub Prime.
Do not worry we will go into detail so you fully understand this manual will be technical but will break down to get you to that level of understanding.

for Short Sales Fannie 2006 net was 92% and I bet you didn't know was dropped to 88%, definitely good news if you are working short sales

One last tid bit is you can actually get up to $ 5,000.00 for working a DIL (Deed in Lieu) it is called cash for keys.

Lance Armstrong does not buy his bikes from Wal Mart!

Do not show up to a Chevrolet race in a Chevette show up in a Corvette and maximize your results.

The best part is speaking to homeowners, you will not believe your conversion rate when you have confidence and the homeowner says you really know way more than the other companies I have spoken with about what they can do.

Please, Please do not speak with a mitigator and call a workout a forbearance.

I know there is someone teaching this calling everything a forbearance, no more said

[lisannem]

Thanks for the reply. Once again, I'm more than anxious for the release of your manual. Will it be released before X-mas?

[Gonetodocs]

Originally Posted by 877YouKeep

Fannie went from a 108% UPB to 115% UPB limit on Mods in 2007 - to the general public that has not had the opportunity to be in the business or read our materials the UPB is Unpaid Principal Balance and many lenders up until 2007 would not allow more than 8% capitalization Fannie has taken the level to 115 and I have seen as high as 142% on Sub Prime.
Do not worry we will go into detail so you fully understand this manual will be technical but will break down to get you to that level of understanding.

So how would you know if Fannie Mae is the note holder or not? Is there some indicator (like MERS registration) that tips you off right away to Fannie's involvement on a particular case.

[877YouKeep]

I always make it a habit to ask who the investor is on the note. Many times loss mit will not disclose but I am persistent and every time I call I always ask the same question. It always helps so I can document the workout.

[FosterCA]

Hello 877
What does it mean when you say,:

1-" Fannie Mae has changed their recording guidelines from recording $ 10,000.00 to
$ 20,000.00 "?

2-Fannie went from a 108% UPB to 115% UPB limit on Mods?

3-Does this apply to Loss Mitigation or Short Sales?

Thank You

[877YouKeep]

the rules above a specific for retention (saving homes), not short sales.

[Gonetodocs]

Originally Posted by 877YouKeep

the rules above a specific for retention (saving homes), not short sales.

OK so for the specific Purposes of retention itself, FosterCA has some excellent questions. Would you please elaborate on them?

I will go ahead and copy your previous post along with FosterCA's reply in the retention thread to keep the forums clean.

Thanks
Gonetodocs

[877YouKeep]

Fannie has changed their cap from $10,000.00 to $20,000.00 before recording the mod.

The LTV above 115% a lender will need Fannie approval

hope this helps clear up the question if not please post to the thread.

[Gonetodocs]

OK cool then I'll post to the retention thread in quotes.
Thanks 877

Gonetodocs