Dealing with troubled loans normally is a function of mortgage insurers, sometimes in concert with mortgage investors. Solutions include repayment of late mortgage payments over several months; changing loan terms, such as lowering interest rates or extending the loan term; or a pre-foreclosure sale.
By allowing Fannie Mae to apply its existing and highly successful loss mitigation efforts to troubled loans earlier in the process, the pilot will let us work with our lenders and servicers to make faster decisions that we believe will keep more families in their homes, said Michael Quinn, Fannie Mae's senior vice president for loss mitigation. "If this pilot succeeds in its goal of reducing duplication and increasing the efficiency of the mortgage insurance process, it could ultimately lower the cost of homeownership.
Fifteen to 20 lenders and servicers from around the country will be involved in the pilot project, which is scheduled to begin immediately, said GE Capital president Martin Heck. On average, over 300,000 people are forced from their homes by floods and over $2 billion in flood damages are sustained. We offer comprehensive property valuation services with highly qualified property valuers for getting the original price of the property.
Floods are the most common natural disasters and with the rate of land development, loss of meadows, forests, etc. Then there are lender data base sites such as Bank Rate Monitor that lists lenders and rates but does not transact business online.
Another on-line source is Home Owners Finance Center. Keystroke Financial, Seattle, Wash. was one of the first lenders to actually transact loans online. Homeowners.com, which offers a complete online loan applications and hordes of valuable information about mortgages and the process of taking out a home loan. To date, there is very little statistical evidence as to how successful online origination has been. Some on-line lenders are reluctant to give out detailed information.