REsource provides borrower refinancing as
well as short sale & REO origination in all 50 states.
Loss Mitigation Support
Historically, origination skills have not played a critical role in loss mitigation activities. However, today many files have little or no borrower information due to stated income or no doc loans and borrower capacity needs to be determined, documented, and evaluated. The traditional loss mitigation agent does not possess the license or training to adequately evaluate and describe the loan terms and options that must be considered with today’s note modifications or re-origination options. At REsource, we maintain the proper licensing, offer new disclosures, and maintain the skill sets necessary to properly support and protect our clients. The following are our loss mitigation origination services:
Resolution specialist workout analysis – aka loan officer assisted workout analysis where there is a debt ratio analysis, 3rd party refi analysis, LTV and credit review. Because rate, payment, start period, loan amount, and/or term are changed, this is functionally a refinance and benefits the servicer to have a licensed loan officer negotiate with the borrower. TIL and GFE on new loan terms are available if desired by the client.
Workout documentation and support – complete file for documenting that borrower can afford the new payment plan. REsource will document updated application, income docs, credit report review & debt ratio worksheet, hardship letter, appraisal order and review, inclusion of TIL and GFE on new loan terms, and more. This can prove useful for future audits, client disputes, and compliance review.
Client refinance – all of the above workout services plus short pay negotiation whereby the client provides the funds through escrow to payoff the existing lien and record a new lien. Document preparation is coordinated through client's doc vendor of choice and is drawn in clients name.
3rd party refinance – includes all of the same work included in the refinance above, but the funds for the payoff are provided by the new mortgage lender. In most cases, origination charges will be paid by the borrower within the new loan. New loans can be sold back to the client/institution on a correspondent basis.
Asset Management Support
In today’s real estate lending environment, it is difficult, and sometimes downright impossible, for potential buyers to qualify for a new loan to purchase an REO or Short Sale property. With REsource Mortgage Advisors, we assure our clients that all offers come from qualified buyers.
Buyer pre-qualification – old processes have buyers providing pre-qualification letters from brokers which are paid to make the buyer look qualified. Even with these letters, many fall out due to inability go get financing. Where time is money, the seller cannot afford to take a property off the market without knowing the buyer can close. With REsource, we assure you that all buyers are fully qualified prior to accepting any offer.
Quick close purchase financing – by working directly with its clients, REsource is aware of potential title and appraisal issues that a new lender might want addressed. Further, we have the pre-approval information captured along with the submission of an offer. With these addressed up front, we are in the position to go to final underwriting and docs upon acceptance of an offer. Closing can occur in days vs. weeks or months.
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