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2. Application: Upon receipt of a loss mitigation application, AmeriNat will review the application to <br />determine supporting materials are present and that the forms are complete. Support materials may <br />include but are not limited to, paycheck stubs, W-2’s, Federal Tax Returns, bank statements, mortgage <br />statements, property tax bills and insurance policies. Once the application is reviewed and found to <br />be complete, a credit report and escrow analysis are ordered, as applicable, and the application is <br />submitted to underwriting. <br /> <br />3. Analysis and Recommendation: Underwriting of the application is performed using the Client’s <br />eligibility criteria. This analysis will reflect information such as ability to repay or affordability (debt- <br />to-income ratio), status of 1st mortgage, and occupancy. Based on the aforementioned, the <br />recommendation will convey whether it is reasonable to proceed with the modification and what type <br />of modification will best suit the needs of the borrower and the Client. If the recommended <br />modification falls outside of AmeriNat’s delegated authority under approved parameters, the <br />recommendation along with the supporting documentation will be sent to the Client for approval. <br />Approval timeframes are subject to regulatory guidance, and therefore if the Client does not respond <br />to requests for approval within the agreed-upon timeframes, AmeriNat will deny the application or <br />request. <br /> <br />4. Approval: Once a loan modification has been approved, AmeriNat shall prepare and forward the <br />required documents to the borrower for signature and recording, unless the Client retains these <br />functions. If the Client retains approval authority, the Client agrees to return the decisioned <br />application within 5 business days of receipt. If no response has been received in 5 days, the <br />modification will be denied. <br /> <br />After the documents have been executed, originals will be retained by the Client and copies will be <br />promptly sent to AmeriNat along with funds required for escrow, legal fees, etc. After receipt of <br />executed modification documents and required funds, AmeriNat will make the appropriate <br />modifications to the loan, send the borrower new payment coupons or billing statements, and <br />electronically notate the account. Respective modification documentation will be retained in the <br />electronic loan file. <br /> <br /> <br /> <br />Loan Foreclosure <br /> <br />The mortgage transaction and collections efforts are predicated on the assumption that the borrower is <br />motivated and able to meet the mortgage obligation. A decision to foreclose is based on an analysis of <br />an individual loan. AmeriNat will look at the borrower with particular emphasis on basic motivation, <br />ability to pay, and attitude or level of cooperation. If a borrower remains delinquent and has been <br />uncooperative, non-responsive, or unwilling to cure the existing default by reasonable means, AmeriNat <br />will recommend foreclosure. <br /> <br />This step is generally not taken until a loan becomes over 120 days delinquent. Upon the Client’s approval, <br />and in accordance with respective local, state and federal statutes, AmeriNat will send the borrower a <br />notice of intent to foreclose/demand letter, with a copy to the Client. If no response is received within 30 <br />days, AmeriNat will advise the Client of the non-response and proceed to foreclosure. AmeriNat will <br />properly document the steps taken to affect a cure. <br /> <br />Docusign Envelope ID: 2B617463-847A-4D49-A35E-F34CFC91F6B8