Servicers rejoice – a new Federal Housing Administration (FHA) loss mitigation program is now available.
Michigan-based companies DLS Servicing Consultants and WorkSmart Database Masters have teamed up to release a Web-based FHA Waterfall loss mitigation program called WaterfallCalc.com.
The program provides FHA servicers with the correct FHA Waterfall option and all workout calculations on an automated basis.
Created to the specifications of FHA Mortgagee Letter 2012-22, the program promises to improve efficiency and accuracy for FHA loss mitigation and will drastically reduce processing times, the two companies claim in a release.
The program's added value comes in the form of the calculations it can perform, including Home Affordable Modification Program calculations complicated by previous partial claims and high front-end debt ratios, the companies claim. Additionally, the program allows for FHA-approved variances unique to housing finance agencies.
Through the Web-based program, servicers can readily access basic loan level data, including default information, borrower income calculations and escrow analysis calculations. Depending on the parameters, the program automatically chooses the correct loss mitigation option and performs the calculations for the workout.
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