Nationwide Mortgage Licensing System Consumer Access
Nationwide database that allows you to to verify that a mortgage company or individual is licensed to do business.
A Loan Modification is a permanent change in one or more of the terms of a Mortgagor’s loan, allows the loan to be reinstated, and results in a payment the Mortgagor can afford.
Question 1: In utilizing the Loan Modification option to bring an asset current, can the Mortgagee include all fees and corporate advances?
Question 2.:May a Mortgagee perform an interior inspection of the property if they have concerns about property condition?
Question 3.: Can a Mortgagee include late charges in the Loan Modification?
Question 4.: When utilizing a Loan Modification option, can a Mortgagee capitalize an escrow advance for Homeowner’s Association fees?
Question 5: Is there a new basis interest rate which Mortgagees may assess when completing a Loan Modification?
Question 6.: Are Mortgagees required to re-amortize the total amount due over 360 month period?
Question 7.: What date is utilized when determining the correct interest rate for a Loan Modification?
Question 8.: Will HUD subordinate a Partial Claim, should a Mortgagor subsequently default and qualify for a Loan Modification?
Question 9.: Are Mortgagees required to perform an escrow analysis when completing a Loan Modification?
Question 10.: Can a Mortgagee qualify an asset for the Loan Modification option when the Mortgagor is unemployed, the spouse is employed, but the spouse name is not on the mortgage?
Assistance for HomeBuyers:
- U.S. Department of Housing and Urban Development
- National Coalition for Asian Pacific American Community Development
- National Council of La Raza
- National Fair Housing Alliance
- National Foreclosure Mitigation Counseling Agencies
- National Urban League
- HOPE Now Alliance
- Homeownership Preservation Foundation
- HomeFree USA
- National Association of Realtors®
- Fannie Mae
- Freddie Mac
- Lawyers’ Committee for Civil Rights Under Law
- NeighborWorks® America