![\"pipeline-press\"](\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2009\/12\/pipeline-press15.png\")
<\/a><\/p>\n\u00a0<\/p>\n Here is an interesting question for anyone who sells a loan to an investor\/servicer: If the loan is modified, are you, as the seller, still \u201con the hook\u201d for the reps and warranties you gave when you sold the original loan?<\/strong> Servicers use the Home Affordable Modification Program (HAMP) and other non-HAMP modification efforts to avoid foreclosure whenever possible and keep the borrowers in their homes. Some servicers, such as Wells Fargo, may have a policy that states \u201cwe consider loan modification activities intended to keep borrowers in their homes, and pursuit of remedies for a breach of Representations and Warranties under the Loan Purchase agreement, to be distinct and independent events.\u201d So if a loan undergoes loss mitigation (like a modification of unpaid principal balance, interest rate, etc.), the servicer treats that process as a separate issue then when a defect is identified in a loan which results in a contract remedy. So check with your servicer \u2013 you may not be \u201coff the hook\u201d for your obligations.<\/p>\n One of the best statements that I have heard regarding the RESPA<\/strong> changes in 9 days came from a top mortgage banker, who simply said,\u201cWe don\u2019t know how much we don\u2019t know.\u201d<\/em> Broadly speaking, on 1\/1 companies should know about a new Good Faith Estimate, new HUD-1\/HUD-1A Settlement Statement, tolerance limits, and changes to the disclosure of Yield Spread Premium. Franklin American Mortgage Company told clients that they will adhere to the new requirements and will purchase loans that are in compliance with the requirements of the RESPA Act, and will enforce the requirements of the new RESPA regulations effective with January 1st <\/sup>applications.<\/p>\n Who says deals aren’t done during the week leading up to Christmas? Mason Dixon Funding<\/strong>, out of Maryland, was purchased by Embrace Home Loans<\/strong>.<\/p>\n More news on Wells Wholesale, Indiana and appraisers, rates going up, the economy, and joke of the day … <<< CLICK HERE<\/a><\/strong><\/p>\n \u00a0 \u00a0 Here is an interesting question for anyone who sells a loan to an investor\/servicer: If the loan is modified, are you, as the seller, still \u201con the hook\u201d for the reps and warranties you gave when you sold the original loan? Servicers use the Home Affordable Modification Program (HAMP) and other non-HAMP modification […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-94818","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/94818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=94818"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/94818\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=94818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=94818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=94818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"rob-chrisman-daily\"](\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2009\/12\/rob-chrisman-daily15.jpg\")
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