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Mortgage Outsourcing Services

In today's demanding mortgage environment, success depends upon being as efficient as possible. Cost and time savings are dependent upon having systems in place that will streamline important functions. Pacific Crossing’s outsourcing solutions can alleviate the resource and management challenges facing today’s lenders and servicers through our best practices approach to the loan modification process

Pacific Crossing’s project management division can develop an outsourcing plan that enables lenders and servicers to streamline the loan modification process, thereby reducing operational costs, maximizing efficiency, and increasing the overall success of a servicer’s homeowner retention efforts

Expert Knowledge of Government Steamlined Modification Programs

Pacific Crossing’s mortgage services division is comprised of a team of subject matter experts who understand government initiatives introduced by Fannie Mae, Freddie Mac and the Hope Now alliance. Our loan modification specialists are knowledgeable in the Streamlined Modification Program (SMP) which allows your company to confidently outsource its government-backed or portfolio loans to our professional staff for rework and resolution.

Loan Modification Outsourcing Services

Our mortgage services division can increase your company’s capacity to meet the growing demand for loan modifications by managing all aspects of the modification process including:

Borrower Outreach
Proactive outreach efforts to eligible borrowers including initial contact, preliminary interview/counseling and delivery of loan modification documents

Initial Analysis & Qualification:
Qualification of borrowers based upon specific streamlined loan modification criteria including:

• LTV Ratio Calculation
• Hardship Circumstances
• Monthly Gross Income Calculations: based upon initial wage information, property taxes, property & flood insurance premiums, monthly HOA or condominium fees and mortgage insurance premiums (if applicable).

Delivery of Loan Modification Package to Borrower:
Pacific Crossing will provide all eligible borrowers with a comprehensive loan modification package which includes:

• Loan Modification Cover Letter
• Two (2) Copies of the Loan Modification Agreement
• Hardship Affidavit
• Documentation Related to Establishment of an Escrow Account (unless prohibited by law)
• All Required Federal, State and Local Disclosures, as Required by Law

Collection of Documentation Upon Borrower Acceptance of Terms:
Our mortgage services division will collect and manage the following documentation upon the borrower’s acceptance of modified terms

• Documentation Supporting Gross Income: Including most recent pay stub or wage voucher; if borrower is self-employed (a) a complete copy of borrowers signed federal income tax returns, or (b) year-to-date profit & loss statement reflecting the last full quarter’s information
• Two (2) Original Executed Modification Agreements
• Completed & Executed Hardship Affidavit
• Executed Disclosures: If any, to the extend that applicable Federal, State or Local law requires executed disclosures to be retained by the servicer
• Collection of Payment: collection of the first payment due under the trial period terms

90-Day Trial Period Payment Compliance
Once a final loan modification package is delivered to the lender or servicer, Pacific Crossing will maintain contact with the borrower by sending a 2nd and 3rd installment reminder letter to the homeowner to ensure timely payment during the 90-day trial period.

Reporting:
Pacific Crossing will provide our servicer and lender clients with detailed reporting throughout the loan modification process.

Loan Modification Services Based on Integrity & Trust

The loan modification process places both the lender and borrower in the difficult position of having to rework the terms of a loan, often while the borrower is under a cloud of uncertainty and hardship.

Our mortgage services division is staffed by a team of professionals who are trained to manage the loan modification process with the care and consideration that your borrower deserves. Additionally, our loan specialists satisfy the background requirements and character/fitness criteria necessary to be considered professionals within the mortgage industry, thereby allowing your company to be confident that each transaction will be carried out with integrity and trust.