Millions of homeowners are struggling to make their monthly mortgage payments and the continued deterioration in the job market guarantees millions more will be at risk in the coming months.
That is putting a huge burden on mortgage-modification programs, both those run by the government and an increasing number operated by private industry, which are in a struggle of their own to stay ahead of the tide of potential foreclosures.
That also may be because the loan-modification process is a daunting one.
Yes, gathering the necessary paperwork and documents to comply with the requirements in an environment which will soon be heavily regulated is a daunting task. Come January 1st, anyone providing mortgage advice or services will be deemed a financial institution and must be licensed as a “National Loan Originator”. This comes with a slew of regulatory requirements we must all comply with.
1st-Trust.Net, The Loan Modification Corporation has developed an application infrastructure environment that assists any private firm such as real estate companies, mortgage brokerages, attorney’s or even servicers and lenders manage the loan modification and/or shortsale process.
In another life, I participated in founding one of the first commercial Internet Service Providers which remains in operation today (http://www.cybercom.net). In short what we have built is a service provider business model for the loan modification industry.
There is a huge amount of paperwork and process involved in modifying a mortgage and legislation which states that you cannot charge upfront fees for service make the cost of entering into the business a barrier. Not to mention the fear, uncertainly and doubt the lenders continue to perpetuate that loan modification firms are fraudulent do not help the matter. The FBI and state agencies are cracking down, there are good outfits that are working hard to deliver but many do not have the capital to invest in systems and processes to support the business.
Enter The Loan Modification Corporation, we can provide you with an outsourced system to help you manage your clients, process and documents in an efficient and compliant manor on a cost per seat basis.
We maintain all of the computing hardware, licenses, applications and connectivity to enable your business. We take care of all upgrades, management and maintain. We provide your clients with a secure client portal to check the status of their loan modification case or shortsale.
Our system complies with Making Home Affordable guidelines, has been tested with 10 million client records and is housed in a SAS70 Type II data center environment. This is a measure that lives up to financial standards. Our system can be customized to support your business process and corporate brand should you want to operate an independent branch. If you are solo mortgage broker or loan modification specialist, you may be interested in our agent program.
Like most cycles in an emerging market, we saw this coming and planned to provide the tools to help streamline and shorten the process.
Without giving too much of our competitive advantageous away, should your business require assistance with back office capabilities to scale your loan modification or shortsale business and deliver on your promise to your clients, 1st-Trust.Net welcomes the opportunity to engage in a discussion about how we may enable your business.
Thank you for your consideration.
Mr. Sharaf