This 90-minute webinar details "how-to" insights for structuring and analyzing a loan modification (Home Affordable Modification Program (HAMP) and Standard Modification) using Workout Prospector, Freddie Mac's web-based servicing tool. This session highlights the modification screens that are available in Workout Prospector to support underwriting eligible borrowers and submitting modified loan terms to Freddie Mac for settlement. Processing tips and best practices for analyzing the borrower's financial situation and an introduction to Workout Prospector functionality for the HAMP and Standard Modification foreclosure alternative are also provided.
Prerequisites:
This session is for employees of approved Freddie Mac Servicers only
Simultaneous access to the Internet (to receive the visual presentation) and a telephone (to receive audio)
Attending the "Home Affordable Modification Program: Overview" and "Servicing Alignment Initiative: Freddie Mac Standard Modification" webinars are recommended
Course materials will be emailed to you prior to the start of the session
Objectives:
Understand how to complete the Modification screen in Workout Prospector to evaluate borrowers for HAMP or Standard Modification
Learn about the exception process and when it?s required
Preparing a modification for settlement: how, when and what to transmit to Freddie Mac
Topics:
HAMP and Standard Modification: Key concepts review
Workout Prospector functionality
Reviewing the exception process
Submitting the modified loan to Freddie Mac for settlement
Workout Prospector for Modifications