Loan Modification Request Form

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Loan Modification Request Form Powered By Docstoc
					     Non-Delegated Loan Modification Request Form
     Delinquent Loans


Use this form to submit a request for approval of a non-delegated delinquent loan modification. The criteria
listed below will help you identify if you need to complete this form or if approval by PMI is not required.
                            Criteria                          Yes/No   Comments
 1       Does the modification fall under the                  Yes     Continue to question 2
         Treasury’s Home Affordable Modification
         Program (HMP)?                                        No      Continue to question 4
 2       Is the investor Fannie Mae?                           Yes     Approval is not required, please submit as delegated.
                                                                       See http://www.pmi-
                                                                       us.com/servicers/servicingforms.html for additional
                                                                       information and reporting requirements.
                                                               No      Continue to question 3
 3       Did loan pass the NPV test?                           Yes     Approval is not required, please submit as delegated.
                                                                       See http://www.pmi-
                                                                       us.com/servicers/servicingforms.html for additional
                                                                       information and reporting requirements.
                                                               No      Submit for MI Second Look; complete Second Look
                                                                       form (available at http://www.pmi-
                                                                       us.com/servicers/servicingforms.html ) and submit to
                                                                       PMI.
 4       Is the modified loan type negatively                  Yes     Not an allowable loan type; no exceptions.
         amortizing?
                                                               No      Continue to question 5
 5       Is the modified unpaid principal balance (UPB),       Yes     Complete this form and submit to PMI.
         including deferred principal, 115% or greater                 If yes, what is %?
         than the original UPB?                                        Continue to question 6
                                                               No
 6       Does the modification cure the default?               Yes     Approval is not required, please submit as delegated.
                                                                       See http://www.pmi-
                                                                       us.com/servicers/servicingforms.html for additional
                                                                       information and reporting requirements.
                                                               No      Not permissible under PMI guidelines.


Servicer Contact Information
Company Name
Address
Name
Phone # & Extension
Fax #
Email

Loan Information
Certificate #
Contract ID # (pool)
Borrower Name(s)
Servicer Loan #
Investor Name
Investor Loan #
Property Address
City, State, Zip code

Borrower Information
Total Debt (payoff amount)
Reason for Default
Next Payment Due Date
(before modification)                    /         /

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                Existing Loan Terms                                               Modified Loan Terms
Loan Type*                 $                                     Loan Type*
                                                                 Modified UPB
UPB before workout           $                                   (include Deferred Principal)     $
Remaining term before
modification                                                     Modified Term
Original Maturity Date              /          /                 Modified Maturity Date               /           /
Interest Rate %                                                  P&I Payment (Yr 1)               $
P&I Payment                  $                                   PITI (Yr 1)                      $
PITI                         $                                   Modified Interest Rate %                                   %
Original UPB                 $                                   If step rate – Rate % Yr 1                                 %
Occupancy Status **                                                                    Yr 2                                 %
Current Property Value       $                                                         Yr 3                                 %
Valuation Date                      /          /                                       Yr 4                                 %
                                                                 Interest Only term (yrs),
                                                                 if applicable
* e.g. 3/1 ARM, 5/1 ARM, Fixed Rate, etc.                        Periodic ARM cap %                                         %
** Owner occupied, Tenant occupied or Vacant                     Deferred principal               $
*** Note: Capitalization of penalty fees and late                Principal forgiveness            $
    charges are not allowed.                                     Capitalization Amount:***
                                                                      Interest Arrears            $
Please explain any prior workouts that were approved                  Escrow Advance              $
during this default episode and why they failed.                      Foreclosure Fees            $
If none, then state “no prior workouts”.                              Bankruptcy Fees             $
                                                                                                  $
                                                                                                  $
                                                                      Capitalization Total        $
                                                                 First payment due date
                                                                 after modification                   /           /
                                                                 Borrower Cash
                                                                 Contribution                     $
                                                                 DTI%                                                       %
                                                                 Surplus income after
                                                                 modification                     $

Required documentation
      Paystub/income documentation                                   Financial analysis – i.e. monthly obligations
      Credit report                                                  BPO (Not older than 90 days)


The undersigned Lender represents and certifies that the above information is correct and complete, and acknowledges that
the continuation of mortgage insurance coverage by PMI is provided in reliance upon the above representations.


Name                                                                                         Date             /       /
Title

                                 Phone                  800.685.4764
                                 Fax                    888.305.2956
             Contact Us
                                 E-mail                 loss.mitigation@pmigroup.com
                                 Website                www.pmi-us.com/servicers

PMI Use Only
   Approved
   Denied                  Name                                                            Date           /       /

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