| HOPE NOW. Hope for Homeowners. Making Home Affordable. As a result of changing economic conditions, loss mitigation has come to the forefront of our industry. Existing loss mitigation programs are being revised and new preemptive loss mitigation efforts are being made to assist lenders and homeowners. The industry response to the current housing market has included recognition of the value of pre-emptive intervention, the development and use of new loss mitigation requirements and options, the creation of homeowner assistance programs, and in some cases, the imposition of fines on lenders that do not engage in loss mitigation options. It is critical for servicers, particularly loss mitigation counselors, to understand how to help distressed homeowners and keep abreast of the changing guidelines and requirements.
The purpose of this course is to present the student with the key concepts needed for successful loss mitigation in today's environment. The course begins with a description of the purpose of loss mitigation and its critical role in today's economy. In the second lesson, we describe the critical calculations used to identify risk and make critical decisions about loss mitigation options. In the third lesson, we identify the purpose and use of the retention and disposition options used in today's market. In the next lesson, we describe the loss mitigation options and resources for distressed Fannie Mae, Freddie Mac, FHA-insured, and VA loans. In the final lesson, we take a look at the various stages of the loss mitigation process.
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