Quote from Robert Hytha on July 26, 2024, 9:10 pmWrapped up a borrower loan modification to resolve a non-performing 2nd position loan secured by a SFR in NJ today and I think it might have been our fastest turnaround yet.
We've had loans resolve sooner before (this one was purchased in May of this year). The record here was the speed from borrower's phone call to completed loan mod = 23 minutes!
The timeline
4:34 - inbound call (~1 month after RESPA/TILA letters)
4:46 - loan mod emailed to borrower
4:57 - signed mod + ACH authorization returned
A few tips that made it so quick:
- have pre-authorized terms ready to go. currently we're at 9.9% interest rate, 30 year max if they can't afford a higher monthly payment
- use gmail templates and/or automations to generate the agreement & communicate the instructions
- have your portfolio management system with you at all times (I keep the Podio app on my phone)
If you need help installing a portfolio management system in Podio, we'll clone our apps into your workspace to start building automations on top of - join the Mastermind
Podio is free to start but automations require Podio Premium (~$20 per month)
Wrapped up a borrower loan modification to resolve a non-performing 2nd position loan secured by a SFR in NJ today and I think it might have been our fastest turnaround yet.
We've had loans resolve sooner before (this one was purchased in May of this year). The record here was the speed from borrower's phone call to completed loan mod = 23 minutes!
The timeline
4:34 - inbound call (~1 month after RESPA/TILA letters)
4:46 - loan mod emailed to borrower
4:57 - signed mod + ACH authorization returned
A few tips that made it so quick:
If you need help installing a portfolio management system in Podio, we'll clone our apps into your workspace to start building automations on top of - join the Mastermind
Podio is free to start but automations require Podio Premium (~$20 per month)