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express 1st mortgage refi/modification process

  • 1.  express 1st mortgage refi/modification process

    Posted Mar 13, 2020 12:31 PM
    Good afternoon,
     
    In anticipation of a quick return to the low rate environment and trying to stem the flow of real estate payoffs, has anyone developed a policy/procedure/process for a quick refinance of a lower 1st mortgage into a lower rate.
     
    I.e., rather than a hardship modification it would be something more like a competitive market modification.
     
    Maybe a credit report, income verification, AVM, for a flat 750.00 fee to lower the rate on the note and modify the mortgage?
     
    Thanks,
    Scott Meyer
    President & CEO
    Connect Credit Union
    954-318-1270 direct
     
     
     
     
     
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  • 2.  RE: express 1st mortgage refi/modification process

    Posted Mar 13, 2020 03:01 PM
    At this time we do not have a streamlined refinance or modification. We have reached out to our servicer Cenlar to see what options we could do with them. We are considering the same items mentioned in Scott's email.





  • 3.  RE: express 1st mortgage refi/modification process

    Posted Mar 16, 2020 06:24 AM
      |   view attached
    We have a mortgage modification policy/procedure in place whereby we pull new credit,we do not add to the mortgage but we charge a 1% of the unpaid balance refinance fee.  The member needs to pay this fee in cash.  We send the loan estimate and a few other disclosures wait until the 4th day then send the closing disclosure.  Three days after the CD we sit down and close.  Our attorney as well as the title company have indicated to us that we do not have to record the modification.

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    Marilyn Lewis
    VP/Lending
    Countryside FCU
    East Syracuse NY
    315.445.2300
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