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Posted by CST on 6/26/20 12:32pm
Covid-19 has brought on a new increase of Partial Claims agreements You might ask, what is the difference between a loan mod and a Partial Claims.
From a signing agents perspective, the package is about 10-15 pages, what a Partial Claims does for home owners is in valuable.
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Definition - What does Partial Claim mean?
Partial claim is a type of a loan guaranteed by Department of Housing & Urban Development (HUD). It is an interest free loan granted to people delinquent on Federal Housing Administration (FHA) loans. The amount of the loan is the actual amount needed to reinstate the mortgage."
DUE TO COVID, MANY HOME OWNERS DO NOT WANT TO LOSE THEIR HOMES, SO LENDERS LIKE QUICKEN AND MANY OTHERS ARE HELPING during this very difficult time for Covid-19 victims. We have all been touched by this pandemic and this is one way a lender can help home owners.
also realizes that you are all busy doing loan signings, and fitting in these small packages might be difficult, but remember they are open time open date.
is making no money on these files, we have had to hire new employees, but we do feel that its doing our part in helping during Covid-19 and we hope you are all willing to help as well. (disclaimer: First American is our largest client, so helping them and their clients is a good thing for , so in no way am I saying this wont help us down the line by getting more more, it could help)
it says they are working for free. they barely pay for any of their packages...$30 max. I can't imagine how low they will expect notaries to work for these. |
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