Designed to enable mortgage loss mitigation service providers find the best foreclosure alternatives for borrowers the REST Connect platform offers HAMP and proprietary loan workout programs and loan disposition analysis.
A joint offering from the American Association of Attorneys and Legal Professionals and REST, the platform also provides assistance to homeowners contesting their bank's decision to deny a loan modification request and can be used as evidence in a court of law. It is available to REST licensees and members of the AAALP who need to use the platform on behalf of their clients.
According to AAALP, the recent extension and expansion of the HAMP program is expected to benefit more families and individuals, especially underwater homeowners who can receive loan term rewrites that reduce monthly payments and even the loan's principal.
New HAMP incentives for lenders and servicers who agree to rewrite loan terms to help borrowers avoid foreclosure and the fact that so far only about 1.1 million homeowners have taken advantage of the program, AAA said, compared to 3 million to 4 million predicted by the Obama administration indicates “many who should have qualified for a HAMP rewrite still have not taken advantage of the program” probably because qualification guidelines were originally quite stringent and the application process very stressful.
The REST Connect platform enables users to determine the Net Present Value of a client’s mortgage that determines whether or not the loan qualifies for a HAMP or any other modification option and directly submitted to the loan servicer to avoid application errors before sending it to the bank and save processing time.