Mortgage Loss Mitigation
This workflow template illustrates the processing of requests from current borrowers to modify the terms of their loan (payment amount, interest rates, etc.) in order to avoid default or foreclosure. Purchase and download this template in PDF and Visio (VSD) formats. You can customize it to fit your own organization, or simply use it to better understand the Mortgage Loss Mitigation, or Loan Modification, process.
Related KPIs : Cycle Time: Loss Mitigation Decision, Loss Mitigation Success Rate, Successful Loss Mitigation Workouts Completed per Loss Mitigation Employees
What is Mortgage Loss Mitigation?
The Mortgage Loss Mitigation process involves coordination between borrowers, loan servicing staff and third-party real estate brokers (or appraisers) to assess potential loan modification options for the borrower(s). This process includes the initial completion of loss mitigation forms by the borrower, the review of those forms by loan servicing staff and, finally, the proposal of potential loan modifications to help the borrower complete payment and avoid foreclosure. This process may also involve the inspection of the borrower's property to inform loan servicing staff in crafting loan modification options.
Download a Sample Mortgage Loss Mitigation
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