This is the first of a 2 part series on questions you should ask about mortgage loan officer training in foreclosure prevention
After Mortgage Training In Loss Mitigation, What Would Be My Work As A Certified Loss Mitigation Consultant?
With FFPS, a loss mitigation consultant is a specialized sales consultant. You find loss mitigation candidates, help them complete a form and submit it to our professional loss mitigation team for approval. Upon candidate approval, you collect our fee from the client and the loss mitigation begins. In some states, the fee is put into an escrow account until the loss mitigation is done. As a Real Estate Agent, you maintain client interface.
What Is A Good Loss Mitigation Candidate?
In our mortgage training, we teach that there are two common types of candidates that are approved as clients… those who have gone through a financial hardship, but are now able to resume making payments; and those who have adjustable rate mortgages, but due to increases are no longer able to make the higher payment.
So while there are many factors to be considered in accepting a loss mitigation client, the two base approval factors are: 1) Can they resume payments, or in the case of adjustable loans… they can make payments but with a loan modification; and 2) their home is at least 30 days or more away from foreclosure.
In part 2 of this series, these mortgage training questions will be answered:
As a Real Estate Agent, how Do You Find Good Loss Mitigation Candidates?
Do I have to be a Real Estate Agent to be successful with mortgage training in loss mitigation?
How can I find out more?
Open wide, because we have a fire hose of free recorded information just waiting for Mortgage Brokers. Simply go to our website:
Mortgage Loan Officer Training. You will then be able to watch several presentations designed to answer most of your questions, plus you will be able to talk to one of our “no pressure” consultants to answer additional questions you may have.
Learn more at Mortgage Training.
