Lighthouse Financial Ministries Day Two Training

Welcome aboard! First I would like to familiarize you with our Executive Staff: Kevin Roger: Scarlett Singleton: Grace Register: Geneva Holland: CEO- Director of Programs Director of Training & Compliance Processing Manager Marketing Director

In the course of the next few weeks you will have a chance to speak with each of our directors as you get started with our company. We welcome you and hope to build a long lasting business relationship. Our goal is to equip you with the tools needed to grow your business financially and enjoy the rewards that come with helping homeowners retain their ownership of their home while educating the community as a whole on the truth of the financial crises at hand. Today s training is more in depth on the Making Home Affordable Modification Program and explanation on the Forensic Audit and Securization examination. Each week in our weekly meetings we will go deeper into each program.

000. HAFA was created to standardize and simplify the Short Sale and Deed In lue process. At the end of the forbearance the homeowner will be revaluated for a MHA by means of either a modification or HAFA.This is the program that reduces the mortgage payment to 31% of the borrowers GROSS income.00 to $5. Although the program has its flaws to date it is in our opinion the best attempt so far.(Unemployment Forbearance) If a borrower has lost there job and is collecting unemployment or getting ready to collect unemployment they can apply for the unemployment forbearance thus putting there payments on hold for 3-6 months while the homeowner gets back on their feet. HAMP-( Home affordable modification program). With the Hafa program homeowners can receive assistance in relationship anywhere from $3. Under the Making Home Affordable umbrella there are options we need to be familiar with. We all have heard of the Making Home Affordable (MHA) that President Obama came up with in February 2009 to help sustain the housing crisis and reduce the number of foreclosures. HAFA.How Is a Modification? A medication is a change in the term of your mortgage either permanent or short term.00 . We will go over the process of obtaining that number towards the end of today s training. UP.Home Affordable Foreclosure Alternative: Promotes foreclosure alternatives including short sale and deed-in-lieu when modification is not appropriate.000.

We will be reviewing this information as well as the steps to prequalify a borrower in the presentation.Please take notes during the presentation and answer the following questions and fax back into the office.Second Mortgage Modification Program: When a 1st loan is modified with a MHA modification and the 2nd lender is a signed the SPAA agreement then they must lower the rate as low as 1% or extinguish part or all of the loan. Notes .2MP.

Why was Making Home Affordable program created? 2.1. How do we know if a lender is a participant of the program? 3. A: B: C: D: E: 8. What is MHA and list the ones that are presently in effect? A: B: C: D: 4. What is Imminent Default? 6. Give a brief explanation of NPV: 9: When will you apply for a UP? . Name the steps in the waterfall process. What is the criteria for the HAMP: 5. What is the Waterfall 7.

10: What are the benefits of HAFA? 11. What do you find as the most interesting program and do you feel this will assist you in marketing our programs? . Would you ask for a 2mp before a modification? 12.

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