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We are thrilled to announce that WaterfallCalc is ready for the VASP program. VA released updated loss mitigation protocols which has been detailed in Chapter 5 and 9 of the Servicing Guide. The key highlight of Chapter 9 is a program called the VA Servicing Purchase Program (VASP). The VASP is an innovative program that allows VA to purchase loans directly from servicers for eligible veterans, taking on servicing responsibilities to ensure veterans remain in their homes. The VASP must be implemented by October 1, 2024. Be ahead of the deadline and use WaterfallCalc to assist your borrowers. Don’t miss this opportunity to enhance your servicing strategies and better support our veterans.

Be advised that Mortgagee Letter 2024-02 established the Payment Supplement loss mitigation option. The Payment Supplement will combine a standalone Partial Claim to bring the Mortgage current with a new Monthly Principal Reduction (MoPR) payment. This will temporarily reduce the Borrower’s monthly Mortgage Payment for a period of three years, without requiring the Mortgage to be modified. While Servicers aren’t required to implement the PSA until January 1, 2025, you can implement the program now with WaterfallCalc. WaterfallCalc’s benefit to servicers was recently highlighted by a valued client in an article by MortgageOrb Magazine: Essex prides itself on being a leading servicer of GNMA loans, and our partnership with WaterfallCalc has been a key factor in this success,” says Nathan Sands, Chief Servicing Officer at Essex Mortgage – a WaterfallCalc client. “Donna and her team’s exceptional expertise and commitment ensure that we can provide top-tier support to our borrowers. By swiftly implementing innovative programs like the FHA PSA, we are better equipped to assist borrowers facing financial hardships, ultimately helping them retain their homes and achieve financial stability.” You can read more here: Mortgage Servicers Can Beat FHA Deadline for Payment Supplement Agreement Using WaterfallCalc – MortgageOrb

The following changes were laid out in ML 2023-11 and were implemented through an update to WaterfallCalc on July 11, 2023. Per ML 2023-11, Non-Borrowers who have acquired Title Through Exempted Transfer should be considered for a Home Affordable Modification Program (FHA-HAMP). There will be a new box on the first page of the FHA module with the description, “Title: Exempted Transfer”. When this box is selected as YES, the borrower will be reviewed for the FHA-HAMP. All other borrowers should be reviewed for the Covid-19 Recovery Home Retention Options. What This Means for You: As a user of our platform, WaterfallCalc.com, these updates will ensure that you are using the most up-to-date rules for evaluating loss mitigation options. Our tool is designed to quickly adapt to all such changes, ensuring you have access to the most accurate information and precise calculations. WaterfallCalc.com continues to be committed to offering a comprehensive, real-time loss mitigation analysis tool that streamlines the calculation process and minimizes the need for rework. Stay tuned for more updates, and remember, we are here to help you navigate these changes and ensure that you stay compliant with industry standards. Should you have any questions or require further clarification on the new implementation from ML 2023-11, please do not hesitate to reach out to us at WFC-Help@dls-servicing.com.  

To All WaterfallCalc Users, HUD has revised their borrower support options under the Dear Lender Letter 2023-04 for Section 184 & 184A, here are the crucial changes: Borrowers 90 days or more delinquent must be reviewed for the COVID-19 Loss Mitigation Options, no matter the reason for default until October 30, 2024. Loss Mitigation Advance now allows up to 30 percent of the unpaid principal balance to be allotted to bring the borrower current. This increased from 25 percent. If Target Payment can’t be achieved, the lowest possible monthly payment should be offered under the COVID-19 Recovery Native Loan Modification or a COVID-19 Loss Mitigation Advance. Please make sure you’re aware of these updates. If you need more details, don’t hesitate to contact us at WFC-Help@dls-servicing.com

In May 2023, DLS WaterfallCalc transitioned to a new document system, Propel, to enhance your user experience. Key Highlights to note: Variations in document appearance: With the introduction of Propel, you may notice slight variations in the font, formatting, and overall appearance of your documents. Rest assured; these changes are intended to enhance the overall user experience. You will also receive prompts to download the updated documents as necessary. Change in document-related emails: Going forward, all document-related emails will be sent from noreply@asurity.com. Please ensure that you update your email filters or whitelist this address to avoid missing any important notifications. If you require any assistance or have inquiries, please don’t hesitate to reach out to our dedicated support team at WFC-Help@dls-servicing.com. We are here to provide the necessary guidance and support throughout this process. We believe that this new document system will significantly improve your user experience and productivity. Thank you for being a valued member of our community.