How to Start a Loan Modification Business -Setting Up Your Loan Modification Client Intake System

Recently people asked me about obtaining copies of my Loan Modification Business Forms.
I hesitated at first because it's not just the forms you need.
It's a complete client intake system that you really need to set up in your new business.
The lenders are getting a lot of loan modification requests right now and the ones that are going to be dealt with first are the complete packages with all documentation contained right there to show that this borrower is eligible and deserves a lower payment on modified terms.
So again, it's not just the forms that matter.
When people asked for forms, I said no, I do not have anything available right now.
The forms do not matter unless you know how to integrate a complete loan modification client intake system.
Your company can implement its own Loan Modification Client Intake System and in this article, I am going to show you the steps you should take to implement this system.
Assumptions here: You have a new client looking to do a loan modification with your company.
You are ready and eager to help them with their needs.
But you are missing the structure and "know how" of how to obtain your Client's information, how to compile it, and how to present it to the Client's lender in a meaningful and complete format.
In order to implement a Client Intake System for a Loan Modification Company, you should set up the following sets of forms: A Set of Customer Facing Forms and a Set of Loan Modification Forms.
The Customer Facing forms are the forms that will be completed by the Client during the initial interview for hiring your company to provide loan modification services.
The Loan Modification Business Forms are the forms that your company creates to submit the Client's request to your Client's Lender.
The Customer Facing Forms that you should consider setting up for your company are as follows: 1.
Instruction Letter to New Client 2.
Client Authorization to Release Information 3.
Borrower Information Form for Loan Modification Request 4.
Income and Expense Financial Statement 5.
Hardship Reasons Form 6.
Schedule of Real Estate Owned 7.
Form 4506T - Request for Transcript of Tax Return 8.
Statement of Fair Market Value of Property 9.
Client Services Agreement (and advance fees) The Loan Modification Business Forms are as follows: 1.
Loan Modification Proposal Request Form 2.
Cover Letter from Loan Modification Business Once these forms are completed with your company name, contact info, logos, etc.
, your business should take the time to write up your company's client intake process of how you will handle each step of the Client Intake System.
For example, document your process of how you will handle the initial call from the Client.
Write down which forms you will attempt to complete on the phone versus those forms you will email to your customer to complete and fax back to your company.
Write down each step of your process including how you will follow up with the loss mitigation specialist assigned to your Client's file.