What happens to a file once it’s in Process?
The Processor will first submit the Limited Power of Attorney (LPOA) to the client’s bank. They will check back with the lender in 3 days to verify receipt of the LPOA. During those three days (or more if necessary) they will be reviewing the client’s budget and hardship explanation to develop the strategy that they will present to the lender for modification. This takes a thorough analysis of the client’s financials and how they fit with the client’s particular hardship. Once they’ve submitted a package for review by the bank, they are tracking the progress of the file while with the lender.
