Michigan-based companies DLS Servicing Consultants LLC and WorkSmart Database Masters LLC announced that they have released an online, Web-based FHA Waterfall loss mitigation program, WaterfallCalc.com. The program, created to the specifications of FHA Mortgagee Letter 2012-22, provides FHA servicers with the correct FHA Waterfall option and all workout calculations with the entry of basic loan and borrower data. WaterfallCalc.com creators expect the WaterfallCalc.com program will highly improve efficiency and accuracy for all FHA loss mitigation and will drastically reduce processing times.
WaterfallCalc.com is a unique program designed for ease of use and with servicing shops of all sizes in mind. The program’s added value comes in the form of the calculations it can perform, including HAMP calculations complicated by previous partial claims and high front end debt ratios. Additionally, the program allows for FHA approved variances unique to Housing Finance Agencies.
By providing basic loan level data including default information, borrower income calculations, and escrow analysis calculations, the WaterfallCalc.com program chooses the correct loss mitigation option based on FHA parameters, and performs the calculations for the workout. The waterfall review and full FHA loan report is saved by individual user and can also be sent to a specified e-mail. With prices based on a per-file basis, WaterfallCalc.com provides an affordable option for FHA loss mitigation.