Loan Modification Defined
Loan modification refers to the process of modifying the loans made by lenders as a means of responding to the inability of borrowers to pay back their loans. The entire process involves reducing the interest rate, extending the terms and formulating a new type of loan. Lenders are willing to agree into a loan modification since the cost of drawing this agreement is lesser when compared to the defaulted loan. Loan modification is also popular for its other name mortgage modification and a lot of homeowners decide to undergo this process especially if they are already facing difficulties in paying out their mortgages and they want to prevent foreclosure as much as possible. The loan modification process also covers the procedures of reducing late fees and penalties and the principal amount.
Aside from extending the loan terms and reducing the interest rate and the principal balance of the loan, loan modification is also beneficial for borrowers because of the ability of the process to maintain the good standing of their utility accounts. It also works in preserving home ownership. Lenders also benefit from this process because this allows them to receive an amount from the loan instead of just getting nothing at all.
Brainmeasures Loan Modification Certification Program
If you want to fully understand how the loan or mortgage modification process works, then taking up a loan modification certification course is a wise move. You can take up a loan modification course from an ISO certified company which has now become popular for its good reputation and legitimacy. This online certification company is called Brainmeasures and this aims to supply you with relevant information about the entire process through its loan modification training which contains updated, accurate and detailed information. The loan modification certification course aims to provide relevant details about how you can modify the loan agreement and how you can persuade and negotiate with your lenders so they will agree in your decision. The certification course also offers topics that are linked to proper loan management so expect to generate more ideas on how to avoid defaulting in your payments in the future. In order for you to receive your certificate, you are required to take the loan modification exam and pass it.
Highlights of the Loan Modification Certification Program from Brainmeasures
Brainmeasures loan modification certification program covers a wide array of topics that are sure to increase the level of your knowledge and skills in successfully carrying out the loan modification process. The program covers all the concepts and strategies linked to loan modification so becoming an expert in the field will never become impossible. Some of the most vital parts of the loan modification certification program are the following:
- Speeding up the loan modification process
- Maintaining your ownership of your home through loan modification
- Determining if the loan modification process is right for you
- Deciding whether you should do the loan modification process on your own or look for a reputable company which employs professionals in the field
- Applying for mortgage or loan modification by first communicating to your lender and discussing your intention to modify your loan
- Gathering the needed figures, documents and facts for your loan modification application
- Knowing exactly what you want to ask to your lenders before facing or communicating to them
- Keeping track of your loan modification application
- Discussing the major reasons why you have applied for the loan modification process with your lender
- Effective evaluation of the initial offer of your lenders
- Making the best negotiations
- How to deal with a lender who remains uncooperative
- Knowing your legal rights
- Gathering all the data of your mortgage loan for the purpose of auditing
- Effective tips in achieving success when carrying out the loan modification process
- Ten myths associated to loan modification
Beneficiaries of the Loan Modification Certification Program
The loan modification certification course which you can now easily access at Brainmeasures aims to benefit a wide array of professionals in the mortgage and lending industry. You should consider enrolling in a loan modification certification course if you are a mortgage professional who plans to diversify the products that you are offering and further increase your income. This is also a good course for professionals who are working in a loan modification company, underwriters, servicers and lawyers.
Job Opportunities after Completing a Loan Modification Certification Course
Loan modification certification holders get the chance to work in companies that have been known because of their legitimate and reliable lending services. If you are one of the holders of the loan modification certification, then the following jobs are suitable enough for you:
- Mortgage Loan Modification Processor
- Loan Modification Specialist
- Loan Modification Sales Advisors
- Loan Servicing Director
- Mortgage Loan Underwriter
- Commercial Loan Restructuring Specialist
Expected Salary for Loan Modification Certification Holders
If you are already a loan modification certification holder, then you can expect to notice a dramatic change in your income as well. The average annual salary for loan modification experts is $60,000. As you gain more years of experience in the loan modification field and you start to get high-ranking positions, then you can expect to receive even higher earnings.
We Guarantee Brainmeasures Certifications Are Just Worth
Brainmeasures is an ISO 9001-2008 certified company, Brainmeasures is a leading online skill testing company. Our certifications are acknowledged by employers worldwide. Reason behind this trust is our world class testing standards. Brainmeasures offers skills tests in over 1200 varied fields and over 100 professionally developed courses and certification programs.
- Certification tests are developed by experienced professionals and subject matter experts.
- Each test goes under four rounds of proofreading to make it 100% error free.
- All tests developed are first taken by experts who judge its standards and then give their feedback.
- Tests are developed to check actual understanding of candidate’s knowledge of the subject and not mere on basis on difficulty level.
- While developing each test this fact is considered that what is the motive and purpose of testing.
- Each test developed checks complete knowledge of the test taker on that particular subject.
- Complete testing is so designed that a candidate has to finish the test within given time frame thus ruling out chances of using unfair means.
- Our Certifications determine the performance capability of an individual critical to the job.
- Minimum standard of achievement is set by subject matter experts All certifications are updated regularly to include latest additions to the field.