BB&T Mortgage Loan Modification Process

1. Interview By Phone Similar to the other companies BB&T Loan Modification starts with an interview over the phone.
2. Package Submission The second step of the Loan Modification process is that you will be required to submit the BB&T Request for Mortgage Assistance Package with all the supporting documents and finances.
3. BPO  (Broker’s Price Opinion) Sometimes it is necessary to obtain a valuation of the property for this a Broker’s price opinion is obtained. Sometimes Automatic valuation model is used for this purpose.

1. Negotiations The new terms are negotiated which are the most suitable for the both parties and are sent to underwriting for approval.
2. Modification Approval/Decline The servicer responds on behalf of the client about the approval or decline of the modification application.

The process of the Loan Modification looks simple from the above steps but it is never the case. We Absolute Consultant Group (ACG) are a company that support the homeowners through the loan modification process.It is very normal for the company to give you the runaround between departments. Often they will request the same documents over and over from you.Often the departments will give you the runaround to and from them. The BB&T Mortgage Services loan modification department often transfers the customers to the servicing department and it sends them back to the loan modification department. It is much better to come to our staff rather than submitting the wrong information, getting denied or not being able to figure out what to do and can save you a lot of trouble. Our staff is available to review your paperwork and to help you step with the best foot forward. Call us at 888-934-3444.

BB&T Loan Modification Timeline

A lot of bureaucracy is involved in a company like BB&T. Due to this the timeline of BB&T loan modification varies due to reasons that sometimes are very straight but sometimes they are very complicated. Here are a few reasons why the answers to this question are such complicated.

For one, BB&t is only a servicing company of mortgage notes. They usually represent debt on someone else’s behalf known as an investor. Due to this the decision taking capability of the company is hugely reduced. As a home loan servicing company they follow the Pooling and Servicing Agreement (PSA), This serves like an agreement between all institutions. The company is allowed to take a few of the decisions on behalf of the investor but not all the decisions. This means that they have to get permision from the investor for every loan modification that they want to make. Certain investors take the process of making decision and do it themselves. In this kind of regulated business the more hands involved the longer it takes in processing leaving BB&T’s hands tied.

Another issue, The timeline depends on the priority of the application. The company prioritizes the applications that are received first. The company mostly works on the first come first serve basis but it also depends on if you have a foreclosure date that is very near in the future. If you have a foreclosure date that is near in the future then it is likely that your application will be pushed to the front of the line and considered sooner for the mortgage assistance. It must be kept in mind that the institutions like Caliber have foreclosure dates for almost every day. Due to this the process does not go forward as quickly as you want it to.

• Lastly, All mortgages are not created equal. There are a large number of mortgage programs each having different terms and regulations about how they will modify your loan. Usually, if the client does not qualify for the first program they are tried for the next one. This process goes on untill they find the mortgage solution that works. Departments are very specialized due to these conditions so many times different representatives handle different parts of the review.

BB&T’s Home Mortgage Loan Modification Timeline Conclusion: While we would like to give an exact modification timeline to our valued customers but it varies greatly customer to customer. It depends on whether the servicer can take the decision themselve or they have to send it to the investor for approval. It depends on whether you fit the first program you are reviewed for or the 10th or 11th. It also depends on the factors from outside the bank such as how fast they can get the valuation on the property and how fast they receive the legible documents.

Dealing With A BB&T Loan Modification Decline

Have you been declined by BB&T? Has BB&T denied your request for Home Loan Modification. The Decline can be confusing. Understanding the details of all the plans and how that conflicts with your information is key. Here at ACG we have dozens of points we review in order to understand why your BB&T Mortgage loan modification was rejected. Have us review your declined modifcation for free by calling us at 888-934-3444.

Additional BB&T Mortgage Contact Information

BB&T Customer Service

BB&T Home Mortgage Complaints