Home / Headlines / Companies Team Up to Create Waterfall Loss Mitigation Program
Print This Post Print This Post

Companies Team Up to Create Waterfall Loss Mitigation Program

In Michigan, DLS Servicing Consultants and WorkSmart Database Masters have come together to release WaterfallCalc.com, a new Web-based Waterfall loss mitigation program for Federal Housing Administration (FHA) mortgages.

Created by Donna Schmidt, managing director at DLS Servicing Consultants, and Andy Tabisz, president of WorkSmart Database Masters, WaterfallCalc.com is designed to provide FHA servicers with the correct Waterfall option based on basic loan and borrower data.

The program also performs all workout calculations using the provided information, which can either be entered manually or uploaded using an export file from the lender's servicing system.

Created to fit the specifications of FHA Mortgagee Letter 2013-32 and the Home Affordable Modification Program (HAMP) FAQs, WaterfallCalc.com also allows for FHA-approved variances unique to housing finance agencies.

In a joint release, the program's creators tout WaterfallCalc.com as "a unique program designed for ease of use and with servicing shops of all sizes in mind."


Check Also

FHFA Shares Fannie, Freddie Stress Tests Results

How would the GSEs perform under extremely adverse conditions? Here’s what their latest stress tests under the Dodd-Frank Act revealed.


Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.