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."