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PMI restructures loan modification process

PMI Mortgage Insurance has issued new guidelines for modification of insured loans that will help more distressed borrowers save their homes.

The new guidelines define the criteria for loans insured by PMI that qualify for modifications, and delegates the authority to modify the terms of these eligible loans directly to loan servicing companies. These new guidelines are applicable to all delinquent loans insured by PMI.

John Jelavich, vice president of homeownership preservation initiatives at PMI, said: Our servicing partners are working hard to modify qualified loans as quickly as possible. This expansion of our servicing partners’ delegated authority to modify loans will expedite the loan modification process and assist our servicers’ efforts to keep more borrowers in their homes.