The settlement also requires Caliber to provide a list of NYS housing counselors and legal service providers to homeowners seeking modifications. When Caliber generated an escrow analysis on April 27, 2022, Caliber found a shortage of 5,278.41 due to an increase in property taxes and insurance premiums. The new letters include terms that are clear and understandable. This includes Fannie Mae, Freddie Mac, and HUD.Ĭaliber has changed the modification offer letters sent to homeowners. Lone Star purchased these loans at a discount from multiple GSEs. As well as more transparent communications with homeowners.Ĭaliber services thousands of mortgages held by Lone Star Funds. The industry can and should be adopting measures that provide sustainable and affordable modifications. They will also extend the term up to 40 years or defer some principal to the end of the mortgage. This settlement mandates that all of its current customers in New York with an interest-only or short-term modification automatically be evaluated for the ‘NY Principal Reduction Modification.Ĭaliber will be providing a modification by reducing interest rates to 3.75% for the life of the loan. Thus, creating a risk of redefault for the homeowners. The New York Attorney General alleged that Caliber prioritized interest-only and short-term modifications that reverted to much higher payments after a period of up to five years. The settlement will also benefit customers who continue to deal with economic repercussions from COVID-19. This settlement is for Caliber customers who were placed into interest-only loan modifications by the company. It offers a variety of loan types to fit every need, including products for the self-employed, investors, and those with poor credit. New York AG Letitia James announced that Caliber Home Loans is providing up to $17 million in mortgage loan forgiveness to its current customers in New York. Caliber Home Loans is a solid choice when you need a mortgage.

Caliber Home Loans Slapped By New York AG! Servicer To Give Homeowners $17 Million In Loan Forgivenessįinally! Caliber Home Loans slapped by the New York AG after pulling a loan modification scam.

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