Powerful, impartial analytics that enable you to consistently make timely, informed decisions.
REST offers a variety of analytics, models and third-party services that can all be incorporated into various types of reports. Based on your organization's requirements and configuration, you can submit case file information, run it through a waterfall of eligibility guidelines and calculations and then obtain -your specified report(s) - all with a single product selection.
Branded for Your Company
The REST software is enterprise ready, providing your firm with a consolidated view of all your company's report activity - with oversight capability of your divisions', departments' and individual users' submissions.
Summary of Reports
From the cover sheet you can clearly see what reports have been included with your order. The Summary of Reports section provides a brief description of various sections, services and reports included in your final product.
The Loan Disposition Analysis - Overview/Approach section provides an outline of the overall approach taken in the REST analytics. How would a servicer typically evaluate the borrower's situation?
Servicer style (presented NPV inputs used)
Information submitted for analysis and NPV input data fields and values
These sections contain a list of all the information that was submitted for analysis. The NPV input data fields and values uses a format that is widely used by banks and services when they are communicating the NPV inputs that they had used (typically when a borrower is 'Denied').
This allows you to easily go line by line to make sure that the same information was used. If there IS a discrepancy, you can challenge any erroneous information and/or re-run the REST NPV using the mutually-agreed upon values.
Summary of Findings
The key results conventiently located in one place
The summary of findings page highlights all the key results for all of the models analyzed within the report. The summary section shows which programs one may qualify for based on information submitted. You will see the current loan terms as well as what modification options are (and aren’t) eligible.
This section will show the terms for which the client should qualify for based on HAMP Tier1 and Tier 2 standard as well as the PRA (principal reduction alternative) for each. If a loan does not fit the strict standard guidelines, some additional, more flexible, modification options will be presented. (Please refer to the Flex Mod explanations in the Q&A section in support.)
See all the programs your client qualifies for along with the terms.
Also see the programs not qualified for and best of all, see WHY they failed!
Get insight when considering a short sale option.
Understand how the bank is looking at the home when considering modification.
Comprehensive analysis of all available programs
An in depth look into each program that the analytics were applied to.
Clean pass or fail and methodology taken in order to obtain the result's found in the summary. If fail, it's going to tell you the reason why. This is the approach used to determine if the client may or may not qualify for the program(s) Also in the case of short sale it will supply the terms in which the bank would still come out on top and be acceptable for a short sale.
HAMP Tier 1 & 2 Programs
Checks the eligibility of the submitted information for HAMP modifications. Applies HAMP Tier 1 and Tier 2 Standard Waterfall and Principal Reduction Alternative (PRA) models as applicable and determines the proposed modification terms. Calculates all Net Present Values (NPV’s) per model requirements.
Additional loan modification options
Evaluates the data using various non-HAMP modification options. These models provide additional loan restructuring alternatives. The underwriting criteria is usually more flexible and can include proprietary or investor-specific models.
Short Sale Alternative (HAFA)
The submitted information is evaluated for the Home Affordable Foreclosure Alternative (HAFA) Short Sale Option. This section provides an overview of the Short Sale Process and presents qualifying HAFA Short Sale Terms including Acceptable Net Proceeds, Allowable Transaction Costs, etc.
A clear foreclosure analysis
Throughout the analysis, the Net Present Values (NPV) of the various Loan Disposition Options are compared to the projected NPV's of the loan not being modified, defaulting and proceeding into foreclosure. This section provides more insight into the Foreclosure projections and various foreclosure NPV calculations
EPV/NPV Report included
This being a favorite and generally included or recommended add on to the REST Report shows the EPV/NPV break even. Looking at value of the property from an NPV style approach and deciphering the point at which a loan goes from NPV negative to NPV positive.
The EPV/NPV Break-Even Analysis collects multiple Estimated Property Values from various sources and then, using HAMP's Tier1 Standard program guidelines and assumptions, runs iterative permutations to determines the Property Value (if any) at which the NPV of a HAMP-eligible Standard Loan Modification would swing from NPV Positive to NPV Negative when compared to the NPV without the proposed modification.
Servicer accepted AVM's included
The system reaches out to up to 11 different industry-accepted AVM providers to provide an accurate estimation of the subject property's current market value.
The system reaches out to up to 11 different industry-accepted AVM providers to provide an accurate estimation of the subject property's current market value. Based on their confidence scores and historical accuracy, two AVM values are selected and automatically included with the standard REST Report.
As long as the borrower provides any publicly available evidence supporting the borrower’s estimate of property value (e.g., sales prices from newspaper for sales of comparable homes, estimates from internet valuation sources, etc.), the servicer must utilize the borrower’s evidence and perform the preliminary NPV re-evaluation required, notwithstanding the servicer’s disagreement with the borrower’s estimate. from HAMP guidelines Chapter II, Sec 2.3.4-disputed property value input
Please also refer to the video and information found in the Members Area regarding what to do when your servicer has used a property value that is substantially different from the AVM, Appraisal or BPO values you have obtained and submitted.
Affordable Payment Analysis Report
An indespensable tool to ensure a proper submission
This report presents an easy-to-read Affordable Mortgage Payment Analysis, utilizing the borrower's submitted income and expense information. It shows the high-level calculations and findings when applying various Unpaid Principal Balance (UPB), Interest Rate and Loan Term permutations.
This is an ideal counseling tool. It helps explain how much income is necessary to qualify for various loan modification options or how much principal the bank might have to forbear or forgive in order to make an affordable home payment possible.
The assumptions in these analytics use the base factors contained in the latest HAMP Loan Modification guidelines (v. 5.x) such as the Allowable Housing Expenses that can be lowered to 31% of the borrower's income.
The AMP Analysis also takes into consideration loan related factors such as the interest rate can be lowered to 2% and the Loan Term can be extended up to 40 years (or the current loan term)
The results from this report can be used to ensure that your clients budget and submission package is assembled in the most favorably way possible to get an approved modification.