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I worked for GD on a jumbo loan. GD’s son, OD, decided to give my service a try on his $400,000 loan with Flagstar.

Flagstar outsourced the modification to Mortgage Outreach Services, aka MOS. I have nothing good to say about the services of MOS. The processor sent a trial payment letter to the client, however, it was never received. We insisted on receiving it. The processor then reran the figures and decided that OD was not qualified. We protested that decision to Flagstar, and Flagstar took over control of the file.

With Flagstar there was confusion over OD’s bonuses. Flagstar wanted to add them to his 2010 W-2 income. We had to insist that they were included in his W-2 income and not in addition to it. That lowered gross income and lowered the trial plan payments.

Flagstar offered OD a trial payment plan which included 2.0% rate for five years, followed by a 3.0% rate, then a 4.0% rate and then a 4.75% rate for the balance of the loan. Unpaid interest and principal were added to the loan.

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