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RPM Continues to Rack Up Rescissions of Mortgage Repurchase/Buyback Demands
Resolution Portfolio Management & Oversight (RPM) Achieves 85% Success Rate for Files Defended in 2013
By: RPM Oversight
“For one of our clients alone, we successfully defended 43 of 45 files we handled in 2013,” said Andrew Henschel, RPM’s executive vice president. “That translates to a 95.6 percent success rate for that client.”
RPM’s proprietary mortgage buyback defense process allows the firm to analyze a loan file, compile all necessary evidence and then prepare a formal rebuttal for submission to Fannie Mae, Freddie Mac or another third-party investor. RPM has successfully defended repurchase demands for over six years and has represented some of the largest originators in the nation as well as credit unions. The firm also defends lenders against mortgage insurance rescission claims.
All claims are handled on a contingency basis, completely aligning the interests of RPM and its clients.
“Many of our competitors have gone out of business because there’s a perception out there that the GSEs are no longer sending out repurchase demands,” said Henschel. “While that may be true of the legacy loans originated before 2009, our clients are still receiving demands for loans that closed after that as well as for deficiencies under the new framework. Even HUD is getting in on the action now, seeking indemnification for FHA-insured loans it claims are deficient.”
Since RPM works on a contingency basis, the firm only gets paid if it achieves a successful result for its clients. “That means that a bank has nothing to lose,” said Henschel. “No one should cut a check to Fannie, Freddie or another third-party investor without letting us review their files. We mobilize quickly and can even complete appeals within the 15-day window that the GSEs now require.”
For more information about RPM, call Andrew Henschel at 866-661-4776 or visit rpmoversight.com (http://www.rpmoversight.com).
Resolution Portfolio Management & Oversight LLC, headquartered in Deerfield Beach, Fla., is a boutique firm comprised of licensed attorneys, underwriters, appraisers and other highly skilled mortgage professionals who specialize in mortgage repurchase/buyback defense. RPM defends any underwriting, appraisal or eligibility claim (including, but not limited to, occupancy misrepresentation, stated and other income misrepresentation, straw borrowers, appraisal misrepresentation, employment misrepresentation and undisclosed debts) and handles initial rebuttals as well as appeals for demands that have been unsuccessfully defended previously. For more information, call 866-661-4776 or visit www.rpmoversight.com.