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Overview.. 1
Definitions: 1

 

Overview

The following document outlines the definitions needed to understand the various Waterfall Options at Mr. Cooper.
 

Definitions:

Below are the definitions needed to understand the Waterfall Matrix Job Aid Documents.

 

Excel Worksheets:
  • Each worksheet represents a pandemic or standard waterfall for the following investors: GSE, VA and FHA
  • Waterfall(s) are listed in the order of newest to oldest version

Column A – Waterfall during the timeframe of:
 
  • The timeframe that a particular version of the pandemic waterfall was available
  • Waterfalls are listed in the order of newest to oldest version
  • This timeframe should be referenced to determine the waterfall option used at the time a review was started for the customer, and not when the decision was made

Remedy Case Type:
 
  • This defines the Case Type that would be listed in Mr. Coopers system of record and is tied to each product type.

Implementation Date:
 
  • This is the date that the option was implemented within Mr. Cooper's system of record

Delinquency Criteria:
 
  • This defines the delinquency the customer is required to meet in order to be eligible for a specific option within the waterfall

Eligibility Requirements:
 
  • This defines the basic eligibility the customer is required to meet in order to be eligible for a specific option within the waterfall.  Note: for loans that don't meet eligibility for Pandemic Waterfall, Standard Waterfall is the only option

Lien Requirements:
 
  • This defines the lien position required in order for the customer to be eligible for a specific option within the waterfall

Occupancy Requirement:
 
  • This defines the occupancy status required for the customer to be eligible for a specific option within the waterfall

Affordability:
 
  • This defines the affordability the customer is either required to meet or the plan is required to achieve (such as a payment reduction percentage) in order to be eligible for a specific option within the waterfall


 
Keywords: Watefall, Lien Requirements, Remedy, Case, Implementation Date, Delinquency Criteria, Eligibility Requirements, Occupancy Requirements