NOW AVAILABLE: The RMBS Trust/Modification Analysis Report for Homeowners


If you’re applying for a loan modification, or you’re in mediation, or if you’ve already applied for a loan modification and feel as if you’re now on the Loan Modification-Go-Round, then you know that the worst part of the whole experience is the ongoing uncertainty… the feeling of not knowing what will happen tomorrow.  It’s a feeling that can last for months upon months… and for some has been with them for years.

Well, I can now offer you something that can help change that feeling of dread brought on by the uncertainty that’s the hallmark of the loan modification process… it’s called the RMBS Trust/Modification Analysis Report, and it will arm you with information not available to the general public… but it’s available now through Mandelman Matters.

With this report, when your servicer says they can’t do something… you’ll know whether what they’ve said is accurate or not.  Imagine the power of being able to show a mediator exactly what’s been done to modify the other loans in the same trust that holds your loan.

It’s the same information that financial professionals who issue, buy, sell, trade or invest in asset-backed securities, rely on every day…information that’s derived from what is reported by the RMBS Master Servicer to the RMBS Trust for the previous month.

In a nutshell, this report provides homeowners with a comprehensive analysis of the loan modification types and performance of the securitized trust that holds their loan.  It’s shows you exactly what is going on inside the RMBS Trust that holds your loan, so you’ll know what’s possible and what’s not, as far as your loan is concerned… including:

  1. The total number of loans originally held by the trust, and the number of loans that have been modified by the trust since its beginning.
  2. The types of modification in the securitization. (Rate reductions, capitalizations, payment changes, principal forgiveness, interest forgiveness, and term changes.)
  3. Interest rate analyses of pre-modification rates and post-modification rates.
  4. Capitalization analyses, principal forgiveness analyses and term change analyses.
  5. Modification statistics are analyzed by interest rate bands, principal balance bands, year of modification and loan to value ratios.
  6. Includes loan level data unique to your loan’s analysis.  It uses data from a comprehensive collection from almost all private label mortgage-backed securitizations in the U.S.
  7. Includes deal characteristics, original loan static characteristics, historical status and loan performance data.

You’ll also receive the SEC filings for the trust that holds your loan, including the Pooling & Servicing Agreement, the Prospectus Supplement and all supplementary SEC filings as well.  And you’ll get the MERSLink look-up page too, which shows you who MERS reports is your investor.

It probably sounds complicated, but I promise you it’s not.  Anyone can read and learn to work with this report… and I’ll help by writing a summary page with detailed instructions.


Take a look at the sort of information you’ll get… below are Base Modification Statistics from an actual RMBS Trust/Modification Analysis Report…



Total number of loans at beginning of deal


Total number of loans remaining in deal


Total number of loans modified


Percentage of modified loans remaining in deal


Maximum interest rate reduction from a modification


Average interest rate reduction from a modification


Average interest rate from a modification


Lowest interest rate from a modification


Average Loan to Value ratio of modified loans in deal









The top line shows you the number of loans that were in this trust when it was formed, and the second line shows you how many loans are in the trust as of the end of the previous month.  Then on the third line down, you see the total number of loans in this trust that have been modified.  And looking at the second to the last line, you see the lowest interest rate from a modification is 2.0%, which shows you that a two percent rate is possible.


 Next, let’s look at the types of modifications that have been done by this trust…



Rate Reductions


Payment Changes




Principal Forgiveness


Interest Forgiveness


Term Changes


So, as you can see, there have been 175 interest rate reductions… and 24 borrowers received principal reductions.  See, it’s not difficult at all to know what’s going on insude the trust that holds your loan.

You’ll also see charts showing…

  •  Number of Modifications Per Year
  • Modifications by Original Principal Balance
  • Top Ten Modified Interest Rates
  • Modified Interest Rate Change
  • Recapitalizations
  • Modified Interest Rates
  • Principal Forgiveness

Take a look at what the the Principal Forgiveness chart for this trust shows…


Number of modifications granting principal forgiveness 24
Total principal forgiveness amount for this securitization $2,484,427.75
Average principal forgiven per loan modified $103,517.82
Maximum principal forgiven per loan modified $293,935.31
Minimum principal forgiven per loan modified $5,058.89
Average balance of  loans granting principal forgiveness $432,493.70


So, since this trust was formed, it has modified 194 loans and 24 of them granted the borrower principal forgiveness.  The highest amount of principal forgiveness granted was $293,935.31 and the lowest was $5,058.89… but the average amount of forgiveness was $103,517.82.

But, most of all, just from the charts shown above, you can know that this trust is modifying loans… they are lowering interest rates down to 2.0 percent… and some are being granted principal forgiveness.



Now, let me be very clear… none of that means that you will be approved for a loan modification of any kind… that depends on things like being able to document that you have enough income to make a modified payment, that the investor will come out ahead by modifying your loan instead of foreclosing… and your ability to do what’s required to get through what can be a very trying time and difficult process.

I can’t do anything about those things, but I can arm you better by providing you with a detailed internal analysis of the trust that holds your loan, so among other important things, you’ll know what’s possible and what isn’t.

Because, look at this trust’s Base Modification Statistics… IT’S A REAL SECURITIZED TRUST, by the way… its name is CMLTI 2004‐HYB1.  The CM shows that it’s a Citi Mortgage trust.



Total number of loans at beginning of deal


Total number of loans remaining in deal


Total number of loans modified


Just looking at three lines is enough to tell you that this trust is NOT modifying loans.  Not only that, but with only 76 loans remaining in this trust, the servicer is getting ready to do what’s called a “Clean-Up Call.”

A Clean-Up Call is what happens near the end of the life of a mortgage-backed security, usually when there’s 1o percent or less of the trust’s total value that remains.  At that point, it simply doesn’t pay to keep the trust in place because of the costs involved, so the servicer will buy up the remaining assets and pay out the servicers per what it says in the deal’s documents.

In most instances, the servicer will pay the investors no more than market value minus costs, and the trust will cease to exist.  Then the servicer will either liquidate the assets, or keep some on its own books if there’s reason to do so.

Perhaps after the Clean-Up Call, however, when the loan has a new owner with a lower basis and no Pooling & Servicing Agreement to limit what can be done, it will become possible to get the modification they wanted.  Of course, I don’t know that it will… it could just as easily end up being sold to a debt buyer who only wants to foreclose and flip, but by no means is that always the case.

What the chart above also shows is just how many loans have been refinanced over the last few years, because with only 76 left out of an original 1011, and with none having been modified (the 6 showing “modified” were all recapitalizations, by the way) the rest would include foreclosures and refinances.

But, if this were your trust, wouldn’t you want to know that it’s not modifying loans before you went through the loan modification process?  The borrower in this specific case had been trying to get their loan modified for two years before running this report and discovering that a loan modification was not even possible.

AND REMEMBER… Your RMBS Trust/Modification Analysis Report also includes links to the SEC filings for the trust that holds your loan, including the Pooling & Servicing Agreement, the Prospectus Supplement and all supplementary SEC filings as well.


The information in your RMBS Trust/Modification Analysis Report is information you can trust because it comes from one of the the structured finance industry’s leading sources of asset-backed securities intelligence.  It’s the same information used every day by financial professionals who issue, buy, sell, trade or invest in the various types of asset- and mortgage-backed securities.

And take means you can take it anywhere… to your mediation or into court, if that becomes necessary… but my guess is that in most cases, armed with this information, and assuming you otherwise qualify… it won’t become necessary very often.

And the best part is… it’s NOT expensive.


To Order Your RMBS Trust/Modification Analysis Report…

1. Contact me by sending an email to

2. Type: INTERESTED IN TRUST REPORT, in ALL CAPS in subject line.

3. Please  provide me with your phone number and the best day and time to reach you… weekends and evenings are fine with me, in fact, they’re often better.

4. You’ll need to provide me with some specific information about you and your loan, but don’t worry, it’s nothing you don’t have out already if you’re applying for a modification or are preparing for mediation.

5. It generally takes 48 hours to receive your report, and I’ll not only send it to you, along with a summary page written by me… but I’ll also call you to go over it with you so you won’t have any problem knowing what it says.

6. Not for Fannie Mae or Freddie Mac loans.

I wish I could have made this available years ago, but better late than never.  Get in touch today and get the answers you’ve been looking for… the answers you need to end at least some of the uncertainty.


Mandelman out.



Oh… one more thing…

Today, I had the opportunity to review five “securitization audits,” that homeowners purchased in the past for thousands of dollars.  Can you guess what I found out?

THEY WERE WRONG… wrong investor… wrong trust… various pieces of information they provided were just wrong.  One that cost the homeowner $5,000 claimed to be a loan owned by Ginnie Mae… and it simply wasn’t.  It was sad to see it, but I’m not surprised.

And I will be publishing an article next week to show everyone the…

Reports Reporting Nothing…
Audits that aren’t worth the paper on which they’re printed. 

 Don’t miss it.


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