Green Tree Mortgage

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Green Tree Mortgage

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Green Tree Mortgage

Introduction to Green Tree Servicing, LLC

Green Tree Servicing, LLC, is a mortgage servicer and broker with operations throughout the United States. As a mortgage servicer, it handles billings and other aspects of managing mortgage accounts on behalf of other entities. As a mortgage broker, it works with multiple lenders to find those that are best suited to meet the needs of individual borrowers. Aside from the company logo and slogan (“relationships that work”), the two sides of the business maintain largely separate identities – the web site for the brokerage makes no mention of the mortgage servicing operations, and vice versa, with no shared links or contact information for the other. The mortgage servicing operation has its headquarters in St. Paul, Minn., while mortgage broker part of the business is based in Tustin, Calif. Green Tree also offers a variety of types of insurance through its Green Tree Insurance Agency, including homeowner’s insurance on mobile homes, warranty insurance covering appliances and various home systems, and automobile, RV, boat and motorcycle insurance. The company is sometimes referred to as Green Tree Financial or Green Tree Credit Holdings. In addition, it is one of several companies in the mortgage industry that have “green tree” in their names, which can make things confusing for consumers. Other, nonaffiliated companies with similar names include Greentree Mortgage Services, Inc. of Holland, Ohio and Greentree Mortgage Company, L.P. of Marlton, N.J. Green Tree was acquired by Walter Investment Management Corp. in July 2011. A press release announcing the transaction describes Green Tree as providing “high-touch, third-party servicing of credit-sensitive consumer loans.”

Green Tree Mortgage Offerings

As a mortgage broker, Green Tree Services, LLC does not make loans itself but works with a broad range of lenders offering a variety of mortgage products in order to meet a customer’s needs. In so doing, a mortgage broker can help a borrower obtain a lower mortgage rate than they might have been able to obtain on their own. Mortgage brokers handle the various details of processing the mortgage application and shepherding it through the closing process. They can often be useful for borrowers with specific needs who need help finding the right lender. Green Tree handles a variety of mortgage products, including 30- and 15- year fixed-rate loans, and 3/1, 5/1 and 7/1 hybrid adjustable-rate mortgages (ARMs). Green Tree is licensed as a mortgage broker in 42 states and the District of Columbia.

Mortgage Refinancing

Green Tree offers mortgage refinancing on terms similar to its regular mortgages for home purchases. In addition, Green Tree participates in the federal Home Affordable Refinance Program (HARP) for homeowners who are underwater on their mortgages or have less than 20 percent equity in their homes. As of April 2012, HARP refinances through Green Tree were limited to mortgages with no more than a 125 percent loan-to-value ratio, although the company indicates it may raise or remove that limit in the future. Refinance mortgage rates for conventional refinances or under HARP are at market rates. Due to strong interest in the program, Green Tree responses to HARP inquiries are taking about 60 days as of April 2011.

Mortgage Servicing through Green Tree

As a mortgage servicer, Green Tree handles the business end of managing mortgage accounts. In simple terms, a mortgage servicer is the company you send your mortgage payment to. The servicer, in turn, handle escrow accounts, keeps track of account balances and forwards the appropriate amounts to the investors or other entities to whom the mortgage debt is owed. In return, it collects a fee out of each mortgage payment. If a borrower is having difficulty making their mortgage payments, the mortgage servicer is who they should contact to see about arranging a mortgage loan modification. If a mortgage goes into default, the mortgage servicer is the one that initiates foreclosure proceedings.

Loan Modifications and Foreclosure Alternatives

If Green Tree is your mortgage servicer and you are delinquent on your mortgage payments or otherwise in financial difficulty, the company offers a variety of approaches to help homeowners avoid foreclosure. Green Tree participates in the federal Home Affordable Modification Program (HAMP), which can reduce eligible borrower’s mortgage payments in a variety of ways, including reducing the interest rate or extending the repayment term. Help is also available for homeowners with a qualified second lien. For homeowners who do not qualify for HAMP, there are other options available, including a short-term modification of loan terms, an extension of delinquent payments, forbearances and repayment plans. Homeowners in financial difficulty who do not wish to remain in the property may be able to obtain a short sale or deed-in-lieu of foreclosure.