What does "your file is with the 3rd party vendor for approval" mean?

This video helps you understand a common phrase you will hear when you ask your lender for an update on your loss mitigation file.
The information is general and not intended to be legal advice. Contact a foreclosure defense attorney in your state for advice specific to your situation or contact your lender for lender-specific instructions.
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[@goldengate4463]

great video attorney, how influential is the servicer in the investor making a decision? is it like at attorney presenting their case and if it's a weak case it will get denied? which servicer in your experience gets the most modifications approved? Is there any way to switch servicers? thank you very much

[@nadiakilburn-mortgageforec3635]

Hello! The reviews are not subjective. The servicer has guidelines from the investor (calculations etc.) that either qualify a homeowner for a loss mitigation option or not. The servicer just does the work but the investor's rules influence who gets approved. You cannot switch your servicer but you can refinance when the mortgage is current and you will be assigned a new servicer.