CitiMortgage, Wells Fargo, and Mr. Cooper: How NY Loan Modifications Work by Lender
Every mortgage servicer has its own loss mitigation department, its own internal processes, and its own timeline for reviewing loan modification applications. Knowing how your specific servicer operates can make a real difference in how you approach the process.
Here is what New York homeowners need to know about working with three of the most common servicers in our market.
CitiMortgage (Citi)
CitiMortgage handles loan modifications through its mortgage assistance division. Their review process follows standard federal guidelines (CFPB rules and investor guidelines) and requires a complete document package that includes a hardship letter, two months of bank statements, tax returns, and a completed financial hardship application.
One important note for Citi borrowers: CitiMortgage was a major servicer on many New York loans that have since been transferred. If your loan was transferred, confirm your current servicer before sending any correspondence.
Citi has historically participated in federal modification programs and has proprietary in-house modification programs for loans they own or service with discretion. Response times typically run 30 to 60 days for a complete application.
Wells Fargo
Wells Fargo operates one of the largest mortgage servicing operations in the country. Their loss mitigation department reviews requests through a structured online and phone-based intake process.
Wells Fargo borrowers should be aware that many Wells Fargo-serviced loans are owned by investors (Fannie Mae, Freddie Mac, private labels), and the modification options available depend on the investor guidelines for your specific loan. A Wells Fargo servicer representative can tell you who owns your loan.
Wells Fargo has been subject to regulatory oversight and consent orders related to servicing practices. If you have experienced delays or communication issues, documenting every contact is important.
Mr. Cooper (formerly Nationstar)
Mr. Cooper is one of the largest non-bank mortgage servicers in the United States and services a significant volume of New York loans. They have a dedicated homeowner assistance team accessible by phone and through their online portal.
Mr. Cooper borrowers often find that the online portal (Mr. Cooper's homeowner assistance portal) is the most efficient way to submit a loss mitigation application and upload documents. Response times vary but a complete package typically gets a substantive response within 30 to 45 days.
A Note on All Servicers
Regardless of your servicer, there are rules they must follow under federal law:
They cannot actively pursue foreclosure while a complete loss mitigation application is under review (dual-tracking prohibition)
They must acknowledge receipt of your application within 5 days
They must provide a written decision within 30 days of receiving a complete application in most cases
Knowing these rules helps you hold your servicer accountable.
We Know These Servicers
We have worked through the loss mitigation departments of all three servicers on behalf of New York homeowners. We know how to prepare packages that move, which departments to contact, and how to follow up effectively. Call (646) 600-5995 or fill out our contact form for a free consultation.
Disclaimer: This article is for general educational purposes only and does not constitute legal advice. Foreclosure Professionals / ProForeclosure.com is a real estate services company, not a law firm. For legal representation, foreclosure defense, or bankruptcy guidance, consult a licensed New York attorney. Outcomes for any foreclosure or loan modification depend on your lender, investor guidelines, and court decisions. Results cannot be guaranteed. New York homeowners may also contact a HUD-approved housing counselor or call the NY Department of Financial Services at (800) 342-3736 for free assistance. We charge no upfront fees consistent with the FTC MARS Rule and NY GBL Section 265-b.
