Apply the Right Way

When OCWEN reviews your loan modification application, do you know what the #1 one thing they are looking for?  While there are 7 qualifying triggers, if you do not PASS this first hurdle, it is very likely that you will be denied the help you need.

Here’s an important pitfall to avoid-listen UP! Your RMA application form MUST prove that you are in a current financial hardship situation-AND there is a specific mathematical formula that OCWEN uses to determine if you PASS this #1 guideline.  NO, it’s not enough to simply say you cannot afford your mortgage payments, EVEN if you have fallen behind and are currently delinquent, you STILL must prove to them in black and white that your monthly budget figures pass this HARDSHIP criteria.

So, how can you know for sure that you meet the OCWEN loan modification guideline? When you complete the official RMA loan mod application form, here are the items you need to be especially careful about:

  1. Gross Monthly Income-cannot be too high or too low
  2. NET Monthly Income- important for the Debt Coverage Ratio Guideline (don’t worry, I’ll explain this later)
  3. Monthly Household Expenses-this amount is used to determine your Current Cash Flow figure (important!)
  4. Liquid Assets-you are only allowed to have a certain amount of funds in the bank or on hand-too much and you will FAIL to pass

OCWEN carefully reviews your budget figures on the RMA, and they use a standard formula based on your budget to determine if you meet the guidelines.  This is tricky for most homeowners to figure out-BUT we have put together an affordable and HIGHLY effective Loan Mod Calculator that actually mimics the guidelines.  The Loan Mod

Approval Formula Computed Automatically

Calculator is super easy to use-just put in your own monthly budget figures and it will AUTOMATICALLY compute a PASS or FAIL for each category.  Now you can make the adjustments needed ahead of time, use the updated figures that PASS on your RMA.  Now you have a really good chance of getting approved for an OCWEN loan modification.  The Complete Loan Modification Guide and Loan Mod Calculator is affordable, and it comes with one-on-one Customer Support to answer your questions and help you through the process.

Don’t give up without a fight, but make sure you know exactly how to submit your application-use the affordable Loan Mod Calculator and our Customer Service to help you!  Visit and get started immediately.

In order to qualify for an OCWEN loan modification, you must be able to prove to the bank that your specific financial situation meets their strict guidelines for approval.  This can be confusing and tricky-especially because they will not tell you what they are looking for on your application!  In fact, the vast majority of applications are denied simply because the borrower did not understand how to complete the financial worksheet correctly.

Here are some tips on how to use an EASY WORKSHEET to help make certain that your OCWEN loan modifcation gets appproved:

  1. Gross Monthly Income:  use the Loan Mod Calculator and WORKSHEET to compute exactly HOW MUCH income you need to report.  This is critical because if you show too little or too much you will not pass the Debt Ratio or

    Approval Requirements Computed Automatically

    Waterfall requirements for approval.

  2. Monthly Household Expenses:  The WORKSHEET will show you which expenses to list and how to make any necessary adjustments so that you PASS the cash flow requirements-you may need to increase or decrease your monthly expenses – groceries, gasoline, insurance, day care, utilities, etc-so this is important to know ahead of time.
  3. Do you pass the Asset Ratio?  The Loan Mod Calculator and Worksheet will show you how to pass this important guideline for approval.
  4. Waterfall Results:  OCWEN uses the Waterfall method to determine if you loan can be modified under the standard method and guidelines.  If you fail this section that means that your financial information is NOT acceptable!  Use the Loan Mod Calculator and EASY Worksheet to show you the Waterfall results and help you to PASS this critical part of the approval process.

Sometimes, the difference between APPROVAL and DENIAL is only a slight adjustment on the financial worksheet application form-BUT if you do not know where and how to adjust, chances are you will make a mistake that could cost you.  Use the Easy Worksheet and Loan Mod Calculator to automatically compute and display your specific income, expenses, assets and Waterfall requirements.

Visit for more free tips and information-read BLOGS.

OCWEN Loan Modification Income Requirements to Qualify

Posted by admin On April - 1 - 2013

In order to qualify for an OCWEN loan modification, the amount of gross monthly income you report on the application form must pass the strict Waterfall guidelines.  If you report too much or too little monthly income, then you will FAIL and be denied a loan workout.  This is where most homeowners trip up-so it is important to know ahead of time just how much you should report on your financial worksheet page of he application.

OCWEN Loan Modification INCOME Requirements

  1. Your monthly income is used to determine your debt ratio, new target payment and Waterfall results.  The gross or “before taxes” income is used for this formula-and you must report the acceptable amount of money so that your loan can be modified using the standard formula.
  2. You can also include rental income, room mate income and non borrower contributions-as long as the live in the subject property.  However, not 100% of rental income will be

    Computes Your Income Requirement

    counted-use the Loan Mod Calculator to show you how to compute your other income correctly.

  3. Social security, retirement, pension, income must be increased by 25% for the OCWEN gross income requirement. Learn more about this in the Loan Mod Kit.
  4. Self employed income must be documented with at least 3 months business bank statements and a Profit and Loss Statement.  Do NOT mix up business income and expenses with your personal income.  EASY FORMULA: business NET income = personal GROSS income.  Get an easy to use P & L Template and self employed borrower instructions with the Loan Mod Calculator.
  5. Be sure to verify that your monthly income passes all the OCWEN loan modification approval guidelines-the Loan Mod Calculator will show you a PASS or FAIL so that you can make the required adjustments to your budget before you submit it for final review and approval.

Get more free tips and information, visit and read the blog section.

Do you understand how to calculate your monthly budget in order apply correctly for an OCWEN loan modification?  The RMA form is the official application that requires a breakdown of your household monthly income, monthly expenses and assets.  The bank uses this information in a standard approval formula-and either the information you provided passes their guidelines or you are denied.  Here are some tips on how to complete your OCWEN budget worksheet:

  1. INCOME:  the bank asks for your GROSS monthly income, this figure is your before taxes earnings.  You can also include non-borrower contributions, as long as they live in the home too.  Also rental income and room mates are allowed-just be prepared to prove that you get that money each month with bank deposits or

    See Budget Figures

    canceled checks.  The amount you report must be adequate to pass the OCWEN approval formula, but it cannot be too high or it will fail the debt ratio criteria.   You can get help to determine your income requirement-use the Loan Mod Calculator-a program that automatically computes your specific budget requirements.

  2. EXPENSES:  the OCWEN budget worksheet also asks for your itemized monthly household expenses-groceries, gasoline, insurance, car payments, day care, etc.  You need to prove that you cannot make ends meet with your current mortgage payment, but that AFTER the loan mod is granted you will have at least $250 left over each month after paying all of your expenses.  In order to adjust your expenses correctly, you need to know what your potential modified payment will be-the Loan Mod Calculator will show you this as well as show you the current cash flow and the post-mod cash flow.  Use this information to fine tune your budget before you submit for review.
  3. ASSETS:  OCWEN has strict guidelines for your assets-be sure you do not report too much – otherwise you will not pass the formula.  Certain assets are protected, find out how to list your assets with the Loan Mod Calculator.

The secret to completing your OCWEN loan modification budget worksheet correctly is to know just what the bank needs to see from you-get more tips and free information at

Before you apply for an OCWEN loan modification, you need to understand what the bank will be looking for and how to complete your application so that you pass the guidelines.  One of the most important categories to pass is called the WATERFALL-what is this and how do you know if your paperwork will be acceptable?  OCWEN uses a standard formula on every application they receive-and this approval criteria includes a calculation to determine if your mortgage can be modified to reach an affordable payment with certain changes to the terms.

The OCWEN loan modification Waterfall calculation takes into account your household gross monthly income, your current mortgage expenses, your current loan balance, and your monthly taxes, insurance and any HOA dues.  Using all of these figures, they determine what your new target payment will be and how they can reach it by either reducing your rate, increasing the term or lowering the mortgage balance.

However, if your monthly gross income does not show that you pass the WATERFALL, your OCWEN loan modification will be denied.  That is why it is so important to

Waterfall Displayed

know ahead of time if your income is too high or too low, so that you can make adjustments and make certain that the application you submit will pass the Waterfall.

You may want to use the Loan Mod Calculator to help with this-the program will automatically compute and display your specific requirements for income, debt ratio, target payment and show PASS or FAIL for the Waterfall.  Use the Loan Mod Calculator to help you make the adjustments needed to your budget-the submit your OCWEN loan mod application for review.  Visit for more tips and information.

Before you apply for an OCWEN loan modification, read these directions to complete the application form-this information may help you to pass the strict guidelines and give you a good chance of approval.  The majority of homeowners are turned down simply because they did not understand how to fill out the RMA application correctly-and so even deserving people were denied when they could have been approved by making some easy adjustments.


  1. Page 1 is pretty straight forward, just be sure to complete all of the boxes and write legibily
  2. The Financial Worksheet page is critical-this is where you must break down and itemize your monthly household budget for the the bank.  This is the information that the bank uses to approve or deny you!
  3. Gross monthly income must be listed-all income that you receive each month BEFORE taxes are deducted is shown here.  Non borrowers who live in the home may contribute, as well as roommates.  Rental income from other properties can be counted, but only 75% of what you receive is allowed.
  4. Monthly Household Expenses must be itemized as well-this shows the bank what your financial situation is and if you are in a hardship.  You must show the right cash flow in order to pass the guidelines.
  5. Find out ahead of time how MUCH gross income you need to report and how to show your household expenses correctly-if you are able to fine tune your budget figures before you submit your application form then you will be able to show the bank exactly what they need to see in order to approve you for a loan mod.

    Computes your Budget Figures

If you need help with your budget figures, you can use a program designed just for homeowners-the Loan Mod Calculator automatically computes your specific income, expense and cash flow requirements and shows you a PASS OR FAIL-so that you can make those needed adjustments before you submit.  Get more helpful tips and information, visit today.

Are you confident about the OCWEN loan modification qualifications and do you know how to prepare your application so that you will fit into those strict guidelines for approval?  Here is a quick checklist that will help you when preparing your paperwork so that you have the best chance of getting the help you need.


  1. Owner occupied, rentals and second homes are eligible for a loan workout under the new guidelines.  First and second liens may be modified, generally the first lien is completed, and then the second lien holder will automatically modify under a program called 2MP.

  2. Borrowers must be facing a financial hardship, the generally accepted reasons are:  loss or reduction of income, increased expenses, lack of reserves (savings), and high monthly debts.  You will be required to sign a Hardship Affidavit, and you may also write a BRIEF explanation of your situation.

  3. Monthly Income, Monthly Expenses, Assets:  The RMA application form includes a financial worksheet where you will need to detail all of this financial information.  OCWEN will use this budget information to determine if you fit into the program qualifications.  Be careful, if you show too much or too little income and expenses you will FAIL this important qualification.

  4. Documentation:  RMA, 4506T, proof of income (paycheck stubs, award letters, banks statements, P & L for self employed).  Be sure that the amount of monthly income you report is substantiated with some type of documentation.

Passing the OCWEN loan modification program qualifications can be tricky unless you know ahead of time EXACTLY what to show them on your RMA application form.  Find out how to prepare your monthly budget correctly-use the Loan Mod Calculator to compute and display your own specific requirements for income, expenses and assets.  Use this information to make any adjustments until the Loan Mod Calculator shows a PASS for your figures.

Visit to order the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This program is designed specifically to help you complete your RMA and apply correctly.  Avoid mistakes, get the real answers you need NOW.


Learn how the OCWEN loan modification guidelines work and what steps you need to take to qualify.  A loan workout is the chance to get a fresh start, and get an affordable mortgage payment so that you can keep your home.  However, not everyone who applies will be approved, and in fact over 75% are denied.  Why does this happen to deserving homeowners?  It’s simple-they did not apply correctly!  No matter how great your hardship, unless you pass the standard approval guidelines you will not be approved.


  1. Financial hardship means that either your income has decreased, your expenses have increased, you have used up all of your savings or you have high monthly expenses.  It can be a combination of these, but loss of equity alone is not a valid reason.
  2. Monthly Income will be used to determine if you pass the DEBT RATIO requirements, also to determine what your new modified TARGET payment will be.  The income requirement is tricky, because if you report too much or too little you will be denied.  You can use a program that will compute your own specific income required-the Loan Mod Calculator will show you how much you need to pass.
  3. Monthly household expenses must be itemized, OCWEN wants to see how much you spend each month to determine if the mortgage is unaffordable.  You may need to adjust your expenses to pass the cash flow guideline-double check with the Loan Mod Calculator to find out just how much.  The goal is to show that you are barely making it now but AFTER the loan mod you will have at least $250 cash flow.
  4. Assets will be analyzed to make sure you pass the Asset Ratio-the Loan Mod Calculator will compute this and show a PASS or FAIL, letting you know where to make adjustments.
  5. Waterfall Method is the process that determines your new target payment and what modification terms will be need to achieve that payment.  Lower the rate, lengthen the term or principal reduction may all be required.  You must PASS the Waterfall-the Loan Mod Calculator will show you the new loan terms and show a PASS or FAIL for the Waterfall, allowing you to make adjustments to your budget until you get a PASS.

OCWEN loan modification guidelines can be tricky, but if you take just a bit of time to fine tune your own application and budget figures before you submit, you will greatly increase your chances of success.  Follow the steps to qualify listed above and make sure that you have the very best shot at loan mod approval.

Get the REAL help and REAL answers you need-use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This

Calculator Incl-Download immediately!

program is designed specifically for homeowners and will automatically compute and display your own specific requirements for income, expenses and assets.  Find out where you need to adjust your figures before you submit for review.  Verify ahead of time that you PASS all of the guidelines-visit today.

Loan Mod Help

One important part of applying for an OCWEN loan modification is completing the financial worksheet.  This page in the application is where you will need to itemize your household income, expenses and assets.  This is the real deciding factor in whether you get your loan mod approved-make sure that you know exactly how, and what to list on this application page.

The OCWEN loan modification financial worksheet is carefully reviewed for eligibility-and only those borrowers who submit acceptable budget figures will be considered for a lower mortgage payment.


  1. Do NOT disclose your income, expenses or assets until you have verified that they pass the approval guidelines.  You can use the Loan

    Income Requirements Displayed

    Mod Calculator to help you with this part-input your figures and it will automatically calculate PASS or FAIL, showing you where to make adjustments.

  2. There are 7 approval triggers that your financial information must pass – if you don’t know exactly how much income, expenses and assets to report then it will be very difficult to know if you will qualify.  Take the time to work on your budget ahead of time-make any necessary adjustments before you submit.  Make sure the Loan Mod Calculator shows PASS for all 7 triggers.
  3. Be prepared to document any income that you list-self employed borrowers will need to provide bank statements and a P & L.  Salaried homeowners will provide 30 days of paycheck stubs, retired must provide proof of SSI or pension, etc type of income.  Whatever you write on the OCWEN financial worksheet must be verified with some type of proof for income.
  4. Expenses must be itemized as well-your household bills like utilities, groceries, insurance, etc are computed and your current cash flow is part of the Hardship Criteria.  The Loan Mod Calculator will show you if your expenses will pass or if you need to make adjustments.
  5. Current cash flow and post mod cash flow are important to demonstrate to OCWEN that you are facing a financial hardship, and that if given a loan mod you will not default again.
  6. Know ahead of time what your new loan terms could be-that way you know what to expect and what you really qualify for.  The Loan Mod Calculator will compute and display your new modified mortgage terms-showing the new payment, interest rate, loan term and any principal forgiveness.

Don’t complete the OCWEN financial worksheet blindly-you need to know and understand just how much income, expenses and assets you should report in order to pass the approval guidelines in order to have the  very best shot at approval.

Calculator Incl-Download immediately!

Get the real answers you need-use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This system is designed specifically to help homeowners apply and qualify for a new lower mortgage payment.  Avoid mistakes-get it done right, visit today and get started now.

Before you apply for an OCWEN loan modification, make certain that you understand how to apply and what it will take to actually qualify for a lower mortgage payment.  It is important to know what the bank is looking to see from, and also to know what you should be asking for, so that you get the very best loan workout you qualify for.  Here are some questions many homeowners have asked about the process:

OCWEN Loan Modification Questions:

  1. What is the first step to apply?  You will need to call the bank and tell them that you can no longer afford your mortgage payment.  Acceptable hardship reasons include reduction or loss of income, increased expenses, lack of reserves or high debt.  You will be given a short interview over the phone, but do NOT disclose your financial information until you have had the chance to verify that your income, expenses and assets will pass the strict underwriting guidelines.
  2. How do I know if I will qualify for a loan workout?  You will need to prepare and submit a financial worksheet for the bank, detailing your household monthly income, monthly expenses and your assets.  If you list too much or too little income you will not qualify, if your expenses are not acceptable you will not qualify.  Verify that your budget figures are acceptable with the Loan Mod Calculator, a system designed specifically to help borrowers with this step.

    Income Requirements Displayed

  3. What will I need to provide OCWEN?  You will be asked to prepare the official application form, called the RMA.  This includes a hardship affidavit and the Dodd Frank Certification.  There is also the financial worksheet page, and this is where you may need to fine tune your budget figures prior to submitting.  Double check your figures, make sure that the Loan Mod Calculator shows a PASS for all categories, make any needed adjustments so that the financial worksheet has the acceptable figures on it.
  4. How do I prove my income?  Salaried borrowers will need to provide paychecks, W2′s, self employed borrowers need a P & L and bank statements.  Other types of income can be documented with award letters, canceled checks, rental agreements, etc.  Make sure that your financial worksheet income figures match what you are providing as proof!
  5. How long does it take to get approved?  The most recent updates by the Treasury Department mandates that lenders get back to you within 30 days of receiving a complete application package.  You need to follow up with OCWEN every week to make sure that they have everything they need and that your file is moving forward.

When you apply for an OCWEN loan modification, it is critical to complete the application paperwork accurately and correctly.   This can be tricky unless you know ahead of time exactly how much income, expenses and assets you need to report.  No matter how deserving you are, you will not be approved unless you can pass the strict approval formula, so take your time and do it right!

Make sure you get the real answers you need-use the # 1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  The proven system is designed specifically for homeowner use, and will automatically compute and display your own specific requirements for income, expenses and

Calculator Incl-Download immediately!

assets.  This is critical information that you need to know-get started right, visit today.