Mortgage Servicing and Loan Modifications: 7.3.1.5.1 The basic Flex Modification waterfall
A basic Flex Modification evaluation waterfall applies to all applications submitted after ninety days of delinquency and in all instances when a servicer reviews a borrower for a Flex Modification without considering information supplied by a borrower as part of an application. The basic waterfall consists of five steps. None of the basic steps consider income or other information provided by a borrower.