HOPE NOW LAUNCHES THE HOPE LoanPort TO ASSIST AT-RISK HOMEOWNERS

New Web Portal Tool Will Allow Housing Counselors to submit complete HAMP Modification Applications

Washington, DC - December 15, 2009 - (RealEstateRama) — HOPE NOW announced the launch of a new web portal that will allow Department of Housing and Urban Development (HUD)-approved housing counseling agencies the ability to submit completed Home Affordable Modification (HAMP) applications for borrowers at-risk of foreclosure. Housing counselors in nine key markets will assist troubled homeowners in collecting all the required documents for a loan modification under the Making Home Affordable program. The new HOPE LoanPort™ streamlines the process by leveraging HUD counseling agencies that provide FREE services to at risk borrowers. HOPE LoanPort™ assists these organizations in submitting all the required documentation and data elements needed to consider a borrower for HAMP to their mortgage servicer.

HOPE NOW created the HOPE LoanPort™ to help address some of the hurdles borrowers face when seeking a HAMP modification. Though over 650,000 borrowers are currently in the trial modification process, many have not submitted all the required documentation to make that modification final. This new web portal will allow counselors to help with the collection of necessary documents from homeowners, upload the completed package directly to servicers and track the status of a borrower’s application.

“This new web portal will help homeowners get a faster answer, via their housing counselor, on whether or not they qualify for a HAMP loan,” said Faith Schwartz, Executive Director, HOPE NOW. “The ability to help at-risk borrowers navigate more quickly through the HAMP modification process is a win-win for borrowers and the servicers committed to this program. The HOPE LoanPort™ will demonstrate that using available, secured technology and standardized application forms will make a difference in the amount of time it takes for a consumer to get the answers they are seeking and reduce costs to servicers.”

Housing counselors will be able to track the progress of a homeowner’s application and provide them with regular status updates, which has been a source of frustration in some cases. Additionally, this one ‘port of entry’ will help the industry and the government to better understand where the bottlenecks are and take steps to address them.

“This initiative reflects the tremendous collaborative effort the mortgage industry is conducting to create additional channels to assist borrowers and counselors in pursuit of HAMP modifications,” said Camillo Melchiorre Senior Vice President of Loss Management, Radian Guaranty. Radian Guaranty is a sponsor of the pilot program. The HOPE LoanPort™ platform is based on RxOffice® technology by IndiSoft LLC of Columbia, Maryland.

The mortgage servicers initially participating in the HOPE LoanPort™ include American Home Mortgage Servicing, Inc., JP Morgan Chase Manhattan, GMAC Financial Services, SunTrust, PNC Mortgage and Saxon Mortgage.

HOPE NOW has long advocated the role of HUD-approved, nonprofit housing counselors in helping at-risk borrowers.

NeighborWorks® America is serving as a counseling intermediary, with affiliated agencies: Neighborhood Housing Services (NHS) of Chicago, NHS of Greater Cleveland, NHS of New York City and Cabrillo Economic Development Corporation in Ventura, CA.

HomeFree USA is also serving as an intermediary with their affiliates located in Kansas City, West Palm Beach, Washington, DC, and Atlanta.

At-risk borrowers who have loans with the six servicers in these locations are encouraged to contact the appropriate approved counseling agency to get help. The HOPE LoanPort™ is expected to launch nationwide in early 2010.

“Housing counselors have consistently articulated the need for a single point of entry and systematic process for communicating with servicers,” said Ken Wade, CEO of NeighborWorks® America. “We are delighted that HOPE NOW has developed HOPE LoanPort™, which will improve the efficiency and effectiveness of counseling and enable more distressed homeowners to receive the assistance they need.”

“This is the highway system that will help more people get HAMP modifications, more quickly. It is a neutral and accessible site that will provide real-time aggregate reporting and status updates,” said Schwartz. “While we will initially roll it out with certified housing counselors, our goal in the upcoming year is take it directly to consumers.”

Visit the www.HOPENOW.com website for additional information on how consumers can avoid foreclosure where possible

Media Contacts:
Laura Armstrong
(202) 255-6089

Brad Dwin
(202) 589-1938

Tagged as: HAMP, HOPE LoanPort, HOPE NOW

 

 

 

 

 

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