Radian Guaranty Inc., the mortgage insurance (MI) subsidiary of Radian Group Inc., has announced that it has made a $200,000 grant to HOPE LoanPort, a neutral, transparent, Web-based platform at www.hopeloanportal.org to be used by borrowers, non-profit counselors, servicers, and other organizations to improve the execution of loss mitigation activities, including those under the Home Affordable Modification Program (HAMP).
HOPE LoanPort is a separate non-profit entity, which evolved out of the HOPE NOW Alliance's technology committee. HOPE NOW is an industry-led coalition of mortgage servicers, U.S. Department of Housing & Urban Development (HUD)-approved counseling agencies, investors and other mortgage market participants that has been working aggressively since 2007 to help keep homeowners in their homes.
Radian's contribution will be used to support HOPE LoanPort in its mission to address some of the hurdles borrowers face when seeking foreclosure alternatives. The platform allows HUD-approved housing counseling agencies to submit completed workout applications for borrowers at risk of foreclosure. In turn, counselors are able to compile and deliver the necessary loan documentation, as well as track the status of the borrower's application—all in a secure, online environment.
"There has been a tremendous need for a platform such as HOPE LoanPort to standardize and better facilitate loss mitigation activities for all involved parties. Radian recognized that need and is proud to be the only mortgage insurer to play a key role in the development of the platform," said Teresa Bryce, president of Radian Guaranty Inc. "This grant is a reflection of Radian's continued commitment to HOPE LoanPort and we hope it will result in even more enhancements to the current version—ones that will continue to help more borrowers prevent foreclosure and preserve the dream of homeownership."
Through its ongoing involvement with HOPE NOW and HOPE LoanPort, Radian will continue to engage in outreach to educate borrowers about their options and direct them to its borrower Web site, www.radianmortgagehelp.com, where they can find information to aid them in making informed decisions.
"We are thrilled by Radian's ongoing commitment to assisting in the development and future success of HOPE LoanPort," said Larry Gilmore, president and chief executive officer of HOPE LoanPort. "Radian clearly sees the value that the tool brings to the table in reducing timelines for loan modifications. We are hopeful that other organizations will follow Radian's lead and assist us in our quest to keep as many homeowners in their homes as possible through cutting-edge technology."