Skip to main content

Loan Resolution Corporation processes 10,000-plus HAFA requests

NationalMortgageProfessional.com
Jun 09, 2010

Loan Resolution Corporation has announced that the number of Home Affordable Foreclosure Alternatives (HAFA) requests assigned to it has exceeded 10,000 since April 5, the first day that the new HAFA program was implemented. Loan Resolution executives attribute the exponential growth to its quality over quantity approach to assisting homeowners avoid foreclosure. This volume is expected to double, as the U.S. Department of the Treasury recently issued new guidelines to include Fannie Mae and Freddie Mac in the HAFA program. Approximately 55 percent of the mortgages in the United States are owned by Fannie Mae and Freddie Mac, so the volume of homeowners seeking HAFA guidance will rise tremendously. The new guidelines provide $2,200 for mortgage servicers that successfully resolve a short sale, which will incentivize even more servicers to seek the assistance of vendors such as Loan Resolution Corporation. The Scottsdale, Ariz.-based company acts as a vendor for banks implementing HAFA. Loan Resolution Corporation is working with multiple top-five banks to assist them in reducing the blight of foreclosures. “We are excited about the opportunity to assist our clients in helping even more struggling homeowners complete short sales,” said Travis Hamel Olsen, chief operating officer of Loan Resolution Corporation. “When HAFA was announced, we felt that GSE’s were the missing piece. HAFA is the only option for many homeowners. The updated legislation offers a graceful way for them to escape from overwhelming mortgage payments.” For more information, visit www.LoanResolution.com.
Published
Jun 09, 2010
The Fed: Tapering Could Start In November

Open Market Committee also expects to raise federal funds rate a year earlier, in 2022

Regulation and Compliance
Sep 23, 2021
HUD, FHFA: Freddie Mac Can Buy Group Home-Backed Loans

Agencies issue rule clarification after a mortgage lender refused to lend to an individual renting to a group home

Regulation and Compliance
Sep 23, 2021
Fannie Mae Plans To Restart Credit Risk Transfers In 2021

Paused Since March 2020, New CRT Transactions To Begin In October

Regulation and Compliance
Sep 21, 2021
Biden Nominates McCargo To Lead Ginnie Mae

Currently Serves As Senior Advisor For Housing Finance At HUD

Regulation and Compliance
Sep 14, 2021
OCC Plans To Rescind 2020 CRA Rule

The OCC formally issued a proposal to rescind a controversial rule within the Community Reinvestment Act (CRA) that was published in June 2020.

Regulation and Compliance
Sep 10, 2021
CSBS Changes Servicer Liquidity Policy

CSBS And MBA Encourage States To Adopt Consistently

Regulation and Compliance
Sep 08, 2021