Loan Resolution Corporation processes 10,000-plus HAFA requests

Loan Resolution Corporation processes 10,000-plus HAFA requests

June 9, 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.”
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Compliance, Originations, Residential, Servicing, Settlement