HOPE LoanPort has announced that it fully supports the new mortgage servicing guidelines recently announced by Freddie Mac. The guidelines, effective Oct. 1, 2011, are designed to improve borrower contact, standardize foreclosure timelines and improve performance management via finance incentives to mortgage servicers who deliver timely and complete home retention packages.
"We are very pleased that Freddie Mac has stepped up to the plate and taken the initiative to offer a cohesive plan for improving the customer experience as it relates to the loss mitigation process," said Larry Gilmore, HOPE LoanPort president and chief executive officer. "We further applaud Freddie Mac for its efforts to encourage better borrower communication with servicers via the use of non-profit housing counselors that will result in more efficient timelines for final decisions. Our tool is well positioned to facilitate this process for all parties involved."
HOPE LoanPort, powered by RXOffice, is a Web-based tool that streamlines home retention applications on behalf of borrowers at-risk of foreclosure, allowing housing counselors to efficiently transmit completed applications to mortgage services. Currently, over 2,700 housing counselors in all 50 states, the District of Columbia and Puerto Rico are using HOPE LoanPort. Additionally, almost 800 mortgage servicer users are connected.
"We are optimistic that the mortgage servicing industry as a whole will take these new guidelines to heart and recognize the value of utilizing Web-based technologies, like HOPE LoanPort, to support the implementation of Freddie's plan to help as many homeowners as possible," said Gilmore. "HOPE LoanPort is already used by over 2,700 non-profit housing counselors nationwide, who are connected to over 800 users on the mortgage servicing side. We are especially confident that our tool will be invaluable as an important communication tool for use with state specific foreclosure prevention initiatives as well as programs such as HUD's Emergency Homeowner Loan Program (EHLP)."