HOPE LoanPort Continues Its Quest for Foreclosure Prevention
HOPE LoanPort has announced that it has now registered more than 3,000 U.S. Department of Housing & Urban Development (HUD)-certified, non-profit housing counselors in a little over a year of full operation. HOPE LoanPort currently has 3,020 counselors from more than 630 organizations in all 50 states, the District of Columbia and Puerto Rico working directly with struggling homeowners. Additionally, the tool connects to more than 800 users from 14 of the largest mortgage servicers in the country.
HOPE LoanPort, and its technology partner IndiSoft, is also upgrading its technology to comply with the new Federal Housing Finance Agency (FHFA) guidelines governing loans owned or guaranteed by the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. The guidelines for Fannie Mae and Freddie Mac loans, 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’ve come a long way since starting with just six non-profits and six mortgage servicers in the pilot stage. Furthermore, we continue to evolve our tool as market conditions change so that homeowners have the most efficient means for communicating with mortgage servicers," said Larry Gilmore, HOPE LoanPort president and chief executive officer. "We are looking forward to the new FHFA guidelines taking effect later this year and we believe that HOPE LoanPort is uniquely positioned to handle this new initiative and simplify the home retention application process for homeowners, counselors, servicers and investors."
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