HOPE NOW has launched a new Web portal that allows Department of Housing and Urban Development (HUD)-approved housing counseling agencies the ability to submit completed Home Affordable Modification Program (HAMP) applications for borrowers at-risk of foreclosure.
Housing counselors in nine key markets will assist homeowners in collecting all the required documents for a HAMP loan modification. The new HOPE LoanPort will allow counselors to help with the collection of necessary documents from homeowners, upload the completed package directly to servicers and track the status of a borrower's application.
‘This new Web portal will help homeowners get a faster answer, via their housing counselor, on whether or not they qualify for a HAMP loan,’ says Faith Schwartz, executive director, HOPE NOW.
Housing counselors will be able to track the progress of a homeowner's application and provide them with regular status updates.
"This initiative reflects the tremendous collaborative effort the mortgage industry is conducting to create additional channels to assist borrowers and counselors in pursuit of HAMP modifications," says Camillo Melchiorre, senior vice president of loss management with Radian Guaranty, a sponsor of the pilot program.
The HOPE LoanPort platform is based on RxOffice technology by IndiSoft LLC of Columbia, Md.
The mortgage servicers initially participating in the HOPE LoanPort include American Home Mortgage Servicing Inc., JPMorgan Chase, GMAC Financial Services, SunTrust, PNC Mortgage and Saxon Mortgage.
NeighborWorks America is serving as a counseling intermediary, with affiliated agencies: Neighborhood Housing Services (NHS) of Chicago, NHS of Greater Cleveland, NHS of New York and Cabrillo Economic Development Corp. in Ventura, Calif. HomeFree USA is also serving as an intermediary with their affiliates located in Kansas City, Mos.; West Palm Beach, Fla.; Washington, D.C.; and Atlanta.
The HOPE LoanPort is expected to launch nationwide in early 2010.
"Housing counselors have consistently articulated the need for a single point of entry and systematic process for communicating with servicers," adds Ken Wade, CEO of NeighborWorks America.
SOURCE: HOPE NOW