The economic crisis caused by the coronavirus pandemic has resulted in a wave of mortgage defaults which, in turn, has resulted in the resurrection of the mortgage default platform previously known as Hope LoanPort (HLP).
Mortgage software company IndiSoft has re-launched the platform – which helps default servicers communicate effectively with borrowers – and dubbed it The Homeowner Connect (THOC).
THOC brings HUD-certified nonprofit housing counselors and consumers together on one platform for servicers, and it can be implemented in a matter of hours.
IndiSoft has upgraded the platform to offer a host of new features including the following:
- Self-service options for borrowers, including recent updates to comply with the COVID-19 Emergency Forbearance Borrower Attestation Form;
- A mobile application;
- A dedicated URL for each servicer;
- An on-demand phone/chat support from HUD-certified nonprofit counselors;
- Automated tools for supplying critical data and documents; and
- White label option.
Hope LoanPort (HLP) terminated operations this past January. During its 10 years of operation, HLP offered several programs driven by IndiSoft’s technology including Make Home Affordable (MMA), Hardest Hit Funds (HHF), The Home Affordable Modification Program (HAMP), The Emergency Home Loan Program (EHLP) and the National Mortgage Settlement (NMS).
The platform now features the integration of IndiSoft’s HUD-certified case management system (CMS). THOC helps servicers collect the necessary information to convert COVID-19 forbearance to loan modifications, short sales and other loss mitigation options.
“Right now, COVID-19 forbearances are on a ‘scout’s honor’ basis,” says Sanjeev Dahiwadkar, founder of IndiSoft,in a release. “This means borrowers are calling their servicers saying they need assistance due to the loss of income or job caused by COVID-19. In 90 days, everyone will be scrambling to comply with the requirements for receiving mortgage assistance. The Homeowner Connect is an easy-to-use platform that allows homeowners and counselors to work from home, adhering to the stay-at-home orders.”