MortgageHub, a provider of mortgage solutions and Web-based systems for the mortgage servicing and finance industries, has partnered with trade association USFN to launch the Home Retention Alliance, an organization designed to provide home retention and loss mitigation services offering borrowers and lenders alternatives to home foreclosure.
The Home Retention Alliance functions as an integrated, open platform solution to help servicers respond to the surge in defaults and foreclosures in order to counteract the steep increase in workload and costs associated with loan workouts. The group says it provides a total solution for loss mitigation by bringing together lenders, borrowers, attorneys and partners under one umbrella. All loans are serviced out of the organization's Home Retention Alliance Service Center in Orlando, Fla.Â Â
"The industry is in dire need of accelerating resolution decisions for the overwhelming number of borrowers trying to keep their homes," states Ron Morgan, president of MortgageHub's strategic default solutions group. "The Home Retention Alliance is positioned to provide that service to both the lender and the borrower."