Homefree-Usa Joins Hope NOW in the Introduction of Loanport

New web portal assists housing counselors in submitting supporting loan modification documents to lenders

Today, HomeFree-USA announced its participation in the launch of a new web portal that will allow Department of Housing and Urban Development (HUD)-approved housing counselors to assist troubled homeowners in metro DC, Kansas City and Atlanta by collecting required documents for a loan modification under the Making Home Affordable program. The new HOPE LoanPort will streamline the process of documenting and verifying a borrower’s eligibility for a Home Affordable Modification (HAMP) by providing servicers with a completed document package.

“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,” said Camillo Melchiorre Senior Vice President of Loss Management, Radian Guaranty. Radian Guaranty is the executive sponsor of the pilot program. The HOPE LoanPort platform is based on RX Office technology by Indisoft of Columbia, Maryland.

HOPE NOW created LoanPort in order to address the issue of HAMPs not converting to permanent loan modifications due to servicers receiving incomplete documentation. This new web portal will allow HomeFree-USA to help homeowners collect all necessary documents and upload them directly to the servicers.

The mortgage servicers initially participating in the HOPE LoanPort include: American Home Mortgage Servicing, Inc., JP Morgan Chase Manhattan, GMAC Financial Services, SunTrust, PNC Mortgage and Saxon Mortgage. Only delinquent borrowers whose loan is with one of the participating banks will be able to be served through the web portal. HomeFree-USA will continue to assist non-participating bank borrowers through other venues.

“HomeFree-USA is thrilled to be a participant in this powerful initiative,” said HomeFree-USA president, Marcia Griffin. HomeFree-USA will be able to track the progress of a homeowner’s application and provide them with regular status updates, which has been a source of consumer frustration in some cases.

Ms. Griffin continued, “This is just another example of how the mortgage industry is working hard to integrate its systems with those of local counseling agencies. The current number of at-risk borrowers has created a significant need for this portal. HOPE LoanPort is a welcome addition and a necessary tool for housing counselors to get important and complete information from the homeowner directly to the servicer.”

“The new web portal, HOPE LoanPort will help homeowners, who are delinquent on their mortgage, get a faster answer, via their housing counselor, on whether on not they qualify for a HAMP loan,” said Faith Schwartz, Executive Director, HOPE NOW. “The ability to help at-risk borrowers navigate more quickly through the system of the HAMP modification program is a win-win for borrowers and the servicers committed to this program. By using available, secured technology and standardized application forms will make a difference in the amount of time it takes for a consumer to get the answers they are seeking and reduce costs to servicers.”

About HomeFree-USA

Established in 1995, HomeFree-USA is a minority-founded, 501(c)(3) nonprofit organization specializing in homeownership counseling and foreclosure intervention. It is one of just 14 HUD-approved organizations currently receiving congressional funds to act as an intermediary between homeowners and lenders to prevent foreclosure. Based in the Washington Metro area with branch offices in Atlanta, Kansas City and West Palm Beach, HomeFree-USA provides services across the country through its 60-plus network of faith- and community-based nonprofit partners. The HomeFree-USA network represents 1.5 million homeowners and homebuyers and enjoys a 0% foreclosure rate among families that participate in its pre- and post-purchase counseling activities. To learn more, visit www.homefreeusa.org.