Reaching Borrowers Via The Web

Underwater borrowers sometimes don't feel comfortable talking to a person about their failings. It’s a very personal situation. As a result, more and more Web portals are emerging so these borrowers can go to a website to see if they qualify for a modification and do everything online to get that modification going.

For example, HomeFree-USA is participating in the launch of a new Web portal that will allow Department of Housing and Urban Development-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.

"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."