Starting in September Bank of America has agreed to use the Web portal of Hope Now in a move seen by executives of the voluntary alliance of mortgage servicers, investors, mortgage insurers and nonprofit counselors as “a game changer.”
After Aug. 31, all nonprofit housing counseling organizations and for-profit organizations working with Bank of America customers will exclusively submit their loan modification applications through the Hope LoanPort portal.
Given the size of B of A’s mortgage servicing portfolio, the new requirement is likely to bring “a major advancement” in the effort to streamline and speed up the assistance provided to foreclosure risk homeowners serviced by B of A, executives said.
Data show 385,468 loan modifications were completed nationwide by all servicers
So B of A’s alliance with Hope LoanPort may give a new boost to the number of modifications completed hereon.
B of A’s new directive is expected to be a game changer in the mortgage market not only because Hope LoanPort provides effective communication between all parties and is fully compliant with servicing standards and regulatory requirements, it also engages over 4,000 housing counselors in 50 states and Puerto Rico.
