Companies Launch Home Retention Alliance

MortgageHub, an Orlando, Fla.-based provider of mortgage and Web-based systems, has joined with USFN, a network of mortgage banking attorneys, to launch the Home Retention Alliance.MortgageHub said the alliance aims to offer "innovative alternatives to foreclosure" and bring lenders, borrowers, attorneys, and partners under one umbrella to help servicers respond to the surge in defaults and foreclosures, which increases the workload and costs associated with loan workouts. All loans will be serviced out of a service center in Orlando. "The industry is in dire need of accelerating resolution decisions for the overwhelming number of borrowers trying to keep their homes," said Ron Morgan, president of MortgageHub's Strategic Default Solutions group. ".... In teaming up with USFN, we are attempting to educate the industry of the fact that nearly 80% of loans approaching foreclosure can be rescued with the right combination of loss mitigation services." MortgageHub can be found online at http://www.mortgagehub.com, and USFN (formerly known as the U.S. Foreclosure Network) can be found at http://www.usfn.org.