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Loan Servicers May Finally Be Getting Their Act Together

(8/30/10)

The Hope LoanPort was introduced in the fall of 2009 as a pilot program with six mortgage servicers participating. The purpose of the program is to connect servicers and counselors who are working on loan modifications on behalf of distressed homeowners. The so called LoanMod process has been notoriously inefficient and cumbersome to navigate and the objective of the program was to remove the inefficiency by streamlining and automating the process. With twelve key servicers having signed on now and more on tap to come on board in the coming months, the submission and tracking of loan modifications throughout the system has been vastly improved. Over 40 states and almost 250 home counseling organizations with over a thousand counselors are now utilizing the web portal. The Hope LoanPort has helped eliminate many of the processing delays caused by misplaced or lost borrower documents by utilizing scanning equipment to electronically collect and distribute the documentation to the key players involved in the loan modification process. By making servicers and counselors as productive and efficient as possible, the Hope LoanPort serves to keep as many borrowers as possible in their homes.

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