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                                        HUD: Announces New HOPE LoanPort™
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Greetings!
Thank you for subscribing to our online compliance updates. We are pleased to offer these announcements to our valued clients and colleagues.
Overview

On May 11, 2010, the Department of Housing and Urban Development (HUD), through the HOPE NOW Alliance, announced the launch of a new web portal tool for Housing Counselors working with HAMP Modification Applications.

Through HOPE NOW Alliance's launch of this new web portal, called HOPE LoanPort™, HUD believes that the execution of HAMP and non-HAMP modifications will be significantly improved. 

HOPE LoanPort™ officially launched its consumer-based web site, www.HOPELoanPortal.org, on May 10, 2010. The new web site will complement HOPE LoanPort™'s web-based housing counselor tool that is designed to streamline submission of completed loan modification applications.

The purpose of the new web portal is to allow counselors to collect the necessary documents from homeowners, upload the completed package, submit the completed package directly to servicers, and track the status of a borrower's application.  

The impact of HOPE LoanPort™ depends on the participation of housing counseling agencies, servicers and other stakeholders. HUD is encouraging all HUD-approved housing counseling agencies providing foreclosure prevention services to participate in the HOPE LoanPort™ and utilize this new resource as a means to improve and expedite outcomes for homeowners.

Highlights

Web-based Utility

HOPE LoanPort™ is a neutral, transparent, web- based utility created to improve the execution of loan modifications and designed to be used by borrowers, non-profit counselors, servicers, and other organizations that have a vested interest in the loan modification process.

HOPE LoanPort™ focuses on providing this utility to non-profit counseling organizations while:
  • streamlining counselors' ability to collect complete modification applications to include all required data elements and documents
  • requiring participating servicers to provide status to in-process modifications
  • providing industry and counselor transparency to any potential bottle necks that may exist while borrowers complete a loan modification application working with non-profit counselors or while servicers are decisioning a case
  • addressing servicer challenges in receiving applications
  • ultimately offering a lift to completed loan modifications and applications
Potential Benefits
  • No Lost documents: addresses servicer challenges in receiving applications, and counselor challenges in sending applications and documentation
  • Standardization: collects complete HAMP applications that include all required data elements and documentation
  • Communication: servicers provide the status of in-process modifications
  • Efficiency: improves servicer efficiency in completing modifications
  • Transparency: accountability and transparency for all stakeholders
CRTFStop Mortgage Defaults
 

Task Force designed to reduce high compare ratios
caused by excessive defaults and claims.


Task Force Description
  • Staffed with subject matter experts
  • Specially designed forensic audits
  • Automated file screening systems
  • State-of-the-art research facility
  • Scalable up to any size default experience
  • Upload large file formats for prompt reviews
  • Secured and safe audit location
Our Remedy
  • Comprehensive review of existing defaults and claims for loss mitigation  and loan modification eligibility
  • HUD-FHA and regulatory compliance guidance for the mortgagee
  • FHA and conventional Early Payment Defaults resolution strategies and loss mitigation methodologies
  • Mortgagee notification of borrower's loss mitigation eligibility
  • Borrower notification of loss mitigation eligibility
  • Expert, nationwide legal counsel to handle loss mitigation and loan modification strategies
  • Monitoring of loss mitigation applications in process
  • Follow-up with servicers to assure proper and timely resolution and notification to HUD-FHA
  • Loss mitigation resolution of new defaults and claims

The Compare Ratio provides a value that reveals the largest discrepancies between the mortgagee's default and claim percentage and the default and claim percentage to which it is being compared.

An indicator of excessive defaults and claims is the FHA Compare Ratio statistic. When a Compare Ratio is above 150, HUD begins a due diligence process.

Mortgagees with a Compare Ratio of greater than 200 are subject to disciplinary review, termination of underwriting authority, and possible loss of FHA mortgagee approval.

Presentation Download
HOPE  HOPE LoanPort™

HOPE LoanPort
HOPE LoanPort™, developed by the HOPE NOW Alliance, is a new web-based tool that seeks to streamline loan modification applications on behalf of those borrowers at-risk of foreclosure, allowing housing counselors to be able to efficiently transmit the completed applications to mortgage servicers.
 
 

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These publications are free to subscribers. Information contained herein is not intended to be and is not a source of legal advice.


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