Tuesday, March 2, 2010

HOPE Now Expands HOPE LoanPort™

The HOPE NOW Alliance announced that it is expanding HOPE LoanPort™, its housing counselor Web portal, to 25 states and over 100 cities to help at-risk homeowners avoid foreclosure. The portal allows Housing and Urban Development (HUD) -approved counselors to submit completed Home Affordable Modification (HAMP) applications directly to a homeowner’s servicer, track the status and provide borrowers with more timely decisions.

Five NeighborWorks Organizations will participate in the expansion: Los Angeles Neighborhood Housing Services, Community HousingWorks in San Diego, The Housing Partnership, Inc., in Louisville, Neighborhood Housing Services of Baltimore and St. Mary Development Corporation in Dayton. Home Free USA and Consumer Credit Counseling Services (CCCS) of Atlanta and Dallas will also participate in helping homeowners through the HOPE LoanPort™.

The program began in December 2009 with several servicers and housing counseling agencies affiliated with NeighborWorks America and Home Free USA. According to HOPE Now, housing counselors and servicers involved in the pilot have provided positive feedback on the portal, including that it eases the document traffic jam that has plagued the system. This means that decisions can be made faster and struggling homeowners can get the help they need sooner.