HOPE LoanPort Inks Commitment From BofA

""Bank of America"":https://www.bankofamerica.com/index.jsp, servicer of one in five mortgages in the country, has become the largest mortgage servicer to join ""HOPE LoanPort"":http://www.hopeloanportal.org/, the new Web-based housing counselor tool that streamlines submission of completed loan modification applications.

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""This is a significant development in the evolution of HOPE LoanPort, with far reaching implications,"" said Larry Gilmore, CEO of HOPE LoanPort. ""By adding Bank of America to our roster, we now have two of the three largest mortgage servicers in the country signed up to use our Web portal.""

As part of its participation agreement, Bank of America has committed to use HOPE LoanPort's proprietary technology to partner with nonprofit housing counselors to assist homeowners with loan modifications.

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""We believe HOPE LoanPort will enable us to more conveniently and reliably work with approved counselors as an extension of our team, working with our customers to achieve sustainable homeownership solutions,"" said Rebecca Mairone, default servicing executive for Bank of America.

The North Carolina-based bank becomes the 11th mortgage servicer to sign on to HOPE LoanPort, joining American Home Mortgage Servicing, Inc., Bayview Loan Servicing, Chase, Citi, GMAC, Ocwen Loan Servicing, OneWest, PNC Mortgage, Saxon Mortgage Services, and SunTrust Mortgage, Inc.

""…Bank of America and our ten other mortgage industry partners represent the majority of loans serviced throughout the United States,"" Gilmore said. ""We are convinced that HOPE LoanPort is the future of simplifying the loan modification process for homeowners, servicers, and counselors. With the nation's largest mortgage servicer on board, we certainly feel that this assertion is validated.""

In addition to its roster of servicers, HOPE LoanPort, which was developed by the ""HOPE NOW Alliance"":http://www.hopenow.com/, also has commitments from more than 200 counseling organizations across the country and is endorsed by House Majority Leader, U.S. Rep. Steny Hoyer (D-Maryland) and the Maryland Department of Housing and Community Development.