Washington, D.C.-based ""HomeFree-USA"":http://www.homefreeusa.org recently revealed its success in assisting struggling homeowners by using ""HOPE LoanPort"":http://www.hopeloanportal.org, a Web-based system to submit home retention applications to mortgage servicers.
HomeFree-USA, which oversees a network of 65 housing counseling agencies, endorses the HOPE LoanPort system for eliminating lost paperwork and reducing decision times on loan modification applications.
""Our counselors are really seeing the benefits of using HOPE LoanPort in its ability to address one of the biggest hurdles our counselors face - lost paperwork. [W]e are generating successful results using the system,"" said Marcia Griffin, president and founder of HomeFree-USA.
Griffin added, ""One of the biggest advantages of HOPE LoanPort is that it is not just for HAMP [Home Affordable[COLUMN_BREAK]
Modification Program] applications. Our counselors are able to submit applications for a multitude of home retention options, including Fannie, Freddie, FHA [Federal Housing Administration], and VA [Veterans Affairs] protocols. It's truly a versatile tool.""
The Web portal provides client tracking via real-time status updates from servicers and tracks the organization's success rates and client outcomes.
HOPE LoanPort's mortgage servicers account for more than 80 percent of serviced loans, and more than 700 servicer representatives respond to cases submitted through the portal.
More than 2,100 housing counselors from almost 500 organizations in 46 states, the District of Columbia, and Puerto Rico use the system.
In addition, the Web portal is used by state housing finance agencies in Arizona, Maryland, Nevada, Ohio, and the North Carolina Office of the Commissioner of Banks.
HomeFree-USA has used HOPE LoanPort's free system since its inception and continues to submit a high volume of cases on a daily basis, according to HOPE LoanPort's CEO Larry Gilmore.
""HomeFree-USA has been one of our most supportive partners since day one,"" Gilmore said. ""Without their valuable input on making HOPE LoanPort the most efficient tool for home retention solutions, we would not enjoy the success we are currently having.""