Radian Guaranty Inc., the mortgage insurance subsidiary of Philadelphia-based ""Radian Group Inc."":http://www.radian.biz, has made a $200,000 grant to ""HOPE LoanPort"":http://www.hopeloanportal.org to be used by[IMAGE]
borrowers, non-profit counselors, servicers, and other organizations to improve the execution of loss mitigation activities, including those under the Home Affordable Modification Program (HAMP).
HOPE LoanPort is a streamlined and transparent Web-based utility created to improve the execution of loan modifications. It is a separate non-profit entity, which evolved out of the ""HOPE NOW Alliance's"":http://www.hopenow.com technology committee as a means of providing better communication between servicers, counselors, and borrowers.
Radian's contribution will be used to support HOPE LoanPort in its mission to address some of the hurdles borrowers face when seeking foreclosure alternatives.
The platform allows HUD-approved housing counseling agencies to submit completed workout applications for borrowers at risk of foreclosure. In turn, counselors are
[COLUMN_BREAK]able to compile and deliver the necessary loan documentation, as well as track the status of the borrower's application â€" all in a secure, online environment.
""There has been a tremendous need for a platform such as HOPE LoanPort to standardize and better facilitate loss mitigation activities for all involved parties,"" said Teresa Bryce, president of Radian Guaranty Inc. ""Radian recognized that need and is proud to be the only mortgage insurer to play a key role in the development of the platform.""
Bryce added, ""This grant is a reflection of Radian's continued commitment to HOPE LoanPort and we hope it will result in even more enhancements to the current version â€" ones that will continue to help more borrowers prevent foreclosure and preserve the dream of homeownership.""
According to Cam Melchiorre, SVP of loss management at Radian and a member of the Hope LoanPort board of directors, Radian has long been an advocate of expediting loss mitigation processes for borrowers and helping servicers manage the tremendous amount of paperwork involved.
He says since the launch of Hope LoanPort in November 2009, the platform has reduced the average completion time for a HAMP modification from six months to 48 days.
Larry Gilmore, president and CEO of HOPE LoanPort, added, ""Radian clearly sees the value that the tool brings to the table in reducing timelines for loan modifications. We are hopeful that other organizations will follow Radian's lead and assist us in our quest to keep as many homeowners in their homes as possible through cutting-edge technology.""