WASHINGTON, DC - HOPE LoanPort, the groundbreaking new web-based housing counselor tool that streamlines submission of completed loan modification applications, announced today that Bank of America, the nation's largest mortgage servicer, has agreed to use its proprietary technology to partner with non-profit housing counselors to assist homeowners with loan modifications.
Source: HOPE LoanPort
Bank of America becomes the 11th mortgage servicer to sign onto HOPE LoanPort. The company joins other servicer members American Home Mortgage Servicing, Inc., Bayview Loan Servicing, Chase, Citi, GMAC, Ocwen Loan Servicing, OneWest, PNC Mortgage, Saxon Mortgage Services and SunTrust Mortgage, Inc.
HOPE LoanPort also has commitments from more than 200 counseling organizations across the country and is endorsed by House Majority Leader, Congressman Steny Hoyer (MD) and the Maryland Department of Housing and Community Development.
"We are making great progress in helping our financially troubled customers complete loan modifications, now leading the industry in modifications completed and modification offers extended through HAMP," said Rebecca Mairone, default servicing executive for Bank of America. "The nation's housing counselors play a critical role in this process, working hand in hand with struggling homeowners. 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."
Larry Gilmore, CEO of HOPE LoanPort, added, "This is a significant development in the evolution of HOPE LoanPort(TM), with far reaching implications. 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. In addition, Bank of America and our ten other mortgage industry partners represent the majority of loans serviced throughout the United States.
"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."
HOPE LoanPort, developed by the HOPE NOW Alliance, is a web-based tool that streamlines loan modification applications on behalf of borrowers at-risk of foreclosure, allowing housing counselors to transmit completed applications to servicers. HOPE LoanPort is designed to improve the quality of both the application and the ability of servicers to make decisions on that application.