March 20, 2013
Hope LoanPort (HLP) explained how its platform can help facilitate mortgage servicing transfers following an announcement from the Consumer Financial Protection Bureau (CFPB) regarding plans to monitor transfer activity more closely.
The HLP structure helps parties involved in the process by allowing existing cases to be transferred between registered mortgage servicers without having to deal with lost documents or the need to resubmit applications for mortgage relief.
Registered servicers of HLP can access the platform to seamlessly transfer cases between transferor and transferee.
In a release, HLP noted that in the CFPB’s bulletin on mortgage servicing transfers, a focus of supervisory activities includes "… procedures the transferee had in place to identify loss mitigation in process (e.g., trial or permanent modifications, forbearance plans, or short sale/deed-in-lieu agreements) at the time of transfer."
The requirement for a smooth, transparent transition can facilitated by HLP through a complete electronic transfer of in-process foreclosure alternative applications. The portal actually provides a record of activities performed within the system, including documentation uploaded from the homeowner or an authorized third party, along with portal-based communications, which includes status updates. Thus, HLP’s platform allows the transferee to pick up on a case from where the previous servicer left off.
"We look forward to working with servicers in order to ensure these loans are handed off in a timely and efficient manner," said Camillo Melchiorre, HLP president and CEO. "The ability of HLP to provide these cases to the transferee helps keep their loss mitigation activities in compliance and also helps to ensure that the homeowner can continue their foreclosure alternative efforts in a seamless, transparent manner."
HLP—powered by RxOffice® and a member of the HOPE NOW Alliance—is a web-based tool that streamlines foreclosure alternative applications on behalf of borrowers at-risk of foreclosure.