Bank of America, this country’s biggest mortgage servicer, has recently joined HOPE LoanPort to use its propriety technology and partner with non-profit housing counselors in providing help to homeowners in their loan modifications. In doing so, BOA becomes the 11th mortgage servicer to join the HOPE LoanPort—others include PNC Mortgage, Bayview Loan Servicing, and GMAC.
HOPE LoanPort, an internet-based housing counselor tool, streamlines submissions of completed loan modification applications. HOPE LoanPort presently has commitments from over 200 counseling organizations and groups. BOA Servicing Executive, Rebecca Mairone, said, “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…the nation’s housing counselors play a critical role in this process, working hand in hand with struggling homeowners.”
CEO of HOPE LoanPort, Larry Gilmore believes the addition of BOA is a major plus to the service, “this is a significant development in the evolution of HOPE LoanPort, 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.”
The online tool, introduced by the HOPE NOW Alliance, streamlines loan modification applications for borrowers facing foreclosure, thus, allowing housing counselors to transfer completed applications to servicers. They are making big efforts to better the quality of the application and the ability of servicers to focus on the applications themselves.