Faith Schwartz, Executive director of the Hope Now Alliance has called for “continued support” and funding from public-private partnerships to secure free of charge, sustainable, HUD-approved, housing counseling.
Engaging with at-risk homeowners “remains a top priority,” she said. “There is still a great deal that needs to be done, by all stakeholders, before the housing market reaches an acceptable level of stabilization.”
Addressing the “Facing New York State’s Foreclosure Crisis 2012: Developing Effective Responses” conference in Albany, NY organized by NeighborWorks America, the New York State Coalition for Excellence in Homeownership Education and the Empire Justice Center, she argued through numbers the importance of non-profit counseling agencies and Hope’s free homeowner assistance hotline.
Schwartz reiterated that the industry experience of the near past “validates the need for trusted third parties,” that open up the communication between servicers and borrowers.
Over 4.8 million permanent loan modifications given to homeowners since 2007 were made possible in large part due to the efforts and free counseling options provided by Hope Now members, its non profit partners and innovative tools such as the Hope LoanPort website that has helped streamline decision-making for servicers, counselors and homeowners.
Hope Now said this year it has worked with 118 counseling organizations at borrower events counseling over 4,000 homeowners in 12 markets. In 2010 up to 271 organizations counseled 14,700 families at 33 events.
In addition, the Hope Now website expands the outreach opportunity. Over 3,000 counselors from over 600 organizations in all 50 states, DC and Puerto Rico who currently use the HOPE LoanPort web-based solution are connected to over 800 mortgage servicer users that represent approximately 80% of all loans serviced in the country.
Daily Briefing | Wednesday, October 5, 2011
B of A to Exit Retail in Six States
Bank of America this week made the decision to exit retail lending in six low volume states including Alabama, Alaska, Montana, Nebraska, Wisconsin, and Wyoming, National Mortgage News has learned.
Apps Down Despite Low Rates
Record low interest rates are not bringing borrowers to the table as the level of loan applications decreased 4.3% on a seasonally adjusted basis for the week ended Sept. 30 according to the Mortgage Bankers Association.
LPS Picks Former HomeSide Executive as its New President
Mortgage foreclosure vendor Lender Processing Services on Wednesday named Hugh R. Harris president and chief executive officer effective immediately.
Seniors Lose $63 Billion in Home Values
The amount of home equity owned by American seniors fell by $63 billion between the first and second quarters, the National Reverse Mortgage Lenders Association/RiskSpan Reverse Mortgage Market Index found.
Dynex Enters MOU to Settle Suit; Plans Refinancing
Mortgage REIT Dynex Capital Inc. has entered into a memorandum of understanding reflecting an agreement in principle to settle all claims in a class action lawsuit and separately said it expects to exercise a refinancing option on collateralized financings.
ABA: HELOC Late Payments Rise
Delinquency rates on home equity lines of credit rose 11 basis points on a sequential basis in the second quarter to 1.91%, according to new figures compiled by the American Bankers Association.
Miami Sales Rise Year-over-Year, Prices Still Falling
Miami home sales in August increased 25% year-over-year, but home prices trended lower, according to a DataQuick report Wednesday.
DebtX: Aggregate CMBS/CRE Loan Values Rise
The aggregate value of CMBS commercial real estate loan collateral priced by DebtX in August rose to 85.9% from 85.3% the previous month, according to a Wednesday morning report from the company.
Fed Official Eyes Servicing Compensation for Problem Loans
A top Federal Reserve Board official is pressing for changes in mortgage servicing agreements to encourage more workouts of troubled loans.
Flood Insurance Gets the Green Light From Congress
The House voted 352-66 Tuesday afternoon to pass a continuing resolution that will fund government operations, including the National Flood Insurance Program, through November 18.
Consumer Experts Urge Senate to Confirm CFPB Director
Consumer lending experts urged a Senate panel on Tuesday to confirm a director of the Consumer Financial Protection Bureau this week.