Industry NewsMortgage

GMAC Mortgage launches loan mod portal

Robo-signing settlement requires similar efforts by other servicers

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Loan servicer GMAC Mortgage has launched a Web portal, HomeownerConnect.org, that allows struggling borrowers to apply for loan modifications and other foreclosure alternatives online.The site is a joint effort with Hope LoanPort, a Web-based portal launched in 2010 by the HOPE NOW Alliance of loan servicers to streamline the collection of loan modification applications. Both Homeowner Connect and Hope LoanPort are powered by IndiSoft's RxOffice, a Web-based tool that streamlines home retention applications from at-risk borrowers.Homeowner Connect will help GMAC Mortgage fulfill its obligations under the national mortgage settlement reached earlier this year, in the wake of allegations that loan servicers engaged in so-called "robo-signing" practices.The $25 billion settlement mandates that each of the nation's five largest mortgage servicers -- Ally Financial Inc. (parent company of GMAC Mortgage), Bank of America, Citi, JPMorgan Chase and Wells Fargo -- set up an online...