Industry NewsMortgage

Mortgage insurers create workout Web sites

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PMI Mortgage Insurance is the latest private mortgage insurer to launch a Web site aimed at helping homeowners avoid foreclosure. Citing a Freddie Mac study that showed lenders are unable to contact more than half of all borrowers in foreclosures -- and knowing that many homeowners look for help on the Internet -- PMI said today the company created the site to make accurate information available. The site, HomeSafePMI, includes information on alternatives to foreclosure including loan workouts, loan modifications, short sales, loan assumptions, and deed-in-lieu of foreclosure. PMI has also posted several videos on YouTube, with links to two of the videos on the new site. Troubled borrowers are advised to call the HOPE NOW alliance of loan servicers, who provide outreach and counseling that can lead to workouts or loan modifications for qualified borrowers. The toll-free HOPE NOW number is 1-888-995-4673. Mortgage insurer Radian Guaranty Inc. last month rolled out a homeo...