Industry NewsMortgage

Loan mod portal catching on

HOPE LoanPort accepts applications from housing counselors

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HOPE LoanPort, a Web-based portal developed by the HOPE NOW Alliance of loan servicers to streamline the collection of loan modification applications, is catching on with loan servicers and housing counselors.More than 1,700 housing counselors from 360 organizations in 47 states, Washington, D.C., and Puerto Rico are using or have committed to use HOPE LoanPort to transmit completed loan modification applications to mortgage servicers.The National Community Reinvestment Coalition (NCRC), an association of more than 600 community-based organizations, announced today that it's endorsing HOPE LoanPort, citing its ability to help its network of counselors deal with the high volume of loan mod applications.Counselors submitting completed applications to loan servicers through HOPE LoanPort can count on the applications being reviewed in a timely fashion, the group said, and servicers using the portal have agreed to provide regular status updates on applications, allowing homeowners to track...