First American’s Mortgage Services Division Partners With Hope LoanPort
September 11, 2012
First American Title Insurance Co.’s Mortgage Services division announced its alliance with Hope LoanPort (HLP), a Washington, D.C.-based non-profit organization dedicated to assisting homeowners who are behind on their mortgage payments with alternatives to foreclosure.
As part of the alliance, First American will provide property-level collateral data, including lien priority insurance information, property characteristics and property valuations for integration into Home LoanPort’s Hope LoanPortal platform, which is used by servicers to assess options for borrowers who are facing foreclosure. The addition of First American’s data to Hope LoanPortal means that servicers will receive a complete foreclosure alternative package from a single source, enabling them to provide borrowers in financial distress with faster decisions.
"Servicers today are seeking to maximize home retention. Having quick access to complete, accurate information simplifies the review process and facilitates better communication with their customers," said Eric Friedman, chief operating officer for First American Mortgage Services’ default segment.
Since its creation in 2009, Hope LoanPortal has been the prototype for a collaborative, multi-party, web-based transactional platform focused on foreclosure prevention. HLP’s mission is to provide transparent, efficient and traceable access to foreclosure-alternative options while ensuring homeowner information is securely and confidentially shared among key stakeholders such as housing counselors, mortgage services and homeowners.
"The support of all industry partners to continue our efforts is paramount in solving the problems mortgagors and borrowers are currently facing. Having a partner with the industry knowledge, technology and the quality reputation of First American will provide a great lift to our organization," said Camillo Melchiorre, president of Hope LoanPort.