On Sept. 5, Santa Ana, California-based First American Title Insurance Company's Mortgage Services division announced it is partnering with the non-profit Hope LoanPort(K), Washington, D.C., to provide property valuation and other data to help servicers evaluate troubled borrowers for foreclosure alternatives.
First American Title Insurance Company will provide property-level collateral data, including lien-priority insurance information, property characteristics and valuations, and it will be integrated into the Hope LoanPort platform. With the addition of the new data, servicers will get a complete foreclosure-alternative package from a single source, speeding up decision-making on potential assistance options.
Hope LoanPort was created in 2009 to provide a collaborative, Web-based transactional platform dedicated to foreclosure prevention. It was designed to provide transparent, efficient and traceable access to foreclosure-alternative options while securely sharing homeowner information with housing counselors, servicers and other stakeholders.
"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.
Camillo Melchiorre, president of Hope LoanPort, said, "The support of all industry partners to continue our efforts is paramount in solving the problems . . . 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."
Hope LoanPort is a member of the HOPE NOW Alliance and is powered by Rx Office®, which is a Web-based tool that streamlines the processing of foreclosure alternatives allowing housing counselors to efficiently transmit completed lossmitigation applications to servicers.