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LENDERS & SERVICERS OUTSOURCERS AGENTS & BROKERS ATTORNEYS » VISIT US ONLINE @ DSNEWS.COM Hope LoanPort 1101 PENNSYLVANIA AVE., NW, 6TH FLOOR WASHINGTON, DC 20004 » 202.640.1390 HopeLoanPortal.org COMPANY HISTORY Hope LoanPort (HLP) evolved out of HOPE NOW's technology committee that was formed for the purpose of exploring a more robust communication strategy to better serve homeowners at risk of foreclosure. After reviewing the tidal wave of defaults and new servicing requirements that emanated from the financial crisis, Hope LoanPort was developed as a national solution to manage foreclosure alternative processing for the industry. In late 2008, HOPE NOW's technology committee adopted a three-phase strategy to develop a Web portal that included creating a more user-friendly site allowing borrowers to complete an online intake form to request assistance, expanding the form to gather a complete application that could be submitted to servicers, and potentially expanding the portal to decision an online application. HLP facilitates transparent continuity between mortgage servicers and homeowners or their authorized third-party representatives for the life-cycle of processing a foreclosure alternative application. to submit data and documents and communicate with their servicer. »» Provides continuity of communication during the entire submission, review, and disposition of foreclosure-alternative applications. »» Infrastructure allows for near-seamless transfers of application documents between the homeowner or their authorized thirdparty representative and HLP's participating servicers. Counselors and Authorized Third Parties SOLUTION PLATFORM CEO and co-founder Camillo Melchiorre says that the company modeled its structure after Lending Tree, where a repository would act as a neutral exchange and would operate from three facets: data, standards, and business rules. In the process of creating this neutral utility it eliminated the industry problem of lost documents. The company is a leader in managing the entire communications lifecycle of a foreclosure alternative application. The portal aligns with the recent changes in servicing rules for facilitating compliance when engaging in servicing transfers. USER STATS »» Current number of nonprofit counseling agencies = 1,050 »» Number of active nonprofit users = 5,500 »» Number of Servicer users = 18 registered servicers managing approximately 85% of the residential mortgages in the US »» Number of active Servicer users = 2,413 »» Key Features: Clients can engage with the service in multiple ways: KEY FEATURES Clients engage in multiple ways: Homeowners »» Through HLP's consumer direct portal, Homeowner Connect (homeownerconnect. org) homeowners can self-engage in the foreclosure alternative application process using a secure, electronic, centralized portal »» Unified platform standardizes the entire communications life cycle of the loss mitigation transaction. »» Single, uniform intake and communication channel mitigates process fragmentation. »» Counselors are notified immediately that servicers have received their submission; servicers are required to provide updates every 10 days and all transactional information is maintained in HLP. Servicers »» Eliminates the need for document submission via faxes, emails, FedEx, and traditional mail, which results in no lost document risk in initial review and follow-up activities. Documentation of all activities, documents, and data is easily traceable at a neutral repository. »» Highly specialized command-and-control functionality for loss mitigation quality assurance, productivity reporting, workflow management and auditing. »» Reverse accountability: Homeowners, counselors, and authorized third parties may not submit documents and data piecemeal, and instead may only submit a package when it is complete. »» Portal functionality has been built around modification solutions and is currently expanding through a pilot program to implement liquidation functionality as well. KEY BENEFITS The platform serves as a mega-repository case information allowing for users to maintain consistency, transparency, and facilitate compliance. DELIVERY PLATFORM Software-as-a-Service (SaaS), based on IndiSoft's RxOffice platform AWARDS AND RECOGNITION »» Hope LoanPort was named a 2013 Computerworld Honors Laureate along with its technology provider, IndiSoft, in the category of Economic Development, which recognizes technology projects that influence business, society, and the world from organizations that are using IT to drive business and social change. »» HLP was cited as a model Web-based portal in the landmark National Mortgage Settlement, in which the five largest mortgage servicers are required to use portals "such as Hope LoanPort." »» HLP is also the preferred platform for processing applications for HUD's Emergency Homeowners Loan Program (EHLP). »» HLP is named in the Treasury's Supplemental Directive 13-01 as the communication platform to facilitate the new MHA Borrower Outreach and Intake program. 73