First American Title Insurance Company’s Mortgage Services division is pleased to announce 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 Title Insurance Company 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.
About First American Mortgage Services
First American Mortgage Services, a division of First American Title Insurance Company, is a leading provider of origination and default solutions and a primary source of national title insurance, settlement, and valuation services for residential retail originators and servicers. The division supports all aspects of the residential origination and the default servicing processes, successfully supplying products and services that have assisted in closing more than one million mortgages nationwide. Through our flexible technology and vast resources, we are unique in our ability to provide customized, comprehensive and seamless solutions. More information about the division’s solutions can be accessed on its website at www.famortgageservices.com.
About First American Title Insurance Company
First American Title Insurance Company, the largest subsidiary of First American relationship Financial Corporation (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the nation, the company offers title services through its direct operations and an extensive network of agents throughout the United States and abroad. The company has its headquarters in Santa Ana, Calif. Information about First American Financial Corporation’s subsidiaries and an archive of its press releases can be found on the Internet at www.firstam.com.
About Hope LoanPortal
Hope LoanPorta a 501 (c) (3) nonprofit company based in Washington DC, is a member of the HOPE NOW Alliance. Hope LoanPortal, powered by Rx Office®, is HLP’s web-based tool that streamlines the processing for foreclosure alternatives on behalf of at-risk homeowners, allowing housing counselors to efficiently transmit completed loss mitigation applications to mortgage servicers. Hope LoanPortal provides a safe harbor for homeowners struggling with their mortgage, and use of the platform is free for borrowers and their HUD-approved nonprofit housing counselors. Currently over 3,600 housing counselors in 50 states, the District of Columbia and Puerto Rico have access to the mortgage servicers representing over 80% of the United States mortgage market. For more information, please visit www.hopeloanportal.org.