News and Information from HLP FEB 2015

More Than 20,000 Foreclosure Mediation Cases Filed with Hope LoanPortAvailable in the 27 states that require or encourage mediation in conjunction

with the judicial foreclosure process, Hope LoanPort® is a trusted resource for

a growing number of mediators, servicers and attorneys. As a result, more than

20,000 foreclosure mediation cases have been filed with Hope LoanPort during

the past year.

In The Community

A partial list of recent and upcoming events where you will find HLP executives:

Loan Modification Scam Prevention Network Steering Committee February 17Washington, DCSVP Samantha Friedman,

General Counsel Scott Lake

to attend

AARP Foundation Housing Solutions Center Advisory Board February 20Washington, DCEVP, Mark Cole is a Board Member

MBA Servicing Conference February 23-26Dallas, TexasCEO, Cam Melchiorre, panelist—

“The Challenges of MSR Transfers;”

Nick Figlo, Samantha Friedman

and Scott Lake to attend

2012, HLP adds non- retention options, including short sales and deeds-in-lieu, to its technology platform.

Mediation has become an increasingly popular

tool to help find alternatives to foreclosure. In

response, Hope LoanPort expanded its tech-

nology platform in 2014 to handle the growing

number of foreclosure mediation cases around

the nation.

One of the major differences in foreclosure me-

diation cases compared to loan modifications

is the number of people involved in the pro-

cess. The people involved in mediation include

the homeowner, their attorney and housing

counselor, the mortgage servicing company

and its attorney, and the mediator. The portal

enables all of these parties to see all of the

court documents simultaneously, as well as

any updates to the documents.

“Everyone involved has a ‘real time’ view of the

mediation proceedings,” says Hope LoanPort

CEO Camillo Melchiorre. “All parties can see

and take action on all of the documents and

mediators can move cases along quicker than

in the past.”

Without transparent access to this information,

mediation sessions are too often cancelled

and rescheduled, resulting in wasted time,

extra expense and missed opportunities to

find foreclosure alternatives. Hope LoanPort

solves this problem by allowing everyone

involved in a foreclosure to see all documents

in real time. The net result is fewer cancella-

tions, more cases resolved outside of foreclo-

sure and in much less time.

The ability to view all documents in one loca-

tion helps speed the mediation process. “Our

portal enables mediators to view all docu-

ments in real time and spot trouble before it

happens,” says Nick Figlo, Hope LoanPort’s

senior vice president of Solutions Design &

Analytics. “There are no more lost packages or

miscommunication between parties.”

Mortgage servicers have experienced several

benefits, from operating more efficiently to eas-

ier compliance with regulations. “Hope Loan-

Port enables homeowners and their represen-

tative to share documents via a neutral party,”

says Russ Schwartzseid, senior vice president

for Wells Fargo Home Lending Servicing, who

leads the Specialty Home Preservation teams

in Default Servicing Operations. “The added

…continued on page 3

Russ Schwartzseid, senior vice president for Wells Fargo Home Lending Servicing, leads the Specialty Home Preservation teams in Default Servicing Operations. He is responsible for teams that work with borrowers under the protection of bankruptcy courts, working with non-profit housing counselors or participating in mediation programs throughout the country.

Describe the value of foreclosure mediation for Wells Fargo and your clients?

At Wells Fargo, homeowners who engage in this process have the opportunity to work directly with a specialist who is well versed in the local jurisdictional rules as well as in the loss mitigation process. Mediation can feel complicat-ed for many as the programs are under the umbrella of the courts. Our team members can help to guide the home-owner through the process and help them understand their options related to modifications and other foreclosure avoidance alternatives.

Describe how sharing documents via Hope LoanPort improves the mediation process.

Clear and consistent communication is critical to the me-diation process. Hope LoanPort enables homeowners and their representative to share documents via a neutral party. The added benefits are that the homeowner and all par-ties can see exactly what has been shared. While there are 27 separate state foreclosure mediation processes, Hope LoanPort helps meet the respective state requirements and can securely exchange case data, documents, and com-munications through a centralized repository which helps minimize errors and reduce the time it takes to achieve a resolution.

How can counseling agencies help homeowners prepare for mediation?

We believe it is important for homeowners facing finan-cial challenges—that often extend beyond their mortgage payments—to consider consulting with a HUD-certified counselor. HUD-certified counselors can assist the home-owner in engaging in the mediation process and to provide requested documentation in a timely manner. A complete

and accurate application provides the consumer the op-portunity to know their options for modification or other foreclosure avoidance options. A HUD-certified housing counselor can work with the homeowner in advance of the mediation session to complete, compile, and submit the financial information required via Hope LoanPort which is critical to evaluate potential options in an effort to reach an agreement.

27 states require mediation prior to foreclosure. Where has this process worked best and why?

In my view, clear, structured and consistent mediation pro-cesses are essential. The process works best in geogra-phies that establish clear expectations for all parties and encourage an open dialogue. Active participation and en-gagement can result in timely resolution and greater under-standing of the options available to the borrower—including workout options such as a loan modification.

What is the most important action a homeowner can take during the mediation process?

Engage in the process! Homeowners who actively partic-ipate in the application proces—providing documentation, clarifying questions for the underwriter—have a stronger opportunity to obtain assistance. Our goal is to help the homeowners through what they may feel is a difficult and complex process in a manner that ensures they’ve had an opportunity to tell their story and ultimately understand their financial options. It is also important for the homeowner to know that if they do not qualify for a modification during the mediation process, there may be alternate options. If their financial circumstances change, we will work with them to re-evaluate whether they are eligible for a workout such as a modification.

Take Five is a regular feature that enables a leader in the housing sector to share valuable insight on important and emerging topics. Future “Take Five” Q&As will feature leaders from mortgage companies, counseling agencies and investors.

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20k Foreclosure Mediation Cases

We’ve taken the liberty of signing you up for this newsletter. If you would prefer to have the newsletter delivered to an alternate email

address, or if you ever want to unsubscribe, just send me a note. Do you have suggestions for future content? We want to hear your

feedback. Please let me know your ideas. —Mark Cole, Executive Vice President, Chief Strategy Officer

“Unifying the Efforts to Help Families Achieve and Sustain Homeownership”

MCole@hopeloanportal.org | 410.942.6464 x1021 | 100 International Drive | 23rd Floor | Baltimore, Maryland 21202

Coming Next MonthHLP senior management will be presenting at and attending the Mortgage Bankers

Association National Servicing Conference & Expo from February 23-26 in

Dallas. Stay tuned for highlights of the conference, information and viewpoints of industry

leaders and key takeaways for your organization.

Mortgage Serving Rights Transfers. Losing or delaying workouts in-process during

mortgage servicing rights transfers have become a huge area of risk for servicers. If you

are concerned about how records of homeowners in the foreclosure process are handled

once a mortgage portfolio is sold, contact us to learn how Hope LoanPort can help handle

transfers seamlessly and avoid the pitfalls of lost and missing documents that often accom-

pany the transfer of servicing portfolios.

Let’s Talk About How HLP Can Help YouIf you would like more information about the services described in this issue or a meeting with an HLP representative to discuss how

HLP services can assist you, please call us at 410.942.6464 x1021.

Hope LoanPort also supports the work of servicers and housing counselors to help homeowners exit gracefully from their homes when there aren’t sustainable options for them to remain. Short sales, a deed-in-lieu and other non-retention options can be handled easily through our portal.

Hope LoanPort launches a multi-stakeholder case, in 2014, to solve document and communications problems that were associated with mediation.

benefits are that the homeowner and all parties

can see exactly what has been shared.”

Because servicers may handle hundreds or

thousands of cases in a variety of states, the

portal also provides confidentiality to key parties

in each case. An attorney for a servicing com-

pany can only view documents on cases where

they are assigned.