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Parties involved in the $25 billion national mortgage servicing settlement see Hope Loan Port, a Web-based portal that helps firms comply with rules stemming from the settlement, as a model compliance tool.
The Hope LoanPort is a nonprofit based in Washington, D.C., that operates a collaborative, Web-based transactional platform that focuses on foreclosure prevention and offers all parties insight into what is happening with a particular loan.
The settlement deal struck between mortgage servicers and lenders requires servicing firms to create portals that allow homeowners, housing counselors and other key parties access to information on the status of their foreclosure prevention applications.
— Kerri Panchuk
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