Wells Fargo signs up to Hope LoanPort for mortgage modifications
Wells Fargo ($40.85 0.24%) agreed to use Hope LoanPort, a web-based housing counselor tool used by servicers and borrowers to submit and receive completed modification applications.
More than 1,600 housing counselors from nearly 300 organizations have committed to using the system.
Hope LoanPort, formerly the technology committee within the Hope Now alliance of servicers and counselors, paired with Indisoft, a Columbia, Md. – based software developer to design the web portal.
In July, proprietary modifications from banks in the Hope Now alliance more than tripled the amount down through the government's Home Affordable Modification Program.
"Web-based platforms strengthen our ability to work with counseling organizations across the country to deliver timely decisions and improved communications with our customers," said Mary Coffin, executive vice president for loan servicing at Wells.
Wells is the 13th major servicer to sign up to Hope LoanPort. Others using the program are Bank of America ($13.27 0.06%), JPMorgan Chase ($54.11 0.26%), Citigroup ($50.01 0.65%), Ally Financial ($25.30 0.15%), Ocwen Loan Servicing ($45.08 0.23%), PNC Mortgage ($71.74 0.45%), Saxon Mortgage Services, SunTrust Mortgage ($31.75 0.4%), OneWest Bank, MetLife ($45.35 0.45%), American Home Mortgage, and Bayview Loan Servicing.
Write to Jon Prior.
The author holds no relevant investments.
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