The Year in Review: HLP's Top 5 Accomplishments in 2017 December 2017
You're The Tops HLP added new ways to use our technology platform in 2017— here's what topped our list Page 1
Sustainable and Fair MMI and HLP have formed a new strategic partnership to help promote and sustain homeownership
Every organization takes stock of its accomplishments at year-end and sets its sights on new goals for the upcoming year. HLP is constantly seeking ways to use our technology platform to help mortgage servicers investors, HUD-approved housing counseling agencies, government agencies and homeowners. With that goal in mind, here are HLP’s top five 2017 accomplishments:
The Re-launch of HomeownerConnect.org. Our consumer portal was relaunched in October and immediately began helping servicers cut costs and increase successful workouts. Scott Rodeman, US Bank’s senior vice president of Mortgage Collections, says the bank is now directing its customers to HLP.org and its HomeownerConnect.org website for all mortgage retention options.
“I see our new case volume tripling by next year,” Rodeman says. “Our goal is to get 75 percent of our new incoming retention application volume through HLP.” Rodeman says the HLP sites are also reducing costs by cutting the amount of time in half to make a decision on a home retention application. “This is a win-win. We help the customer much more quickly while reducing our time on each case.” …continued on page 3
HLP, MMI Strike New Partnership to Help Homeowners Last Take
HLP and Money Management International (MMI) have formed a new strategic partnership to help promote and sustain homeownership.
Faith Schwartz, HLP founder, board member and current chairman offers a few thoughts before she steps down at year-end
The two organizations have teamed up on two new initiatives to promote safe, fair, and affordable housing: a post-purchase outreach and financial education program for first-time homeowners in partnership with CBC Mortgage Agency, and a fair housing program that focuses on military veterans in partnership with Soldier On, Dixon Center, and CityVision.
The two initiatives are expected to reach 22,000 consumers over the next two years. "We are excited to join with MMI in helping consumers improve their lives by obtaining …continued on page 4
Faith Schwartz, a founder, board member and current HLP chairman of the board is stepping down from HLP on December 31, 2017. We are grateful for her service, leadership and passionate promotion of HLP. After eight years of service to the organization, here are five final questions for Faith:
What was the key to creating HLP and its role in helping solve The Great Recession?
With the foreclosure crisis long over, where is HLP’s value going forward?
The ability to bring together different housing stakeholders. Lenders, investors, government, nonprofits and homeowners at risk of losing their homes each had different views on how to solve the crisis. Our focus on how to streamline consumer communications and document the process gave everyone a common problem to solve. We also knew an independent 501c3 provided a neutral platform to serve the needs of consumers, counselors and loan servicers.
The mortgage market is radically different from when we created HLP—much lower defaults, a more constrained credit box, growth in minority-headed households and evolving needs of first-time homebuyers. HLP’s ability to deliver a 360-degree view of customers across the full mortgage cycle adds significant value to all the stakeholders, increasing homeownership opportunities and retention.
We worked very long hours, listened carefully, hosted industry meetings, and pitched it in private meetings. The HOPE NOW Alliance’s endorsement and financial commitment of its members were critical in those early days. Also, we could not have done any of this without our technology partner, IndiSoft, which ensured the safety and security of all information.
Is there an early success story that reinforced HLP’s model? The portal was open for a few months when the Neighborhood Housing Services of Chicago called me about a pending sheriff’s sale. By leveraging the portal, which was operational at the borrower’s bank, the needed documents were provided, the sale was prevented and a loan modification arranged. Without the portal, it would have been impossible to submit the necessary documents and have them verified by the bank in time to prevent the foreclosure. This story of connecting borrowers and servicers to has been repeated more than 500,000 times since HLP was formed.
What are some examples of HLP’s future value to the industry? The re-launched HomeownerConnect is already helping servicers cut costs and increase successful workouts. HLP is ready to become a force in foreclosure mediation. Their innovative home buyer preparation and post-purchase programs are helping thousands of first-time homeowners. Finally, its rapid response to Hurricanes Irma and Harvey helped thousands of other homeowners receive a quick forbearance, relieving worries about their next mortgage payment.
Do you have any parting thoughts about HLP?
I want to thank all current and past board members, as well as former CEO Cam Melchiorre and IndiSoft CEO Sanjeev Dahiwadkar for their service and dedication. I’m pleased that Mark Cole will lead HLP and strongly encourage the mortgage industry to continue use of HLP. A collaborative platform that is neutral and transparent is essential to improve regulatory compliance and deliver meaningful cost savings. HLP is a proven partner that can scale your efforts and connect you with nonprofit counselors.
…Top 5–continued from page 1
Providing Disaster Assistance to Homeowners and Servicers. Twenty different servicers used our new Disaster Assistance site to help more than 4,500 homeowners who submitted a request for assistance after their homes were damaged by Hurricanes Harvey and Irma.
Providing Live “Chat” to Help Homeowners Speed Their Applications. Housing coaches from credit.org are now providing online “chat” services to help distressed homeowners on HomeownerConnect.org complete and submit their request for a loan modification to their mortgage servicer. By working in real time with a HUD-approved counseling agency, home owners can submit their modification application directly online as well obtain the help they need directly from housing experts.
Once a servicer reviewed a homeowner’s request, they had the option to ask for additional information in order to suspend mortgage payments or provide other assistance. Homeowners could upload those documents on HomeownerConnect.org and establish a permanent record with their mortgage company about their property damage. The site worked for homeowners and servicers: most homeowners using our site received a forbearance shortly after submitting their information.
This new online, self-service feature combines HLP’s technology with experienced credit.org coaches to readily help homeowners while enabling a more efficient cost structure for mortgage servicers. By connecting agencies directly with homeowners, or prospective homeowners, HLP and credit.org can provide a much higher value proposition for everyone.
Helping New Homeowners Protect Their Investment. HLP kicked off a new post-purchase outreach and financial education program that will help thousands of new, first-time homeowners make their mortgage payments on time. The program is part of an agreement with CBC Mortgage Agency, a company owned by a Native American Indian tribe focused on affordable housing.
Making Foreclosure Mediation a Reality. HLP has received approval to offer its bankruptcy mediation portal in the US Bankruptcy Court’s Southern District in Florida, giving mortgage servicers and debtor attorneys a new option in processing thousands of bankruptcy cases annually faster and more efficiently.
The new outreach and education program will enroll 500 homeowners in the first month and an additional 500 homeowners monthly over the next year. Each homeowner will receive practical advice about homeownership and regular contacts from a HUD-approved nonprofit housing counselor with the goal of helping them make their mortgage payments on time. HLP is the program administrator and
Florida’s Southern District has courts in Miami, Fort Lauderdale and West Palm Beach, so once final rules are written, HLP will work with debtor attorneys in the Southern District bankruptcy court to use our portal for their bankruptcy cases. Two important government agencies in Philadelphia and Pennsylvania are also moving to adopt HLP’s communications platform to streamline and improve their foreclosure
Money Management International’s (MMI) counselors will conduct the outreach and work directly with homeowners.
mediation and homeowner assistance programs.
HOW IT WORKS
START SAVING YOUR HOME You can use Homeowner Connect to submit information and documents directly to your servicer. Need a little help? No worries! There are nonprofit housing counselors standing by to help you.
CLICK HERE TO REGISTER
CLICK HERE TO LOGIN
WE ARE HERE EMPOWER YOU HOC connects you directly to your servicer. there’s no need to sort through a confusing automated system.
…MMI–continued from page 1
and sustaining stable housing," said Mark Cole, HLP's chief executive officer. "The MMI partnership will enable us to quickly scale successful programs and develop valuable new relationships."
more likely to achieve long-term financial success. HLP and MMI are confident that the partnership will result in better long-term borrowers and have a lasting positive impact on the community.
"Delivering proactive education to at-risk consumers will stabilize households and significantly reduce the likelihood of future default," said Michelle Jones, MMI’s chief development officer. "We know that housing counseling delivers positive results that are otherwise simply not possible. We are excited to launch these new programs and for the opportunity to provide real help to individuals and families at pivotal points in their lives."
In both programs, delivery will be provided by MMI’s certified housing counselors and educators. As the nation’s largest nonprofit, HUD-approved counseling agency, MMI has the ability to customize the outreach, counseling, and education to each audience and deliver it seamlessly over the phone, online, or in-person at select locations. Longknown for helping consumers reduce debt and regain financial control, MMI has introduced results-driven solutions to the marketplace and become a preferred collaborative partner of stakeholders in the housing industry.
The post-purchase outreach program with CBC Mortgage, which is owned by a Native American tribe in Utah, will provide new homeowners with monthly support contacts for the first 12 months of homeownership. Through its Chenoa Fund and Simply Home Down Payment programs, CBC provides a path to homeownership that may not otherwise be available to consumers. “By regularly engaging with counselors throughout the year, homeowners will develop strong financial habits and be
The partnership will focus on programs designed to address today’s consumer issues through service integration. The blend of technology, skill, and innovation allows the organizations to facilitate new relationships and help underserved communities gain the financial tools, expertise, and resources they need.
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Published on Dec 18, 2017
Published on Dec 18, 2017
News and updates from HLP. In this issue we take stock of our accomplishments ain 2017 set our sights on new goals for the upcoming year.