heard on the street
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“A reverse mortgage is a financial option in today’s economy that every senior should at least know about and consider. It is a retirement tool that can provide them with security and piece of mind in planning their retirement years,� said Marino. “Total Mortgage’s model offers significant value to all its clients by combining low mortgage rates—maybe the lowest rates in the industry—and great service. We are committed to making sure a senior makes the right choices at this critical time in their lives.� For more information, visit www.tmsfunding.com or www.TotalMortgage.com/reverse-mortgage.asp.
Bank of America becomes largest servicer to sign on with HOPE LoanPort HOPE LoanPort, the Web-based housing counselor tool that streamlines submission of completed loan modification applications, has announced that Bank of America has agreed to use its proprietary technology to partner with nonprofit housing counselors to assist homeowners with loan modifications. Bank of America becomes the 11th mortgage servicer to sign onto HOPE
LoanPort. The company joins other servicer members American Home Mortgage Servicing Inc., Bayview Loan Servicing, Chase, Citi, GMAC, Ocwen Loan Servicing, OneWest, PNC Mortgage, Saxon Mortgage Services and SunTrust Mortgage Inc. HOPE LoanPort also has commitments from more than 200 counseling organizations across the country and is endorsed by House Majority Leader, Congressman Steny Hoyer (MD) and the Maryland Department of Housing and Community Development. “We are making great progress in helping our financially troubled customers complete loan modifications, now leading the industry in modifications completed and modification offers extended through HAMP,� said Rebecca
Consumers want to work with people Consumers want to work people they can trust and believe. they can trust and believe. starts by setting higher Trust starts byTrust setting higher BROKER standards for the mortgage industry. standards for the mortgage industry. ER
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Mairone, default servicing executive for Bank of America. “The nation’s housing counselors play a critical role in this process, working hand in hand with struggling homeowners. We believe HOPE LoanPort will enable us to more conveniently and reliably work with approved counselors as an extension of our team, working with our customers to achieve sustainable homeownership solutions.� “This is a significant development in the evolution of HOPE LoanPort, with far reaching implications,� said Larry Gilmore, chief executive officer of HOPE LoanPort. “By adding Bank of America to our roster, we now have two of the three largest mortgage servicers in the country signed up to use our Web portal. In addition, Bank of America and our ten other mortgage industry partners represent the majority of loans serviced throughout the United States. We are convinced that HOPE LoanPort is the future of simplifying the loan modification process for homeowners, servicers and counselors. With the nation’s largest mortgage servicer on board, we certainly feel that this assertion is validated.� For more information, visit www.hopeloanportal.org or www.bankofamerica.com.
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Gateway Funding Diversified Mortgage Services LP has announced its recent launch of its Correspondent Lending Division, buying loans from lenders, bankers and financial institutions in the Mid-Atlantic States. Gateway Funding Correspondent will offer a range of products, best in class turn times for underwriting and purchases, a customized servicing retention option, government sponsorship and much more. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s time for the market to get back to the basics of bringing value to a longterm relationship, everyone wins when you are committed to doing it the right way for the long termâ&#x20AC;?, said Bruno Pasceri, president and chief executive officer at Gateway Funding. As a strategic initiative, Gateway Funding has its eye on the FHA 203k Renovation Loan program. â&#x20AC;&#x153;Lenders today are looking for the next loan program that makes sense for the borrower, adds value and builds our communities. The 203k renovation program is just that opportunity.â&#x20AC;? Demand for renovation lending products is likely to continue increasing over the next several years. Lenders choosing to promote renovation lending as a strategic initiative should benefit from this growth and the opportunities for added profitability associated with these products. For more information, visit www.correspondent.gateway-funding.com. continued on page 43