ISGN and USFN launch the Home Retention Alliance in a move to reduce mortgage Foreclosures
Released on: October 14, 2007, 11:24 pm
Press Release Author: Uma Mahesh
Industry: Computers
Press Release Summary: Aims to salvage the 80 percent of mortgage loans approaching foreclosure Right combination of loss mitigation services to help rescue US mortgages
Press Release Body: ISGN Technologies Ltd, a leading mortgage solutions company has launched a new initiative, Home Retention Alliance (HRA). ISGN's subsidiary MortgageHub has partnered with USFN, formerly known as the U.S. Foreclosure Network to launch HRA. This organization is designed to provide home retention and loss mitigation services offering borrowers and lenders alternatives to home foreclosure.
HRA functions as an integrated, open platform solution to help servicers respond to the surge in defaults and foreclosures in order to counteract the steep increase in workload and costs associated with loan workouts. The charter of the alliance is focused exclusively on "Keeping Borrowers in Their Homes" by delivering innovative alternatives to foreclosure. The group provides a total solution for loss mitigation by bringing together lenders, borrowers, attorneys, and partners under one umbrella.
"The US mortgage industry is in dire need of accelerating resolution decisions for the overwhelming number of borrowers trying to keep their homes," says Krishna Srinivasan, Chief Executive Officer, ISGN. "HRA is positioned to provide that service to both the lender and the borrower. Our long term association with these industry bodies will help us engage with lender/servicers as partners in this initiative. The HRA was created to extend homeownership, educate the borrower community in a non-threatening counseling approach to loss mitigation, and save lenders the exorbitant costs associated with foreclosure." Ms.Alberta Hultman, Executive Director and CEO of USFN - America's Mortgage Banking Attorneys, when speaking on the Partnership said "USFN and its members are pleased to have the opportunity to work with MortgageHub and ISGN through participation in the Home Retention Alliance.
With losses averaging $60,000 and higher per foreclosure, servicers are embracing the initiative, as it addresses their rampant capacity and portfolio retention issues head on. "We're hearing predictions of delinquencies reaching 5 million loans in 2007 and 40 percent of all homes currently in delinquency will result in foreclosure," states Ron Morgan, President of Strategic Default Solutions group at ISGN. "Borrowers and lenders alike are seeking relief from the default tsunami we are experiencing. In teaming up with USFN, we are attempting to educate the industry of the fact that nearly 80 percent of loans approaching foreclosure can be rescued with the right combination of loss mitigation services.
2022
