HOPE NOW consists of mortgage servicers, investors, and counselors. They are united to assist distressed borrowers retain their homes and avoid foreclosure. There are non-VA programs that the group has at their disposal that may be available to provide the assistance the VA can not. The members of this alliance recognize that by working together, they will be more effective than by working independently.
The Department of the Treasury and the Department of Housing and Urban Development encouraged leaders in the lending industry, investors and non-profits to form this alliance.
Alliance Action Plan
- The alliance will conduct a new, national direct mail campaign to contact at-risk borrowers, encouraging them to either call their lender or a credit counselor.
- This alliance has agreed to adopt a standard process model that will strengthen and speed work flow, productivity, and communications between servicers and counselors.
- The alliance will work to expand the capacity of an existing national network to receive, assess, counsel, refer, and connect borrowers to servicers.
- The American Securitization Forum, which represents servicers, investors, and other secondary market participants, has announced that counseling fees can be reimbursed from securitization transactions in appropriate circumstances.
- The alliance will develop common communications guidelines that will be used to respond to at-risk borrowers in order to offer them the best possible solutions, customized for each borrower.
- The servicers have agreed to work toward cross-industry technology solutions to more effectively connect servicers and counselors together in order to better serve the homeowner.
- The alliance will develop a common set of metrics to measure the initiative's progress.
You can learn more about what the organization offers by visiting www.hopenow.com or calling (888) 995-HOPE (4673).