Hope Now Alliance

Hope Now Alliance

An organization created to respond to distressed homeowners in the United States. The Hope Now Alliance consists of investors in mortgage-backed securities, mortgage lenders, agencies of the U.S. government, and other organizations. It created an 800-number to provide free financial counseling to callers. Counselors advise on the options available to callers, including modified payment plans and loss mitigation. The Hope Now Alliance was established in 2007.
References in periodicals archive ?
* Because of IndiSoft's commitment to using technology to improve processes, the company has become the technology provider behind one of the most comprehensive efforts to help distressed homeowners keep their homes--the HOPE NOW Alliance, Washington, D.C.
As the primary technology vendor for all of the HOPE NOW technology initiative phases, IndiSoft deployed its RxOffice platform through the HOPE LoanPorL Web portal, in conjunction with the HOPE NOW Alliance, as a means for borrowers to use an online interface to request mortgage assistance.
Gilmore reveals that from the onset of the project, one of the challenges was getting all of the 35 servicers in the HOPE NOW Alliance to come to a consensus on a data-exchange method.
Chicago -- Half of all borrowers who go into foreclosure don't speak to their lender beforehand, HOPE NOW Alliance Executive Director Faith Schwartz told the AICPA National Conference on for Credit Unions breakout session attendees here.
You get a glimpse of the hard work being done by servicers around the country in a story this month called "The Business of Hope." The article by Dona DeZube interviews some of the key figures behind the HOPE NOW Alliance. While the people in Washington, D.C., talking to the reporters get a lot of the headlines for HOPE NOW's accomplishments, it's the servicers and the homeownership counselors who deserve the credit.
The private-sector, government-approved HOPE NOW Alliance announced in early July that its members have helped facilitate some 1.7 million loan workouts since July 2007, even as it has rolled out new guidance designed to speed help to homeowners facing foreclosure.
"Creating these servicing procedures was the right thing to do, both for consumers and for the industry, and it's something that the HOPE NOW Alliance is entirely united on as it continues to fulfill its mission of helping as many homeowners as possible stay in their homes each and every day."
Last fall, MBA joined with the nation's largest mortgage servicers, investors, homeownership advocates, credit counselors and other banking industry associations to form the HOPE NOW Alliance. Together, we made a commitment to reach out to American borrowers facing difficulty with their mortgages and to offer, when reasonable, to carry those borrowers through their troubled times.
The private-sector, government-approved HOPE NOW alliance announced in early March that its members have helped facilitate more than 1 million loan workouts since July 2007, permitting homeowners to stay in their homes.
Faith Schwartz, executive director of the HOPE NOW alliance, knows she has a tall order in front of her.