Loan Resolution Corp. says the number of Home Affordable Foreclosure Alternatives (HAFA)-related requests assigned to it has exceeded 10,000 since April 5, the first day that the new short-sale and deed-in-lieu program was implemented.
Loan Resolution Corp. says it expects volume to double following the announcements by Fannie Mae and Freddie Mac unveiling a government-sponsored enterprise (GSE) version of HAFA. Approximately 55% of the mortgages in the U.S. are owned by Fannie Mae and Freddie Mac.
The new GSE guidelines provide $2,200 for mortgage servicers that successfully resolve a short sale.
“When HAFA was announced, we felt that GSEs were the missing piece," explains Travis Hamel Olsen, chief operating officer of Loan Resolution Corp.
The company provides cradle-to-grave HAFA services that it says are fully compliant with U.S. Treasury Department and GSE guidelines, and include a call center for borrower outreach, a nationwide network of agents, monthly statistical marketing analysis and a closing team that works with title companies to ensure a successful closing.
