A new Web site that’s a partnership between FICO and two nonprofits promises to help distressed homeowners determine if they’re eligible for loan modifications or loan refinancings under the Obama administration’s Making Home Affordable program.
The site, Mortgage Relief Online, also promises to help borrowers who aren’t eligible for the Making Home Affordable program by referring them to a consumer credit counseling agency employing HUD-certified counselors.
Mortgage Relief Online is a partnership between myFICO, the Homeownership Preservation Foundation, and Money Management International. In a press release, FICO — formerly known as Fair Isaac Corp. — said the Web site will leverage consumer traffic to myFICO.com, the Web site of FICO’s consumer division, myFICO.
The Web site is part of FICO’s larger "Mortgage Recovery Initiative," which also includes tools for lenders and loan servicers. FICO’s Mortgage Risk Analyzer, for example, identifies mortgage loan holders who are likely to default or need assistance before they become delinquent. Integration with the new Mortagage Relief Online Web site is an efficient way to handle large volumes of loan remediation requests, FICO said.
FICO also offers a Mortgage Response Analyzer, which helps servicers design outreach campaigns to attain the highest borrower response and conversion rates, and a Mortgage Portfolio Optimization application, which uses sophisticated rules to help lenders determine the most appropriate loan product to offer at-risk customers while preserving loan portfolio value, the company said.
The Obama administration hopes the Making Home Affordable program will help 7 million to 9 million homeowners negotiate loan modifications with lenders or refinance loans. A government-sponsored, dedicated Web site for the Making Home Affordable program also offers online tools to help borrowers determine eligibility for the program.
The HOPE NOW coalition of loan servicers offers online tools at HopeNow.com, and a toll-free hotline, (888) 995-4673, that provides referrals to housing counselors.
Fannie Mae and Freddie Mac offer online tools to help borrowers determine if the companies own their loan, a prerequisite for Making Home Affordable refinancings.
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