MELVILLE, N.Y., March 12 /PRNewswire/ -- In an effort to help Americans in imminent danger of losing their homes because they're unable to meet their mortgage payments, residential mortgage banker Lend America announces its company-wide commitment to a 2009 goal of saving a minimum 10,000 homes for owners facing foreclosure.
The first major approach to meet this goal has been informative television advertising direct to the borrowers, positioning Lend America as the leader of this national initiative. In fact, as of this date, while other mortgage banks have been unwilling or unable to utilize the tools that the government has given to lenders, including but not limited to the Hope for Homeowners program, Lend America has been closing these loans since the beginning of the year.
Additionally, to meet its "homes saved" goal, Lend America is working with some of the country's largest institutional holders of mortgage portfolios, including hedge funds, investment banks and loan servicers, to identify individual mortgages within the bundled loans that are in or close to foreclosure. Once the loans have been identified by Lend America's proprietary residential loan analytics technology, the company's 500-plus person team of mortgage professionals reaches out to homeowners and begins the refinancing process. Lend America primarily uses all FHA and Fannie Mae loan products, including the government-initiated Hope for Homeowners program.
"Bearing in mind the nightmare of foreclosure confronting homeowners across the country, our 'homes saved' goal is not altruistic; it's an absolute necessity," said Nicholas Bratsafolis, mortgage industry veteran and Senior Managing Director - Structured Refinance at Lend America. "Delivering on our goal is a win-win for everyone. It keeps homeowners in their homes at mortgage repayments they can afford, turns non-performing loans back into revenue streams for institutional holders, and avoids further stresses on the economy."
Mr. Bratsafolis noted that Lend America is one of very few mortgage banks approved by FHA as well as a GNMA Issuer/Servicer to offer the Hope for Homeowners program. In fact, Lend America has the highest closing volume to date of Hope for Homeowner loans in the country.
"It's important to understand that Hope for Homeowners' key differentiator is that it's not a loan modification program. The loan is available to absolutely everyone, even if borrowers are behind in their mortgage payments," said Mr. Bratsafolis. "Hope for Homeowners is a complete refinancing in which we work with the mortgages holders and borrowers to insure that a new loan when closed is affordable to the borrower and returns to the mortgage holder the maximum principal recapture. At the end of the process, the homeowner has a mortgage balance and monthly payment they can afford, and participating institutions have revenue streams where none previously existed." Additional information on Hope for Homeowners can be found here or by contacting Lend America directly at lendamerica.com.