What is HOPE NOW? HOPE NOW is the industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants, brought together by the Financial Services Roundtable, Housing Policy Council and Mortgage Bankers Association, that has developed and is implementing a coordinated plan to help as many homeowners as possible prevent foreclosure and stay in their homes. HOPE NOW has focused its efforts in three main areas: borrower outreach, data reporting and innovation in the area of foreclosure prevention.
5.7 Million Loan Modifications for America’s Homeowners (as of July 2012)
“HOPE NOW has always been about collaboration, aggressive outreach to borrowers, and education on alternatives to foreclosure. Our data continues to support these activities, and our members remain active in helping families find sustainable and realistic mortgage solutions.” - Faith Schwartz, Executive Director, HOPE NOW
HOPE NOW manages a multi-state tour of homeownership workshops where homeowners have the opportunity to talk to their lender and/or a HUD-certified housing counselor about their mortgage. Since 2008, more than 100,000 attendees have participated in over 135 events in more than 65 cities. Approximately one-third of attendees leave these events with a decision and the other two-thirds leave with clear next steps and education of their mortgage options. HOPE NOW has joined forces with several agencies and non-profits for these events, including the Obama Administration’s Making Home Affordable Program, NeighborWorks® America, federal reserve banks, Homeowner’s HOPE™ Hotline 888-995-HOPE™, and local partners. In 2012, HOPE NOW expanded its efforts beyond traditional events and took its outreach model to the military community. A plan was put in place to host face to face events on key military bases. Ft. Gordon, GA and Ft. Jackson, SC saw the first two events of this kind in April 2012, and close to 300 service members attended. Several bases will be hosting future events, so that HOPE NOW can address the unique challenges facing military homeowners in all branches of the armed forces.
Outreach to The Hill HOPE NOW has worked with Housing Policy Council, Mortgage Bankers Association and others to periodically brief policymakers on Capitol Hill. These briefings often include representatives from non-profit partners as well as servicing partners to ensure experts on the ground are present for any questions and answers.
In addition, HOPE NOW has appeared more than a dozen times before policymakers and elected officials to offer testimony on government loan modification efforts, mortgage servicing standards, Troubled Asset Relief Program (TARP), foreclosure prevention initiatives and mortgage reform. HOPE NOW often participates in industry panels and association briefings in which clear messaging on industry activity plays a key role. Executive Director, Faith Schwartz, continues to stress the need for the industry to work together with non-profit partners, regulators and policymakers in order to bring transparency and progress to foreclosure prevention activities.
Data Reporting Since HOPE NOW started collected data in 2007, 5.7 million homeowners have saved their homes via permanent loan modifications. This includes both proprietary loan modifications and all permanent modifications completed under the Home Affordable Modification Program (HAMP). The high point of loan modification efforts occurred in 2010, when the industry completed 1.76 million loan modifications. HOPE NOW’s data represents 85% of the total mortgage market and has been the gold standard for media reporting on alternatives to foreclosure.
Innovation HOPE NOW has shown the unique ability to bring together all stakeholders for the benefit of homeowners across the country. The organization facilitates regular meetings that focus on issues around improved customer experience, foreclosure mediation, b