Freddie Mac announced a new partnership with Hope LoanPort (HLP) Wednesday, intended to "modernize" the housing counseling industry so counselors can spend more time helping potential borrowers and less time on administrative tasks.
This new collaborative platform will mark the first step toward connecting Freddie Mac’s Borrower Help Centers and Borrower Help Network on a voluntary basis to a comprehensive, secure platform that non-profit housing agencies can use to share information and interact with lenders to help more families become successful borrowers.
Camillo Melchiorre, President and CEO of HLP said, “The fragmented nature of home buying often leads to confusion, misunderstanding and discouragement for many potential homeowners. This initiative will help bring HLP's proven experience and technology to the origination market to create a community that is working together to help more families achieve their dream of homeownership. Our platforms are the industry standard for enabling consumers, counselors and mortgage companies to work together in a transparent, scalable and secure manner.”
According to Freddie Mac, this new initiative is being designed to help nonprofit agencies reduce costs, assist more clients, and assert the housing counselors’ role as a critical bridge linking lenders and future homeowners.
“Our Borrower Help Centers and Network are on the housing industry’s front lines, working with families in local communities. This strategic investment underscores our commitment to help housing counselors prepare more borrowers for sustainable homeownership. It also further demonstrates our conviction that HUD-approved counseling agencies are a very important gateway to homeownership for America’s families today,” said Danny Gardner, VP of Affordable Lending and Access to Credit, Freddie Mac.
Freddie Mac’s 13 Borrower Help Centers are HUD-approved non-profit counseling agencies located in Arizona, California, Florida, Georgia, Illinois, Michigan, Nevada, New York, and the Washington, D.C. metropolitan area.