Consolidated Credit Launches Innovative Program to Help Mortgage Loan Servicers Connect with Struggling Borrowers

FORT LAUDERDALE, Fla., Sept. 19, 2017 /PRNewswire/ -- Consolidated Credit has launched Home BASE, an innovative program designed to help mortgage loan servicers efficiently and cost-effectively connect with borrowers who are facing financial difficulty. The HUD-certified counselors work with borrowers to overcome obstacles so they can keep their homes.

The nonprofit developed the Home Borrower Advocacy Services and Education program (Home BASE) in response to mortgage servicing industry scaling back its loss mitigation efforts. Most agencies have returned to business models more closely tied to their core business of loan origination and servicing.

"The challenge facing loan servicers is how to continue providing vital loss mitigation services to troubled borrowers without diminishing already slim margins. We believe the answer lies in creating partnerships with third-party HUD-certified housing counseling services who can step in to play the role of borrower-advocate. This is what Home BASE provides," said Maria Gaitan, Consolidated Credit Director of Housing Counseling.

Consolidated Credit has helped thousands of borrowers rehabilitate their loans. They have been at the forefront of many key programs introduced in recent years to help borrowers recover from the Great Recession and mortgage crisis.

"We know how to contact and engage struggling borrowers," said Barry A. Rothman, Consolidated Credit Housing Counseling Program Manager. "Our capabilities allowed us to achieve 'right-party' contact rates of 56% on behalf of servicer clients who engaged our organization to assist their compliance with U.S. Treasury Department's SD-13-08 Post Modification Counseling program. We were able to achieve counseling take-up rates of 37% for our clients, as compared to an industry average of just 7% for the rest of the loan-servicing industry."

Loan servicers and interested industry partners who want to learn more about Home BASE can contact Maria Gaitan at 954-377-9220, [email protected] or Barry Rothman at 954-377-9247, [email protected].  

About Consolidated Credit: Consolidated Credit is one of the nation's largest credit counseling agencies. In over 24 years, they have helped more than 6.5 million people overcome challenges with debt and financial issues. Their mission is to assist families throughout the United States to end financial crises and solve money management issues through education and professional counseling. Visit ConsolidatedCredit.org for more information.

SOURCE Consolidated Credit