10,000 HAFA Requests sent to Loan Resolution Corporation: Fannie Mae and Freddie Mac Join HAFA

June 8, 2010 - PRLog -- Scottsdale, Ariz.— Loan Resolution Corporation today announced that the number of HAFA requests assigned to it has exceeded 10,000 since April 5, the first day that the new The Home Affordable Foreclosure Alternatives (HAFA) program was implemented. Loan Resolution executives attribute the exponential growth to its quality over quantity approach to assisting homeowners avoid foreclosure.

This volume is expected to double, as the Treasury this week issued new guidelines to include Fannie Mae and Freddie Mac in the Home Affordable Foreclosure Alternatives (HAFA) program. Approximately 55% of the mortgages in the United States are owned by Fannie Mae and Freddie Mac, so the volume of homeowners seeking HAFA guidance will rise tremendously.

The new guidelines provide $2,200 for mortgage servicers that successfully resolve a short sale, which will incentivize even more servicers to seek the assistance of vendors such as Loan Resolution Corporation.

Loan Resolution Corporation has made a name for itself as a vendor to banks by focusing on the short sale process, specifically HAFA. Its cradle-to-grave HAFA services are fully compliant, and include a call center for borrower outreach, nationwide network of agents, monthly statistical marketing analysis, and a closing team that works with title companies to ensure a successful closing.

“We are excited about the opportunity to assist our clients in helping even more struggling homeowners complete short sales,” said Travis Hamel Olsen, chief operating officer of Loan Resolution Corporation. “When HAFA was announced, we felt that GSE’s were the missing piece.”

The Scottsdale-based company acts as a vendor for banks implementing HAFA. Loan Resolution Corporation is working with multiple top-five banks to assist them in reducing the blight of foreclosures.

The government has been working to encourage short sales in order to reduce foreclosures and prop up the real estate market. HAMP and HAFA were designed to speed up the short sales process and encourage struggling homeowners to avoid foreclosure.

“HAFA is the only option for many homeowners,” added Olsen. “The updated legislation offers a graceful way for them to escape from overwhelming mortgage payments.”

For additional information about Loan Resolution Corporation, please visit: www.LoanResolution.com.

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About Loan Resolution Corporation:

Founded in 2005, Scottsdale-based Loan Resolution Corporation is the nation’s leading national Pre-foreclosure Asset Manager. The company partners with mortgage servicers to provide cutting-edge, scalable solutions that reduce the cost of loss mitigation departments and increase resolutions. LRC offers a variety of default services, with short sales being its core competency. LRC pioneered the Proactive Approach to Short Sales, and offers HAFA and other pre-approved short sale programs at part of its service offering.