IndiSoft LLC, a cloud-based, collaborative technology solution supporting affordable housing and homeownership preservation, has fully integrated the mortgage financing programs of TRIO into its National Housing Advocacy Platform (NHAP).
Since 2001, TRIO has worked with current and prospective homeowners, mortgage servicers, lenders, state, local and federal government agencies as well as non-profit organizations to provide financing programs to would-be homeowners and homeowners seeking to avoid foreclosure but unable to qualify for a traditional purchase mortgage or other home retention options.
“The entire mortgage banking sector is preparing for a non-performing loan market like no other,” said Hans Rusli, IndiSoft’s CEO.
Skyrocketing home appreciation combined with underemployment, sharp increases in rent, the forbearance factor and the approaching end to the federal-loan foreclosure moratorium may create very tough decisions for mortgage investors and servicers. After the dust clears in the first quarter of 2022, homeowners who cannot afford their regular mortgage payments or cannot refinance, may not qualify for affordable mortgage modifications because of NPV thresholds.
Darryl Lewis, CEO of TRIO, said, “We are already working with many mortgage servicers, state and local housing finance agencies, housing counselors and lenders to incorporate our homeownership preservation programs into their loss mitigation decision-waterfalls so that they are ready to implement them once the new CFPB pre-foreclosure servicing rules are issued later this summer.”
Trio’s homeownership retention program, called TrioNext, was designed as a solution to the housing crisis of the late 2000s in conjunction with the U.S. Department of the Treasury, Bank of America and Arizona Department of Housing. During the crisis, TrioNext helped thousands of households across America retain occupancy of their homes rather than face the damages caused by foreclosure.
NHAP’s multi-stakeholder connectivity among lenders, servicers, investors, government housing agencies, consumers and HUD-certified counselors compresses the time-to-market for creative housing programs and enables efficient, transparent and secure execution. HUD-certified counselors, an important stakeholder in the NHAP ecosystem, play a critical supporting role in TRIO’s affordable lending and homeownership preservation programs on both the program educational, pre-transaction end and the post-transaction, program-sustainability end.
In April, acting Director of the Consumer Financial Protection Bureau (CFPB), David Uejio, warned servicers that they must be proactive and do everything conceivable to assist homeowners to avoid foreclosure,” said Cam Melchiorre, IndiSoft’s president and director of regulatory compliance. “TRIO’s programs bring capital markets’ financing concepts that should be a weapon in every servicers war chest.”
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