HOPE NOW Letter Committee
A working group that was established by the Alliance to work though challenges in creating clear, actionable letters with customers who are delinquent on their mortgage.
The Alliance conferred with various regulatory bodies and investors to agree upon certain principals which would then be applied to loss mitigation letters. The HOPE NOW Servicers dedicated themselves to a two year process. The purpose is to avoid confusion with the customer and create a better customer experience. The HOPE NOW Alliance has proposed letter standards and shared templates that improved upon the current state. Several HOPE NOW suggestions have been adopted by the GSEs and regulators as best practices. Most recently HOPE NOW assisted the process on improving the new intake form which will be used for borrowers applying for a loan mod. Simplification is key and working towards plain language standards will be important steps as we create more customer centric models.
To learn more about the letter committee or ways your servicing shop can improve communications, please see Eric.Selk@hopenow.com. HOPE NOW has provided consulting services for mortgage servicers to improve written communications.