Keep Your Home California Program Attracts 20 More Servicers to ProgramPosted: August 7, 2012
Mortgage servicers catering to everything from professional musicians to employees for the King of Beers are joining Keep Your Home California.
In fact, the state-run mortgage assistance program has added 20 servicers during the past four months (see below for the list) – about a 30% increase since March 1. Currently, there are about 85 servicers participating in the program, from financial-services giant Bank of America to Musicians Interguild Credit Union in Hollywood and the Anheuser Busch Employee Credit Union.
From the big-name banks – think Chase and Wells Fargo – to the more pint-sized, such as Bourns Employee Federal Credit Union and Napus Federal Credit Union, participating servicers make the program work.
We want to help homeowners – it’s our primary mission. But your servicer, the company that collects your monthly payments, must participate in Keep Your Home California and at least one of the four programs. Check the complete list of servicers at http://www.keepyourhomecalifornia.org/participating.htm.
We continue to attract servicers, especially following the recent decision to eliminate a dollar-for-dollar match by servicers participating in the Principal Reduction Program http://www.keepyourhomecalifornia.org/prp.htm. Basically, homeowners could receive as much as $100,000 in principal reduction from Keep Your Home California, without funds from servicers.
Now, we are looking at additional changes that could lure more servicers to the Principal Reduction Program. Hopefully, the big banks, Fannie Mae and Freddie Mac will embrace the program, making it much easier for everyone – Keep Your Home California, the servicers and, most importantly, homeowners. (Fannie Mae and Freddie Mac combine to have a role in about 60 percent of the mortgages in the state.)
And we constantly look at our other three programs – Unemployment Mortgage Assistance, Mortgage Reinstatement Assistance and Transition Assistance – in order to improve efforts for hard-hit homeowners and servicers. For example, we increased the funding limit under the Mortgage Reinstatement Assistance Program to $25,000 in recent months.
Keep Your Home California representatives continue to meet with mortgage servicers encouraging them to join or expand their participation in the federally funded program. We’ve had good luck, but if your servicer is not participating or enrolled in a specific program, well, it doesn’t matter how many we have on board for you.
So, we will do our best to get every servicer to participate. Here are the most recent additions to the program. We strongly encourage you to check out the website for the complete list and how these 20 newcomers are participating in the program.
- Acqura Loan Services
- AMS Servicing
- Anheuser Busch Employee Credit Union
- Bourns Employee Federal Credit Union
- Carrington Mortgage Servicing LLC
- CCO Mortgage (aka RBS Citizens Bank)
- FCI Lender Services Inc
- Fremont Bank
- Home Servicing
- Honda Federal Credit Union
- MetLife Home Loans
- Musicians Interguild Credit Union
- Napus Federal Credit Union
- Pentagon Federal Credit Union
- Resurgent Mortgage Servicing
- Round Point Mortgage Servicing
- RPM Mortgage
- San Diego County Credit Union
- San Joaquin Power Employees Credit Union
- Western Federal Credit Union
If you would like more information about Keep Your Home California, check http://www.keepyourhomecalifornia.org/ (or http://www.conservatucasacalifornia.org/ in Spanish) or call 888-954-5337. The processing center is open 7 a.m. to 7 p.m. weekdays, and 9 a.m. to 3 p.m. Saturdays.