HOPE NOW announced Thursday the initial launch of its HOPE LoanPort, a new web portal that will give HUD-approved housing counseling agencies the ability to submit completed Home Affordable Modification Program (HAMP) applications for borrowers facing foreclosure.

The nationwide launch of the HOPE LoanPort is expected in early 2010.

“This is the highway system that will help more people get HAMP modifications, more quickly. It is a neutral and accessible site that will provide real-time aggregate reporting and status updates,” said Faith Schwartz, HOPE NOW executive director. “While we will initially roll it out with certified housing counselors, our goal in the upcoming year is take it directly to consumers.”

The intention of the new HOPE LoanPort is to streamline the HAMP application process by leveraging HUD counseling agencies that provide free services to at-risk borrowers. Housing counselors in nine key markets will assist troubled homeowners in collecting all required documents for a loan modification under the Making Home Affordable program.

Although over 650,000 borrowers are currently in the trial modification process, HOPE NOW said many of these borrowers have not submitted the required documentation to make the modification final. Created in an effort to help address some of the hurdles borrowers face when seeking a HAMP modification, the HOPE LoanPort will allow counselors to help with the collection of necessary documents from homeowners, upload the completed package directly to servicers, track the status of a borrower’s application, and provide homeowners with regular status updates.

“This new web portal will help homeowners get a faster answer, via their housing counselor, on whether or not they qualify for a HAMP loan,” Schwartz said. “The ability to help at-risk borrowers navigate more quickly through the HAMP modification process is a win-win for borrowers and the servicers committed to this program.”

Through its use of available, secured technology and standardized application forms, Schwartz said the HOPE LoanPort will make a difference in the amount of time it takes for a consumer to get the answers they are seeking and reduce costs to servicers. Additionally, HOPE NOW believes this new web portal will help the industry and the government better understand where the problems are in the application process. By identifying these problems, steps can then be taken to address them.

“This initiative reflects the tremendous collaborative effort the mortgage industry is conducting to create additional channels to assist borrowers and counselors in pursuit of HAMP modifications,” said Camillo Melchiorre, SVP of loss management for Radian Guaranty, a sponsor of the pilot program.

As part of the HOPE LoanPort, NeighborWorks America and its affiliated agencies along with HomeFree USA and its affiliates will serve as counseling intermediaries. The mortgage servicers initially participating in the new web portal include American Home Mortgage Servicing, Inc., JP Morgan Chase Manhattan, GMAC Financial Services, SunTrust, PNC Mortgage, and Saxon Mortgage. At-risk borrowers who have a loan with one of these six servicers are encouraged to contact the appropriate approved counseling agency to get help.

“Housing counselors have consistently articulated the need for a single point of entry and systematic process for communicating with servicers,” said Ken Wade, CEO of NeighborWorks® America. “We are delighted that HOPE NOW has developed HOPE LoanPort™, which will improve the efficiency and effectiveness of counseling and enable more distressed homeowners to receive the assistance they need.”