A federally funded mortgage assistance program in California has announced a monthly online Servicer Scorecard that will evaluate mortgage servicers on such points as the percentage of applications approved, how long it takes to respond to applications, and the total funding issued per program in that particular month.
Keep Your Home California’s (KYHC) Servicer Scorecared is meant to promote awareness of the program, which works to prevent foreclosures and blight.
“We want to help homeowners determine how effective and responsive their mortgage servicer has been to the Keep Your Home California program,” said Claudia Cappio, Executive Director of the California Housing Finance Agency (CHFA), the state agency that oversees KYHC. “The Servicer Scorecard clearly details how closely their mortgage servicer is working with the program to prevent foreclosures in the state.” Participants in the program program must demonstrate financial hardship such as job loss, cut in pay, divorce, or extraordinary medical bills. The Servicer Scorecard will provide data on both large and small lenders, including Bank of America and Wells Fargo, the two largest lenders in the state.
More than 95 percent of lenders in California participate in at least one of the four programs offered by KYHC. These programs include KYHC’s Unemployed Mortgage Assistance Program, Mortgage Reinstatement Assistance Program, Principal Reduction Program, and Transition Assistance Program.