LVG Press Release
FOR IMMEDIATE RELEASE
Loan Value Group’s Frank Pallotta Featured on Five Star Radio’s Mortgage Markets Today Program
Discusses how banks and servicers can maximize the potential of HARP by helping those borrowers who need it the most with an effective outreach program
Rumson, NJ, August 20, 2013 – In a recent interview on Five Star Radio’s Mortgage Markets Today program, Loan Value Group LLC’s Frank Pallotta was interviewed by Louis Amaya about how the mortgage industry can maximize HARP’s effectiveness and how LVG’s borrower outreach platform can assist banks by reaching out to those high-risk homeowners who need the most help.
According to Pallotta, “HARP is one of the best programs out there in terms of addressing the needs of borrowers whose mortgages are underwater. Unfortunately, the borrowers with the greatest need are not getting the help that HARP has been designed for.” HARP is considered a loss-mitigation tool designed to lower a borrower’s debt-to-income ratio, he noted, adding: “If banks are actively soliciting only low-risk borrowers, the higher LTV borrowers will continue to suffer, and may eventually default.”
Because the government’s HARP program represents a unique and significant financial incentive for the homeowner, every effort should be made to make high-risk borrowers a primary focus, Pallotta said. In the interview on Five Star Radio, Pallotta also discussed:
- Why the relationship between homeowner and servicer is more important than ever.
- What the servicing industry need to do to close the “connectivity” gap with homeowners.
- How implementing a targeted HARP outreach campaign for high-risk borrowers will not create an operational burden for financial institutions.
About Loan Value Group LLC
Founded in 2008, Loan Value Group, LLC is a large scale, turn-key provider of private label, residential mortgage incentive strategies that positively influence consumer payment behavior on behalf of residential mortgage risk owners and servicers. Based in Rumson, New Jersey, LVG is the creator and exclusive provider of the Responsible Homeowner Reward® program, named one of the "50 Best Inventions" by TIME Magazine.
