Springboard Unveils Loan Reset Readiness™ Program

Share Article

Proactive counseling program will help banks reduce new delinquencies.

News Image

Springboard Nonprofit Consumer Credit Management, Inc.® (“Springboard”) anticipates that over the next two years, millions of American homeowners will experience a loan reset of their mortgage payments. This includes “HAMP step-ups” and HELOC rate resets. With national income levels relatively stagnant, any amount of mortgage payment increase is likely to create unexpected financial hardships for many families and affordability of home ownership may be at issue.

However, leveraging Springboard’s Loan Reset Readiness™ Program which is designed to help mortgagors understand and refocus their budgets and lifestyle, homeowners will be better prepared to absorb these payment increases. “By preparing ahead of their loan reset by making adjustments to their budgets and utilizing resources available to them through Springboard’s program, mortgagors will be better able to effectively and comfortably make the transition to higher loan payment amounts,” said Joanne Cordero Springboard’s senior vice president.

As well, by proactively focusing on this population of at-risk mortgagors, servicers that partner with Springboard to offer the program may realize tangible benefits including reduced re-default rates. To take advantage of this program, Springboard has designed a series of simple and effective outreach campaigns for servicers to participate in. The program offers:

  • Co-branded Outreach Campaign (mail & phone) to targeted at-risk customers
  • Expansive results-oriented reporting
  • Mortgagors offered free Loan Reset Readiness™ sessions with a certified financial counselor
  • Customers receive a customized action plan to deal with payment increases
  • Counselors provide targeted follow up coaching

As a United States Department of Housing and Urban Development approved housing counseling agency, Springboard is prepared to help homeowners and servicers proactively deal with a massive number of anticipated loan resets. Springboard has created a dedicated hotline (888-845-0185) and website (http://www.LoanReset.org) to help consumers understand, prepare for and deal with loan resets.

Servicers that want more information about the program may contact Taryn Gaynor, Manager of Partnerships, at 800.947.3752, extension 6524 or email Taryn(dot)Gaynor(at)Springboard(dot)org.

About Springboard Nonprofit Consumer Credit Management, Inc.
SPRINGBOARD® Nonprofit Consumer Credit Management is a 501(c)(3) nonprofit personal financial education and counseling organization founded in 1974 with the mission of improving the financial well-being of individuals and families. Springboard is a HUD-approved housing counseling agency and a member of the National Foundation for Credit Counseling and Association of Independent Consumer Credit Counseling Agencies. Springboard offers personal financial education and assistance in credit counseling, housing counseling, debt and money management, pre-bankruptcy counseling and debtor education through educational programs and confidential coaching. Springboard is accredited by the Council on Accreditation, signifying the highest standards for agency governance, fiscal integrity, counselor certification and service delivery policies. Counseling is available by telephone nationwide or in-person at office locations in California, Arizona, Nevada, New Mexico, Texas, Massachusetts, South Carolina, Florida and Maryland. For more information on Springboard, please call 800-449-9818 or visit their web site at http://www.Springboard.org.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Sheri Stuart, Sr. Communications Specialist
Visit website