MBA Hails 'Project Lifeline'

Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) applauded the announcement today of a new initiative, Project Lifeline, in which major mortgage servicers agreed to new outreach efforts and loss mitigation procedures that could result in a temporary pause of foreclosure proceedings for seriously delinquent borrowers who demonstrate a willingness to work with their servicer on a loan modification plan.

Quinn issued the following statement:

'This is another way that lenders are stepping up to help keep delinquent borrowers in their homes whenever possible. One of the greatest challenges loan servicers face is convincing distressed borrowers that there is help available. Today's announcement, coupled with the letters that participants will send out, should help encourage delinquent borrowers to reach out to their servicer for help.

By following the step-by-step process announced today, delinquent borrowers can initiate the loan modification process and, if appropriate, the lender will initiate a temporary pause in any foreclosure proceedings. In the end, foreclosure helps no one - not the borrower, not the lender, and not the community.'