The American Rescue Plan Act of 2021 (ARP) created the Homeowner Assistance Fund (HAF) to mitigate financial hardships associated with the coronavirus pandemic for the purpose of preventing homeowner mortgage delinquencies, defaults, foreclosures, loss of utilities or home energy services, and displacements.
The federal stimulus package passed in March 2021 allocated approximately $9.9 billion to homeowner assistance. HAF funds are available to certain homeowners who have experienced financial hardship after January 21, 2020.
Funds are provided directly to states, territories, and Native American tribes to administer to eligible households through homeowner assistance programs. Eligible households may receive funds for mortgage payments, utility payments and various qualified expenses.
Applications for homeowner assistance may be submitted by homeowners through programs established by grantees. In general, funds will be paid directly to mortgage holders and utility providers.
Mortgage Relief software can help state, and other grantees streamline the application, approval, distribution and audit process. Cloud-based homeowner assistance software provides the accessibility and transparency that grantees need to more effectively disburse funds to help households in need of mortgage relief.
Mortgage Relief is software built to help state and other agencies manage and distribute funds. With Mortgage Relief, homeowners can apply for mortgage assistance online and view their application status in real time. Homeowner application portals are easy to use and mobile device friendly. Loan details are verified with loan servicers through the Common Data File (CDF) or the loan servicer portal. Agencies can more efficiently process applications and distribute homeowner assistance funds.
Mortgage Relief software works from anywhere to give you complete transparency into funds available, in process and disbursed. It’s simple to use, increases efficacy and decreases fraud. Mortgage Relief improves the audit and review process with easily accessible analytics and reporting.
Yardi is pleased to support ERAP with our Rent Relief solution.