As states are getting ready to distribute close to $10 billion in aid through the ARP’s Homeowner Assistance Fund (HAF), Yardi has launched an all-in-one platform to support the efforts. Mortgage Relief, a powerful HAF software, completely streamlines the fund disbursement process, enabling easy online applications, case management and payments.
How The HAF Helps Homeowners Cover Essential Housing Costs
The HAF is geared towards helping homeowners stave off foreclosures, delinquencies and utility shut-offs. However, it can also assist in maintaining homes habitable and paying taxes. The program releases the funds directly to states, local governments, territories and Native American tribes, which distribute them to eligible households based on specific criteria.
To qualify for assistance, homeowners should be in the lower-income brackets and show that they suffered financial hardship since Jan. 21, 2020, such as losing their jobs or covering costly medical expenses.
As such, there are several eligible cases in which homeowners and state and local agencies can access these funds. Homeowners can apply for HAF assistance for the following types of expenses:
- assistance with mortgage payments
- assistance with reinstating a mortgage
- reducing the mortgage principal
- reducing mortgage interest rates;
- assistance for utilities, internet services, insurance, homeowner’s association or condominium association fees
- payment assistance for delinquent property taxes to prevent tax foreclosures;
- measures to prevent displacement, such as essential home repairs
While states, local governments, territories and Native American tribes can access funds for:
- counseling or education approved by housing counseling agencies
- reimbursement of funds expended in eligible cases
- funding for administrative expenses and community engagement
How Homeowner Assistance Fund Software Streamlines the Process
Since states and local agencies will have a high number of applications to review for multiple aid types, Yardi’s Homeowner Assistance Fund software, Mortgage Relief, was built to streamline the process and get aid to the homeowners who need it in record time.
The powerful all-in-one platform allows state and local agencies to manage the entire funding process in one place. Mortgage Relief is easy to implement, fully scaleable and has several essential features to support the ARP program:
- an online case management interface
- tailored homeowner and lender portals
- easy application validation and approval
- document management and reviews
- role-based security levels
- straightforward payment distribution
With HAF software, homeowners or lenders apply online, while a call center provides telephone tech support. Case managers review and then qualify the applications, enabling state agency admins to approve them and initiate payments. Finally, accounting staff review grant balances and make the deposits, and the applicants receive the funds.
Yardi Proves Experience in Building Housing Assistance Software
Yardi developers poured decades of software experience into Mortgage Relief, as well as valuable insights from government partners. In fact, the Homeowner Assistance Fund software is the second Yardi platform of its kind. This year, the company also successfully launched Rent Relief, an innovative all-in-one solution that has already helped agencies disburse more than $1 billion in emergency rental assistance payments.
Yardi also donated $1 million to the COVID-19 Rental Housing Support Initiative, but the company has been providing assistance in crisis situations since before the pandemic. In 2016, after more than 2,000 homes were lost in an Alberta wildfire, the company worked with the government to create a searchable housing registry. Yardi also created the same type of tool for the victims of Hurricane Garvey, as well as donating another $1 million in disaster relief.
The latest housing assistance software, Mortgage Relief, is not only the culmination of a breadth of real estate software experience, but also the latest successful platform in a line of government partnerships through the years. Yardi’s HAF software will enable state and local agencies to provide aid quickly and efficiently to homeowners across the U.S.
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.