With the help of Mortgage Servicing Solutions (MSS), a division of RIHousing, the delinquency rate for MaineHousing’s single-family loan portfolio is now under 4% for the first time in almost 20 years. The delinquency rate was reduced by 1.5% between January and June of 2017, the first six months of MaineHousing’s arrangement with MSS.
RIHousing’s experience and familiarity with MaineHousing’s government insured loans has been instrumental in serving MaineHousing’s borrowers and lowering delinquency rates.
In 2016, RIHousing announced that the corporation had been chosen to serve as mortgage sub-servicer of MaineHousing’s half-billion dollar portfolio. RIHousing is one of only a handful of housing finance agencies nationwide, and the only one in New England, that offers mortgage sub-servicing to others. MaineHousing’s loan portfolio consists of 6,509 loans totaling $531,385,786.
MSS is rated a “Top Tier” servicer with HUD due to their successful engagement in borrower workout activities. Additionally, MSS provides 24/7 access for borrowers through their Customer Care Net portal, where borrowers can access loan information, make payments and access additional helpful tools.