After launching the Rent Relief platform to great success, Yardi® switched gears to also help the millions of homeowners that were affected by the pandemic. Using its decades of software experience and drawing on insight from government partners, Yardi developed Mortgage Relief, a homeowner assistant fund software.
Mortgage Relief is a new software platform created especially for state agencies that manage American Rescue Plan (ARP) homeowner assistance programs.
Launched in March 2021, the ARP allocated $9.3 billion to be distributed directly to states, territories, and Native American tribes, which are responsible for administering the funds and making sure they reach those negatively impacted by COVID-19. Eligible households may receive and use the funds for mortgage payments, utility payments and some home maintenance expenses.
The new homeowner assistant fund software is an easy-to-implement, scalable and flexible solution for agencies. The platform not only allows homeowners to submit their application for homeowner assistance, but offers the option for lenders to submit the application on behalf of a homeowner. To simplify and streamline the process, in most cases, funds go directly to mortgage holders and utility providers.
As Jeff Bischoff, senior director of sales at Yardi emphasized:
We’re excited that this all-in-one solution is implementable now for government agencies as they work to effectively distribute ARP funds. Mortgage Relief provides a seamless way to collect applications, manage cases, make payments securely and monitor program performance.
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.