As HAF Shutters Its Doors, SpringFour Delivers Homeowners Much-Needed Assistance
In the face of high home prices and steep mortgage rates, the financial health fintech will connect struggling homeowners with resources to get back on their feet.
CHICAGO, October 22, 2024 – SpringFour, the first-of-its-kind, leading financial health fintech, has unveiled its revamped and expanded mortgage relief resources as the American Rescue Plan’s Homeowner Assistance Fund (HAF) programs shutter their doors. SpringFour will now connect homeowners to non-profit, government, and other mortgage relief resources in more than 700 locations nationwide, many of which are aimed at preventing foreclosure and helping homeowners stay afloat.
In the midst of today’s housing affordability crisis, homeowners often struggle to make ends meet. According to a recent survey, up to 62% of homeowners have struggled to make their mortgage payments on time. More than half of recent home buyers (56%) reported feeling financially overwhelmed since purchasing their homes, while 27% said their overall financial situation had deteriorated since becoming homeowners.
What’s more, foreclosures are on the rise in 2024—up 3% from last year. Americans continue to face high home prices, steep mortgage rates, rising insurance premiums, and even the possibility of losing their homes.
Beginning in 2021, HAF programs provided a lifeline to homeowners facing Covid-19-related foreclosures. SpringFour provided almost half a million referrals to HAF programs during the pandemic, with the peak of consumers accessing SpringFour’s Mortgage Relief/HAF resources occurring in the third quarter of 2022. At a time when there was confusion about the HAF program availability and details, SpringFour created easily digestible summaries for homeowners that were reviewed and updated every week. This added tremendous value for companies and their customers, who were two times more likely to engage in foreclosure prevention and payment programs after receiving SpringFour referrals.
Now, with HAF funding winding down and most programs already closed, many homeowners don’t know where to turn for mortgage assistance.
That’s why SpringFour—which helps financial institutions, mortgage servicers, and other businesses deliver vetted financial health solutions to their consumers—has expanded its mortgage relief resources to include more than 300 non-profit, government, and other resources (outside of the HAF programs) for homeowners having difficulty making their mortgage payments and facing foreclosure. Resources include emergency financial assistance for short-term hardships and programs to help homeowners avoid foreclosure. SpringFour has also released an updated Financial Health Resource Guide for Mortgage Assistance to reflect the resources available to consumers today and moving forward.
Since its launch in 2005, SpringFour has connected millions of Americans to resources that improve their financial health. In 2023 alone, SpringFour delivered more than 5.5 million financial health referrals in partnerships with leading banks, credit unions, employers, mortgage servicers, and more. In Q2 of 2024, SpringFour delivered more than 2 million financial health referrals to consumers in need—13% more than the previous quarter and more in one quarter than ever before.
Since 2021, Freedom Mortgage, one of the largest full-service mortgage companies and a top Veterans Administration (VA) and Federal Housing Administration (FHA) lender in the U.S., has worked with SpringFour to offer relief to consumers: “Customer service and keeping customers in their homes are our top priorities, including providing our customers with free resources—such as SpringFour’s easy-to-use online platform—for those who may need financial assistance in addition to the mortgage assistance we provide. It has helped families who are struggling to pay bills and put food on the table. We’re proud to continue this partnership,” said David Sheeler, senior executive vice president and president of residential servicing at Freedom Mortgage.
“As HAF programs close, our Mortgage Relief resources provide a place for homeowners to turn. The current cost-of-living increases have created challenges for many homeowners and have made it harder for homeowners to stay afloat. We’re committed to empowering organizations with the trustworthy resources they need to support their consumers’ ability to reduce missed mortgage payments, pay off debts, and stay in their homes, enabling them to navigate emergency situations and create a path toward sustainable financial futures,” said Rochelle Nawrocki-Gorey, founder and CEO of SpringFour.
About SpringFour
Founded in 2005, SpringFour is the first-of-its-kind, leading social impact fintech that empowers banks, credit unions, fintech lenders, employers, loan servicers, mortgage insurers, nonprofits, and organizations across all industries to connect consumers with vetted, local nonprofit and government financial health resources. Trusted by leading organizations including Capital One, BMO, Fifth Third Bank, MSUFCU, M&T Bank, OppFi, KeyBank, Patelco Credit Union, Avant, Enova, Oportun, Mission Lane, and more, SpringFour’s product suite includes an innovative contact center tool, digital self-service products, and APIs that increase payment performance, add brand value, strengthen customer relationships, drive ESG and social impact, support consumer financial health, and improve bottom lines. SpringFour has received many prestigious awards including American Banker’s Most Influential Women in Fintech, Inc. Magazine’s Female Founders 250, Real Leaders’ Top Impact Companies, Fast Company’s Brands that Matter, Finovate’s Innovator of the Year, and more. SpringFour was recently acquired by C&R Software, a CORA Group company and subsidiary of Constellation Software, Inc., the 23rd largest software company in the world with an $80B market cap.
Awards and Recognition
