Rising Costs Point to Need for Mortgage Assistance

by SpringFour | Mar, 24, 2022 | Blog

Rising Costs Point to Need for Mortgage Assistance

According to a recent survey by the Financial Health Network,

32% of all respondents said they had trouble paying their rent or mortgage
47% of respondents said they were unable to pay all their bills on time at least once in the past 12 months

The Network’s study shows that these financial challenges have a significant impact on individuals’ performance and productivity at work, highlighting the domino effect that one financial stressor can have on multiple areas of a families’ life. At SpringFour, we know very well how one missed bill can lead to a cascade of other financial challenges, especially if a family is having trouble making a large payment like a housing payment. On the flip side, having access to resources that can help families pay for other basic necessities like food, utility costs, and health care, can make it that much easier for a family to stay current on their rent or mortgage.

Every day, we see the impact of the fact that families often forgo other basic necessities in order to pay their mortgage and not lose their homes. Thus, mortgage assistance is crucial for families who own their homes and are experiencing financial hardship in any environment. This assistance is especially needed in times of widespread financial disruption. During the COVID-19 pandemic, we saw state and federal focus on this as the industry and government worked together to try to avoid a foreclosure crisis–and the Homeowner Assistance Fund was born.

The Homeowner Assistance Fund (HAF) is a federal program designed to help homeowners impacted by COVID-19 catch up on mortgage and utility bills and pay other housing costs. Funding for the program is provided by the United States Department of the Treasury through the American Rescue Plan Act. States developed their programs in 2021 and have been launching them as they receive approval from the Treasury.

Over 35 programs have been launched, most of them during the first quarter of 2022. As HAF has gained momentum, SpringFour has become known as the one-stop shop for information on each individual state program. SpringFour integrated each state program into its referral database as soon as programs were launched, and has closely followed all developments related to HAF, in order to help families get access to assistance as soon as possible.

SpringFour’s Mortgage Relief (HAF) category connects homeowners to information about the HAF resources available and our expertly authored guides provide a quick way for homeowners to understand the guidelines of the HAF program in their state. We include contact information and eligibility and application information; our resources are updated daily. Our informational guides on each state program provide extensive information for servicers, banks, and others to use. SpringFour is unique in its ability to serve as an expert one-stop shop of information on HAF programs throughout the country. In the first quarter of 2022, SpringFour has provided over 23,000 referrals to families related to HAF programs across the country.

If you are interested in learning more about the HAF category or if you are a SpringFour subscriber and would like it added to your application, please reach out!

Katie Gottschall Donohue

Vice President, Strategy and Customer Engagement, SpringFour

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SpringFour Growth: Team Additions

by SpringFour | Mar, 9, 2022 | Blog, Uncategorized

SpringFour Growth: Team Additions

February was a big month for us here at SpringFour. SpringFour’s CEO Rochelle Gorey has spent her entire career in financial services, often from the perspective of building better policies, products and solutions that help people see a better financial life. So it was a full circle moment for her to be named a finalist for Lendit’s Fintech Woman of the Year and to share this recognition with other leading fintech leaders. This Award serves as a powerful recognition that what we are building at SpringFour matters–financial health has become a key aspect of financial services, and we are creating long-term impact in the industry. This nomination was a nod to the hard work and passion of the SpringFour team and a recognition for our passion: day in and day out, we continue to build the best financial health platform that exists.

The SpringFour team is growing and in doing so will allow us to accelerate our ability to scale and create impact. Our two new hires have extensive experience in leading industry organizations and it’s a proud moment as a founder to have the ability to bring them on board. It’s been a fast start to 2022 and we’ve added more financial industry leaders to our client list, seen demand for financial health resources continue and are beginning work on important product enhancements. As always, we are thrilled to be working with you in support of the mission of promoting financial health.

Yasmine Anavi has joined SpringFour as EVP, Business Development and Strategic Partnerships. In this role, Anavi will be responsible for developing and expanding SpringFour’s strategic relationships and implementing partner programs throughout the financial services industry.

Anavi has a track record of success in risk management at top US banks. Prior to joining SpringFour, Anavi served as the Executive Vice President and Senior Credit Officer for Cards and Retail Services at Wells Fargo, where she led the credit risk organization for its credit card, co-brand, and private label portfolio. Anavi has also held Chief Credit Officer/Chief Risk Officer leadership positions at Barclays, American Express, and Citi in a number of consumer businesses, including cards, auto, home lending, student loans, installment loans, and point of sale finance.

“I’m very excited to be joining the team at SpringFour to further expand its partner programs and help even more customers on their path to financial wellness. I’m impressed by the important work SpringFour has done in this area and look forward to being part of it in the future,” said Anavi.

Moreover, Kate McCarthy has joined the SpringFour team as the Director of Product Development, working with the product team to curate and vet Financial Health Resources. She has more than 20 years of experience creating and enhancing the accountability and sustainability of non-profit, government, and corporate social impact initiatives, including most recently as the financial education program manager at Fannie Mae. She holds a Masters in Public Administration, has worked in both the public and private sectors, and is passionate about increasing connections for effective social impact.

Katy Jacob