Option One Mortgage

From LoveToKnow Mortgage

Option One Mortgage Corporation specializes in servicing mortgage loans tailored to the needs of applicants who do not have particularly high credit scores. This company is a subsidiary of H&R Block, and does not deal in accepting or approving mortgage loan applications.

Option One is a mortgage servicing company.

Mortgage Servicing

Mortgage servicing is different from mortgage lending. A servicing company is involved with maintaining a mortgage loan after the transaction has already been through the closing process. When an applicant applies for a mortgage loan it’s through a mortgage lender, but oftentimes the loan is then packaged with a large number of other loans and then the entire package is sold or transferred to a mortgage servicer. Not every borrower is aware that their loan has been transferred, and whether or not your loan is transferred can make a difference in certain refinancing products.

Unless your mortgage lender specifically promises not to package and sell your mortgage loan, you have no say in the decision as to whether or not your loan will wind up with another company for servicing.

Option One Mortgage Servicing

Option One Mortgage is a servicing company. You cannot log on to the official website and apply for a mortgage, but borrowers with existing mortgage loans serviced through this company can accomplish a number of transactions online:

  • Check balance of mortgage loan
  • Review payment information
  • Update address and other contact information
  • Make a payment
    • Payments can also be made over the phone, through the mail, via Western Union, or through automatic bank draft.

Other useful tools are available for not only existing customers, but also for investors and partner company representatives. Potential borrowers who would like to apply for a mortgage through H&R Block can do so online through the official H&R Block Bank website.

Mortgage Insurance Offers

Option One Mortgage partners with insurance companies to offer customers insurance products such as:

  • Life Insurance
  • Accidental Death Supplementary Insurance
  • Identity Theft Insurance
  • Disaster Insurance
  • Home Warranty Products

These products, and the other insurance products offered through the partner companies, are optional and aren’t required as a term of having Option One as a mortgage servicer.

Avoiding Foreclosure

Option One Library

Option One offers a comprehensive library of information online showcasing the various ways to avoid foreclosure and also explaining the foreclosure process. Since this company specializes in subprime mortgage loans, they take great care to make sure their borrowers have all the information they need in order to understand that staying up to date on mortgage payments is essential to both keeping their homes and maintaining a decent credit score.

Home Retention Team

This company also has a team of professionals who are dedicated solely to assisting customers who have fallen behind in payments or are heading toward financial trouble. Members of The Home Retention Team have extensive training and knowledge and work directly with borrowers in an attempt to keep homes out of foreclosure. Members of this team have the authority to work out payment plans which may include lower payments or interest charges in order to get borrowers back up to current status in their mortgage loans.

If you have a mortgage loan that is serviced through this company and you are having trouble with making ends meet, contact The Home Retention Team immediately. You do not want to avoid your mortgage servicer when your payments are in danger of falling behind, and you may be pleasantly surprised by how much assistance you can actually get from these professionals.

H&R Block Involvement

Recent problems within the subprime mortgage lending business have resulted in rumors of H&R Block wanting to exit from the industry. Layoffs within the H&R Block mortgage structure have fueled these rumors. H&R Block is not the only subprime mortgage lender experiencing layoffs, however, so this should not be viewed as a concrete sign that the lender will be closing its doors.

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Comments

Thanks for sharing your experiences with readers.

-- Contributed by: Tamsen Butler

you guys are the worst mortgage company. i have been dealing with your company for over 10 years and you guys have never worked for the client. and still won't with all these forclosures going on. i hope you guys end up going out of business.

-- Contributed by: Bubba

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