I Want a HARP Loan but I Have PMI

UPDATE 4/6/2012

PMI options have changed.  Part II of this post can be found here:



If you’re reading this post, you probably found this trying to figure out how to refinance your HARP loan that has PMI (Private Mortgage Insurance).  Many of you have read my post about how Bank of America won’t do PMI HARP loans they service (http://www.keaneloans.com/2009/07/28/another-flaw-with-the-harp-program).


As it stands now, there are only a few confirmed sources that you can do a PMI HARP loan.  FYI, this list is VERY limited.  I will keep this updated as time goes along:

  • Wells Fargo– Wells Fargo will do loans serviced by Wells Fargo and have PMI.  You must contact a Wells Fargo loan officer.  (if you want a referral, please contact me on my “Contact” page”
  • Flagstar Bank- Flagstar Bank will do HARP loans through with PMI and even allow mortgage brokers to do these loans when brokered to Flagstar.  This is the ideal situation and what every lender should do.  This means you can contact Flagstar directly or any lender who works with Flagstar
  • GMAC– GMAC now allows PMI loans to be refinance under HARP if you apply with GMAC directly.  What I don’t like about their method is that they have closed many of their retail locations.  Clients who have called their other retail division, Ditech, haven’t always gotten the service they need on these loans.  Even though I prefer lenders allow others to do loans for them, like Flagstar, I still appreciate that GMAC is trying to help.  However, their loan origination departments are too small to really touch base with all their clients.  It would be nice if they allowed correspondent lenders or brokers do these for them.
  • Chase– I have confirmed that Chase will do these.  (also contact me if you want their contact info)
  • Bank of America (UPDATED 1/24/2012)-  Bank of America is now allowing PMI loans to be refinanced under HARP if the loan is serviced by them

That’s it.  If anyone has heard of any other lenders who do these, please contact me so I can add it.  I will start a prospect list on this post and keep it separate from the list above.  I do this because I’ve heard too many stories of people who say they can do this but cannot.


While talking to a client who contacted me, we talked about starting a petition to help homeowners refinance HARP loans.  I started one.  If you have a loan you can’t refinance because it has PMI or you don’t believe in this restriction, please sign the petition.  It can be found here:



UPDATED 1/24/2012

PMI companies are starting to allow their clients to convert their Lender Paid Mortgage Insurance to Monthly Mortgage insurance to help homeowners refinance under HARP.  If you have Lender Paid Mortgage Insurance and need to refinance, check who your PMI company is and see if they will offer this.  Also, I’ve found a small group of lenders who will offer PMI HARP loans not serviced by them.  Email me if you would like a referral.

Update March 11, 2011:

HARP has been extended until June of 2012.  Please take advantage of this extension and let your government leaders know we need help with customers with PMI backed loans.


If you want to read my extensive guide on HARP, you can find it here:


338 comments to I Want a HARP Loan but I Have PMI
  • Richard Jones

    Thanks to you for starting the petition illustrating the hypocrisy of HARP, PMI and the refinance situation we are currently dealing with in this country. Your simple action is greatly appreciated by many.
    I do wonder how under this government sponsored program, one lender will allow a refinance with PMI (allowing access to HARP) while others will not. How is this legal and could you shed some light on this?
    Thanks in advance.
    Richard Jones
    Chico, Ca.

  • Richard,

    The only time a lending restriction is against the law is if it violates current laws in place for turning down consumers, such as the Fair Housing Act, Equal Oppurtunity Act, etc. If a lender chooses to not lend on a risk or capacity basis, there’s not much we can do on the “legal” side.

    However, this doesn’t change the fact that consumers ultimately decide how business should be ran. Enough movement and changes will be made. That is why I started the petition.

  • Chris


    You stated that Wells Fargo will only HARP refi loans with PMI that they service themselves. In your experience, does this also hold true for Flagstar and GMAC?

    Best Regards,

  • Chris,

    Yes, only loans each servicer is servicing.

  • Oleg

    After complaining to Office of President, Fannie Mae and PMI Company I have received a call from BofA with HARP refinance offer…. (I have PMI).
    I was offered 4.75% and ONLY up to 105% of loan to market value; I have to pay 1.65% in points for that PLUS cover whatever is over 105% (everything is done in email so I have proof).
    I am going to save around $300-350 per month.
    Do you think it is good deal?

  • Oleg,

    It’s relative. Is it good compared to a HARP loan any other lender can do without PMI? No, the pricing is high. However, this is your ONLY option and if it does save you money in the long term, take it. You’ll officially be the first B of A customer I know of that had a PMI HARP refinance.

  • John

    Has anyone tried aimloan.com? They do offer HARP loan(with or without PMI). They have a list of the PMI companies guideline, majority of the loans with PMI can be refinanced.
    If you current PMI company is UGIC(United Guaranty Insurance Company), you must refinance your loan with your current lender. I hope that helps.


  • John,

    I’ve heard of others who tried to do Aim HARP loan with PMI and they advertise it but I haven’t heard of a confirmed closing. I would love to hear if anyone has actually closed on one.

  • Joseph


    I’ve been researching a HARP loan w/ our current lender. I’ve been told in 3 different cases – that we don’t qualify b/c we have PMI. The lender keeps pushing us towards a Loan Modification – which we do not want to do. I finally figured out who the PMI provider was – by going through our Loan docs. I called them – an lo and behold – they are OK if we do a HARP loan through our lender. So now a supervisor is looking into this and will get back to me…

    Our PMI provider is United Guaranty/

  • Joseph,

    As long as your lender is willing to do the refinance and the PMI company is willing to re-issue the PMI, your lender can do it. However, many lenders will not do it, which is why I started this petition.

  • Melina Hairston

    I have BofA loan with PMI. I tried aimloan refi, paid the appraisal, then was told that we couldn’t close due to lender PMI. Out $300.

  • Mike Hower

    I have been having the same problem with having PMI. I was yanked around so much with BOA when all the “Obama phases” were happening. You might qualify for the next phase but not for this one. All three times, the same thing. Finally it came down to the fact that I have PMI, which never seemed to be the issue to begin with. I just called Fannie Mae today, and was told they can’t do anything for me because I have PMI, and that I would have to talk to my lender LBPS(IBM). IBM tells me that in order to refinance I would have to have my house appraised for the original loan value(bought my house in 2007, one year before everything collapsed), which is not even logical, plus I would have to do the 20/80 thing. There is honestly no help for those of us who did the right thing. This was a design to get responsible people out of their houses, sell that same house to someone who beforehand wouldn’t have been able to afford, at a lower price, and a great finance rate. Those who couldn’t afford now can. Great for them, bad for us. Then, I’m guessing that the house prices will jump up again so that now these people have “earned” a nice big equity in your old house. Robbing Peter to pay Paul is what this country is becoming. Those who don’t try or simply fail, get rewarded (indirectly) from those who do try, and do succeed. Soon nobody will try, because there will be no reason to.

  • Oleg

    Start emailing not calling. You have to have the record. BofA was screwing me the same way until I emailed BofA President of the department of home loans, my PMI company and Fannie Mae. I have received email response from all of them and then I received a call from home loan officer of BofA who told me in email that they will refinance my loan with PMI. It is possible and but not every servicer wants to play with your papers.

  • Oleg,

    Please confirm and let us know when your loan is CLOSED. I hear too many stories of overpromising and no confirmed closings. This could be very big for many homeowners.

  • Oleg

    My ball started rolling. It should not take more than 3 months.

  • Wren

    Hi Oleg,

    Do you have the name and email address of the president of the department of home loans? We also have BofA with PMI and I would love to contact them. I have already contacted our PMI company who told me they would not have an issue with us refinancing….BofA is our only hold up at this point. If you would be willing to pass along the contact info you have I would appreciate it!

    Thank you,

  • Oleg

    I am not sure if you can post personal information here but
    Google: “BofA Office of President contact information”.
    You will find whatever you need (even more than you need). Good luck to you.
    Fannie Mae – you have to go to the website and submit email.

  • Nick

    I too have been trying to refinance a loan with LPMI via HARP with Wells Fargo (FNMA-owned). I’ve been told that either I am ineligible due to the LPMI, or I am eligible but my mortgage insurer MGIC is not participating (they are per the person I spoke with and the big bold letters on their website). On one occasion, I was told I do qualify but system limitations prevent them from offering a refinance to me.

    At any rate, I called Wells Fargo again today to try again and got some of the same answers noted above. When I continuously pushed back on them, the rep stated that Wells has made a policy decision to not offer HARP on loans they did not originate (it was originated by Ohio Savings Bank in 2006) and I should go somewhere else to try and refinance. I thought this piece of information may be useful to people in the same boat as me. I find it interesting that Wells has made this policy decision considering I had no say in the matter when they purchased the loan to become the servicer.

    I suppose my next step will be to go back to Ohio Savings Bank and try my luck, but if anyone has any suggestions, I would greatly appreciate them.

  • Nick

    One thing I left out of the previous note was the fact that I have a HELOC with Wells Fargo. This has been the main reason why I keep trying to refinance with them versus trying to find another bank. I cannot believe under any circumstance that Wells Fargo would willingly subordinate the HELOC if I were to refi the 1st elsewhere.

  • Nick,

    Your assumption regarding the HELOC is a good one and prior to late 2009, was true. However, all participarting HARP lenders have approved subordinations after getting pressure from the government. Wells Fargo should subordinate the HELOC to almost any lender. However, nobody can do a PMI HARP loan through Wells other than Wells. The PMI company must participate but I think MGIC will.

    Send me a private message if you want the contact info to an informative Wells loan officer. The key is to talk to someone who actually knows what they’re doing.

  • Oleg

    I am already conditionally approved (it took two weeks in total). Waiting for final approval.

  • Walter

    We called Wells Fargo the other night and they said there would be no problem with PMI on the existing loan (unlike last year). However, I was surprised when the rep on the phone stated the close proximity to 55% debt/income ratio would be a problem.

    When I asked where that came from, he said it a was Fannie Mae requirement. Digging up the latest HARP FAQ from FM, I see nothing of the sort, in fact they actually state that a refinance will put the homeowner in a better position long-term debt/income ratio-wise, etc.


    Am I missing something here?

  • Walter,

    Wells Fargo can do PMI loans when they’re serviced by Wells Fargo.

    Fannie Mae refinance through HARP doesn’t necessarily require verification of income if you do a Refi Plus, but there’s a chance that the PMI company who insures your loan may require the verification of income. See if your loan officer can see who’s requesting income verification.

  • Simon

    Keane – my mortgage is with Chase. I checked with a Loan Officer at Chase (Lorraine) and she confirmed that Chase DO NOT allow you to apply for a HARP loan if Chase also services the PMI. Hence I’m completely stuck and unable to refinance my current 30 year/6.25% mortgage. I tried going thru a mortgage broker previously and they said the could not help me because Chase serviced the PMI and only Chase could therefore help me with HARP.

  • Simon,

    There are instances when the existing lender can or cannot do a PMI serviced HARP loan. I know your existing servicer is the only possibility but if they can’t do it, nobody can.

    It still sounds like a bunch of excuses though. If somebody insured the loan before, they should be able to re-issue the policy without increasing their own risk. I’m sorry thye couldn’t help you further.

  • Nick

    For what it’s worth, I am currently in the process of getting my mortgage refinanced (FINALLY!see the details above). However, it took a complaint with the Office of the Comptroller of the Currency (OCC) to get Wells’ attention, which it certainly did. After my post above, I had a final conversation with Wells where the person indicated to me that Wells has made a policy decision to NOT offer HARP refis on loans they did not originate. My counter-argument (and the basis for my OCC complaint) was that this feels as if it crosses some sort of consumer protection line. How can they not offer a program designed for borrowers like me based on a transaction (Wells purchasing the servicing rights from my original lender) that I had no control or input on? I filed an online complaint through the OCC’s website and about two weeks later I was put in touch with a person at Wells’ corporate office who certainly had a better grasp on the nuances than the customer service reps I got on the 800 line. I haven’t closed yet, and I don’t have any reason to believe this won’t happen in the next few weeks, but I am not breathing a sigh of relief until it’s official. If my situation fits anyone else’s here, I would suggest filing a complaint with the OCC. It’s ridiculous that these banks won’t do refinances because it’s too much paperwork or too long of a process, etc.

  • Nick,

    This news you’re sharing could be huge. Here’s the reason why.

    Bank of America has all of the Countrywide loans under their servicing portfolio. Countrywide at the time was the #1 servicer for all mortgages. Bank of America was #4-5, so together, they clearly took the top spot after Bank of America acquired Countrywide. From what I understand, Bank of America is saying the same thing to their clients who originally were with Countrywide, which is the largest group of homeowners in America.

    Please keep us updated and let us know when this closes. Thanks for sharing your story!

  • darren

    Has there been any new news about lenders that will process a HARP refinance at 125% LTV with PMI? My current servicer is BofA (Fannie owns my loan), I want into their office today and was told they cannot give me a refinance because of PMI. I would much rather go with a new bank, if any will work with me…looking to see if anyone has had such luck?

  • Darren,

    Unfortunately, B of A is the only option for you. Did your loan start with Countrywide or another lender?

  • Darren

    My loan started with Countrywide. I went into a BofA office and their HARP policy flat-out says that I am not eligible with PMI, though I confirmed with Fannie Mae that they will accept a HARP refinance with PMI, BofA just doesn’t want to offer that to consumers. I am guessing there are many of us in the same situation…Unfortunate that BofA took TARP bailout money from taxpayers, but now are unwilling to help us. I wish there was something we can do.

  • Darren,

    Yes, it’s more difficult on loans where servicing is transferred. That’s why I asked the question I did.

    Sign the petition. It may not amount to much but it’s a start.

  • Nandan

    Did you close your refi with BOA? I have been given around the same run around by BOA 1-800 numbers for last 1.5 years. Would you please share contact of the BOA loan officer who helped you out? Really appreciate it.

  • Nandan,

    According to Oleg, he got it done but I have not heard of anyone else getting this done.

  • Keane,
    Thanks very much for sharing this information with us. We’ve signed your petition, and are just hoping that something changes. We would certainly love to see B of A on that list of banks that process loans with PMI, as it’s been a complete nightmare for us as well. We appreciate your research and outspokenness so much, please keep fighting the good fight!
    Jessica and John Ullrich

  • Walter

    Just closed the HARP I had questions about in the above post, regarding debt/income ratio etc. Called on Nov. 22 and closed on Jan. 20, loan gets funded tomorrow Jan 25. Wells Fargo is swamped with getting these done, they had to extend our rate lock an extra week. Back in 2009 when HARP was first rolled out they wouldn’t let us into the program because of PMI. As far as I can tell, they were interested in debt/income, but as long as it wasn’t ridiculously high, everything was fine.

  • Walter,

    It’s up to the lender and the PMI company. Wells has been easier to deal with when working with a loan officer who knows what they’re doing. Bank of America isn’t offering PMI HARP loans to anybody the last time I checked. I’m glad your loan is getting done!

  • darren

    I filed a complaint against BofA with the Comptroller of the Currency at http://www.helpwithmybank.gov. I got a letter back from the Consumer Advocacy Group saying they’ve sent the complaint onto BofA and I should hear back within 3 days. Who knows if it will do any good, but if enough people complain it might make some difference…

  • Darren,

    Good find! I wish I could dump all of the petition signers into that website. I’ll post a response there now.

  • Melina

    I bought my first home from BofA in Nov 2007 LPMI.  After a year of paying my $2450 payment I received a letter from BofA stating that my payment was increasing to $3000 a month and I owed $7000 in back taxes.  BofA had used the “land value($80k)” instead of the purchase price ($380k) of my home to calculate the taxes. I dont believe i would have qualified for such a high payment. They had no options for me and my time spent trying to get a modification was useless. After months of phone calls I contacted the comptrollers office and filed a complaint. I was elated when I was quickly contacted by a BofA “advocate” who prompty set up/appraised and had me approved for a Freddie Mac loan modification that would adjust my payment back to where “in good faith” I thought it would be. The Advocate stated that I would hear back from her in a couple weeks with the final steps. After waiting 2 weeks I phoned the “advocate” only to find a message from BofA stating that the phone number was no longer in use and any message would not be returned. After calling again for weeks to various 800 numbers only to be told time after time that the persons name did not exist in the company – I finally got someone to find her. They emailed her and she quickly responded by saying that after final review I did not qualify, based on lack of need. I guess BofA wins again. 

  • Melina,

    That’s horrible. I’m sure B of A does not condone these types of service stories but too many people in my line of work don’t want to face the music and just tell the customer what they NEED to know.

    How much do you owe? What is your home worth?

  • Melina

    I owe $350k and it’s worth around $310k. My credits perfect – almost an 800. Wish there was something I could do.

  • Melina,

    You appear to be a classic example of a PMI Bank of America customer who’s fallen through the cracks of the system. I’ve worried about people in your situation since there’s so many of you.

    I wish there was more that I could do.

  • Jon

    I have a BofA loan with PMI, I am about 120%LTV and was denied the ability to apply for a HARP refinance. I complained to the President of BofA, received a callback from his office. Today I get a call informing me that an application package is in the mail. I am cautiously optimistic but will come back and update when the package arrives

  • Jon,

    I’ve only heard of one closing due. It’s not their policy. Push and get it done!

  • Scarlett

    Has anyone dealt with CENLAR? My loan was sold to them by Taylor, Bean, & Whitaker and they don’t seem to want to cooperate much. I do have a PMI and I believe that my loan is a Freddie Mac Loan but I do not qualify for a for HAFA because my mortgage payment is slight above the 33 1/3 percent.

  • Scarlett,

    Unfortunately, you fit this group of unlucky homeowners as well. Your loan is serviced by a company who does not originate new loans. If your loan was serviced by TB&W still (if they were still around), you would qualify for HARP.

    Please sign the petition on this post.

  • Jenn

    I currently am offered a refi through HARP by GMAC. I have PMI and I am at a 6.125% rate and they are offering 5.25% rate (not paying any points), with a savings of $254/mo. This will increase my loan amount due to a new 30 year fixed loan but it includes the closing costs. Is this a good deal? Or should I look into what Wells or Chase can offer?

  • Marty

    We have our loan through Chase. I would think that a bank that holds your loan would know about PMI. We were told that we are on a list of people that qualify and should accept the HARP loan. As many of your post go we got to the end of it all and was told there was a system failure. A week later we called to check on things and was told that because of our PMI they could not do the loan. First complaint, call and let us know.Second complaint why don’t they know about loans they hold. Is there any hope for us to get a Harp loan. we are paying 7.75% intrest now and they offered 4.97. Our savings would have been over $400.00 a month.

  • Alicia

    I’ve given up refinancing my loan through BofA. I owe $330K at 6.675% with PMI rolled in. My credit scores are 800. I tried going through another lender, but the appraisal came back at $330K and they would only go to 95% LTV. Hoping something out there changes soon.

  • Alicia,

    Even though there would be monthly MI, with that rate, I think it would make sense to refinance to a FHA loan and pay the principal difference to get to the 97.15-97.75% FHA requirement (the loan-to-value limit for FHA varies depending on the area). Especially if you plan on living there for a long time.

  • rc


  • JB

    If your loan is serviced by Nationstar Mortgage it is possible with the HARP program to refinance your mortgage up to 125%.

  • JB,

    Most loans with your servicer can go that high. Wells Fargo, Chase and Flagstar all go to 125% if the loan is serviced by them.

  • Brad

    Is there anything new on this PMI issue? I tried to refinance last week and all was good until they found out I had PMI. This makes absolutely no sense to me. We have great credit, never missed payments, etc. but they won’t refi because we have PMI?! I tried with several local banks. Are the 4 or so banks you mention above still all that will do it?

  • JB

    Brad, who is your loan currently serviced by?  If your current loan has PMI and your loan to value (LTV) on the refinance you are looking to do is greater than 105% then you have to use the lender that is currently servicing your loan. They will be able to go up to 125% LTV with the HARP program if your credit, income, assets qualify.

    Hope this helps

    Sent from my iPhone

  • JB

    I can not comment on what other lenders are doing only what we do at the company I work for. The Lender/servicer I work for does HARP loan refinances up to 125% LTV every day. The key is we have to currently service your loan or the PMI companies will not re-insure the loan… this is why people are probably getting turned down when they go above the 105%.

  • Linda

    Hi Keane,
    Thought you’d want to know I called Flagstar and they told me to double check with you. They said they don’t do HARP with PMI. Mine is a Fannie Mae loan currently serviced by CitiMortgage, a 1st and 2nd mortgage with PMI. Citi only offers a 5.25% refinance and doubts it would benefit me. I’ll check into the other options you mentioned. A friend of mine recently refinanced at 3.5% but I don’t know if she had a 2nd mortgage. Thanks for the info on your site.

  • Brad and JB,

    Several lenders will do PMI HARP loans if it’s a loan serviced by them. I’ve never seen anybody do these loans if not serviced by the lender.


    Flagstar only will do these if the loan is currently serviced by them.

  • Andrew

    My loan is serviced by IBM LBPS. When I called them to inquire about a HARP refinance they said they dont do loans they only service them. They referred me to Quicken loans who denied me because I was at 105%LTV with PMI.

    Does this mean there is no hope for me? Because it looks like the only HARPs with PMI getting through are by loan serviced by existing lender but i’m serviced by a non-lender? This makes hardly any sense….

  • Keane


    I’ve only heard of HARP loans with PMI being done through current servicers. IBM LBPS doesn’t originate new loans, which isn’t helpful for you in your situation.

    I started a petition for homeowners in your situation:


    I wish I had better news for you.

  • Paul

    I have my current loan through BOA and I do have PMI. My CLTV is below 105% will anyone allow me to refi under HARP? I know BOA isn’t willing to help.

  • Paul

    I guess I should’ve put a few more details. My loan is definitely FHA and my CLTV is 97%

  • Paul,

    HARP will not apply but you can do a FHA streamline refinance without an appraisal. Where is your property located at? Are you still living in the home?

  • Paul

    I’m in Tulsa, Oklahoma. Can you do the Refinance? If not any recommendations?


  • I cannot but I’ll email you a contact who may be able to help you.

  • Paul

    Great Thank You!

  • Paul

    I forgot what might be a crucial detail. I have a second mortgage which it looks like might disqualify me for a FHA streamline is that right?

  • Paul,

    You can do a FHA streamline with a 2nd mortgage but you’ll be limited to 125% of the appraised value for the two loans combined.

  • Paul

    That’s great news. Any recomendations for a lender that will refinance me in Oklahoma?

    And thanks such for all your help!

  • James

    Hi Keane – I have a conventional fannie mae loan, 203K remaining at 6.25% through gmac/ 27 yrs remaining. My statement says “mortgage ins paid”, is this the same as PMI? I want to refi and wonder if I can do a harp with wells fargo or if I have to do it with gmac.

  • Barbara

    Hi Keane,
    I’ve just found your site and signed your petition. I think you’re really doing everyone a service by providing this forum.
    I’m not sure what to try next. I called BofA about three weeks ago and spoke with a loan officer who also told me I did not qualify to refi- To my discredit I hadn’t even understood my loan docs enough to know that I had a Fannie Mae instrument in 2005 when I refinanced last, nor did I understand the MI issue. I don’t even know who the Insurer is which BofA pays out of my monthly mortgage payment. I know that next June my option/arm will recast to about double of what I’m paying now, that I certainly don’t expect that I will be able to pay that amount and that I have lots of work ahead of me to figure out if I have any options in regard to doing a refi. Please keep up the great work of informing us consumers and I will check back in with any information as I move forward.

  • Keane


    I emailed you a lender referral. Did you get it?


    I can’t say for sure but if you apply with any Fannie Mae lender and they run your application through Fannie Mae’s “Desktop Underwriter” (software program for Fannie Mae), it will tell them if you have PMI or not.


    Thank you for signing the petition. The big banks make all the rules and even though they CAN do these refinances, they’re not. I understand there are difficulties and liabilities on their behalf. I do believe the solution comes when the government gives them some assistance on these, removes the hurdles and puts pressure on them to do the loans.

  • James

    Keane – I found I have PMI. So based on your other article, does this mean I can only do a HARP with my current lender GMAC and can’t go through Wells Fargo/Chase/Flagstar (the other lenders you mentioned).

  • James,

    I only know of one lender who can do PMI loans. If you want, I can email you their info.

  • James

    Yes, please do. i am james chong at yahoo, without the spaces of course, or the email i used to make this post.

    Does that mean with my conventional gmac loan, gmac won’t give me a harp loan?

  • Bret

    I am at my wits end. Here is my situation.

    Bought home in Alabama at 7.25%/30 years fixed. Ten months later I took a new job in another city. Rather than loose money, I put it up for rent.

    For the last two years or so I have been trying to refinance but my servicer, Wells Fargo won’t allow me to since the house is now a rental. I tell them that Freddie Mac has the Open Access program and depending on who I talk to either they don’t know about it or don’t accept it.

    Since I have lender-paid PMI, I cannot refinance with other lenders. Oh, and I am at about 105% LTV right now.

  • Bret,

    I only have one lender who may do this loan for you. Do you want me to email their info to you?

  • Bret

    Yes, if you could give me the contact info, I would be appreciative. Thanks.

  • Bret

    Keane, I am not sure if you sent the info, but I am not getting any email at the address I used previously. Try this new one, if you haven’t already.


  • Cala

    Keane, could you please email the information of the lender you know who will do a HARP if the existing loan has PMI? My current servicer is not licensed to refinance in my state, so while they do HARP refinancing, I am not eligible because of where I live. Super frustrating.
    Thank you for the petition, by the way. I signed it and hope to see a positive outcome!
    calananda [at] gmail

  • Cala,

    I’ve heard of difficulties related to servicing but that’s a new one for me! I’ll get you that information to your email right away.

  • Brad

    Keane, would you please send the info to me also? Thanks!

  • Kym

    Hi, I was just told by boa that we don’t qualify for harp bc of pmi. Is there any other option for us! We owe 325K and they gave us an estimate of our current value of 312K. Our int rate is 7.125! Help.

    Thanks in advance.


  • Kym,

    I’ll email you a lender who may be able to help you.

  • Ian

    Sought out a HARP today with current servicer, Bank of America.
    I was told they won’t do refi, like you said, because my Fannie Mae has PMI. We were seeking a 203k and that’s how we found out we were under water on our mortgage. I searched and found this website. Please send any info you can think of. Thanks.

  • Ian,

    Would your property have some equity after doing the 203k rehab loan?

  • Hannah

    Hi Keane,

    I seem to be in a similar predicament as others. My mortgage is with BofA and has borrower-paid PMI. My balance is $317,000 and my home is valued around $305,000 now. Are there any options for me to refinance? I have not called BofA yet, but from what I am reading it might not be worth my time anyhow since I have PMI.

  • John


    Could you send me a lender who will do HARP loan which will fall between LTV of 105% to 125% with PMI?

    Also, does anyone know how to find out who your PMI company is? I have called and looked all around, but unsuccessful. Thanks.

  • jon

    Only lender who can do HARP over 105% is your current mortgage service. As for your PMI company, all I did was ask my servicer. Their are three primary ones including Genmar who is mine.

  • There are lenders who will go over 105% who are not your servicer but I don’t know any who will do one with PMI. That’s a real tough combination. Who is your servicer?

  • jon

    I am currently knee deep in discussion with BofA on a HARP refi with those of us with PMI and need more than 105%. I have been persistently after this for about 8 mos. now and I need help from other BofA customers to put pressure on the bank to start doing this. Please e-mail the CEO at brian.t.moynihan@bankofamerica.com to start the process. You will get a call from someone in his office that you can explain your situation and why BofA needs to do this. If we band together maybe we can get this done

  • jon

    My PMI provider (Genmar) will only rewrite the PMI certificate up to 125% if I refi with the current servicer. They will rewrite the certificate if you use a new bank but only up to 105%. If other PMI providers are the same, that is why you cannot get a refi w/ PMI with a new bank over 105%

  • Yes, those two factors are hard to overcome individually and almost impossible together.

    As a B of A customer myself, I hope they eventually add PMI HARP loans to their mix. Wells and Chase will both do them, so B of A is the last big one left. I’m sure their customers would be extremely grateful.

  • John

    I have decided to go with our current mortgage service provider, GMAC. I was wondering if there are any other options.

    On the other note, could I choose the title company of the loan?

    GMAC is tell me that the title company will not issue $5,000 above my current loan amount? Is that standard with all title companies?

  • Adam

    We have a mortgage that was previously with BofA and just recently transferred to Green Tree. I had checked with BofA right before the transfer to see about taking advantage of HARP but no luck as we have PMI just like most everyone else in this forum. Can I go through one of the lenders you mention or are we stuck with Green Tree? Any info you can send me about a refinance would be much appreciated. Thanks!

  • John,

    The $5k limit is standard if your loan is backed by Freddie Mac. Not standard on Fannie Mae backed loans.


    I’ll email you a referral.

  • Brad

    So what can someone such as myself do if my loan is always being “serviced” by a company who doesn’t actually hold the mortgage? It used to be IBM LBPS but now it’s moved to another company called “Seterus”.

  • Brad,

    There’s very few lenders who do PMI HARP loans serviced by others. I can refer you someone if you like.

  • Ray


    I keep hearing on the radio that rates are really low these days and now I am interested in doing a streamline HARP to lower my interest rate. My loan is with BofA and I have had it since 2004 and never a late payment. I do not have PMI on my loan with BofA and I believe my LTV is about 105% (2nd mortgage and ELOC balance included). My rate is 5.125% APR fixed on a 30 year loan.From your expertise, do you think I could possibly be eligible for a Streamline HARP refi with BofA? Also, if I did qualify for a Streamline HARP with BofA would they then impose PMI on the newly HARP Streamline refinanced loan? Is it even worth it? I am not struggling to make the mortgage payment but I haven’t had any increases in pay for over 4 years and things are getting more expensive here in CA.

    Hope this makes sense and thanks for all of the info on your forum!!

  • Omar


    My service provider is green tree and they do not refinance loans. I have PMI through a company called RMIC that will not let me refinance with another service provider to get 125% LTV. Please let me know if you can help in any way. Also for those who are in the same boat and have PMI through the company called PMI you can get a 125% LTV with an online direct loan company called aimloan.

  • Omar,

    You have a bigger problem at hand. Even if you found a company to do the refinance, RMIC announced last month that they’re closing, so they won’t be able to re-issue your PMI to a new lender.

  • Ray,

    If your loan is backed by Fannie Mae or Freddie Mac, you likely are eligible for HARP.

    My experience has shown that B of A HARP loans are worth shopping. You can get a HARP loan from other lenders too.

  • Omar


    Then who would it be held by if they closed?

    Do you know what that would mean for me?

    Could I get them to re-issue since they are closing?

  • Omar,

    RMIC will retain the policy I believe but even if they were willing to re-issue the PMI, I’m doubtful any new lender would accept it.

  • Brett

    My mortgage has been sold 4 times since i first got it back in 2008. My last sale was from Chase to Seterus. Seterus is a collection agency/servicing the loan and aren’t a lender for the loan. I called them, they don’t do refinances since they aren’t a bank. I tried to call my local bank, and Chase, and both of them said that since they aren’t the current lender they won’t allow me to refinance. My current morgage outstanding is about 170k approx value of my place is 150k. Any idea if anybody would allow this, or what I should do, if I can do anything???


  • Keane


    And your loan has PMI?

  • Brett


    Yes my current loan has PMI, i’m not late and don’t plan on ever being late since i’m pretty frugal, but i was hoping to get a lower rate with the program.

  • Keane


    There are very few lenders who can do PMI HARP loans when they’re not the current servicer. Let me know if you want me too email a referral.

  • Brett

    Would love a referral, please email me, anything to get away from this company, you google their name and its all complaints.

  • Enrique

    Please send me a referral at this point anything will help.

  • Jay


    I could also use a referal. I have a mortgage that was sold to Nationstar. I believe it has Lender Paid PMI, I don’t pay monthly but I did not pay 20% down. I’m talking to Edward Jones Mortgage and they told me about HARP, but their investigation with Fannie shows PMI leading them to believe its Lender Paid. They indicated that they cannot do a HARP with PMI on it. Any help would be appreciated. I’m just looking to drop my high rate and I’ve never been late on the loan.

  • Jesse

    I am in a similar situation with 300k balance on a 280k property in CT with PMI held by CMG. Servicer is currently Central Mortgage and they can’t or won’t do anything despite solid credit, income etc. Would greatly appreciate a referral to anyone who could help.

  • Jeff


    I am in the same boat as Brett, my mortgage has been sold 4 times since 07, and is currently with Seterus and I have PMI, I was hoping just to lower my rate through the program, I would like the referral if anything can be done. Thank you

  • Aisha

    Please send me a referral. I have stellar credit, but cannot refi because I have a PMI and my loan servicer is a credit union which decided not to participate in HARP.

    Thank you in advance.

  • Jason

    Hi Keane,

    My mortgage w/PMI is formerly owned by Chase, sold to IBM LBPS, now Seterus, as the servicer.
    You know of a lender that may do a HARP refi on another servicer’s mort w/ PMI?

    thanks for any info

  • Susan

    I’m in the same boat. We owe about $339K but was appraised at $317K, was sold to Seterus and has PMI. I want to refinance under HARP to lower my rate and payment but can’t find a lender who will do it. I would greatly appreciate a referral.

    Thank you in advance.

  • Bryan

    Hi everyone this boat is filling up. I have been working with the evil empire (BAC) for a long time on this. I tried to leverage HARP to lower my interest rate and was told I have PMI, wait a year and call back. Started the process again today, and found out they have not changed their policy. I was shocked :-) Anyway to refi with another lender would be awesome! I am sure it is a long shot, but I would love to try. Thanks for any help.

  • Keane

    Do you want your voice heard? I have a writer for the Wall Street Journal who’s looking for homeowners to interview. Please email me if you’re interested. Thanks!

  • Brett

    I’d be glad to interview, please tell him to contact me.

  • James


    I also have a similar situation as others with Seterus servicing the loan with PMI (UGC). I would also greatly appreciate a referral. Thank you in advance.

  • James,

    I’ll email you a contact. Good luck!

  • jon

    I would like to be interviewed regarding my struggles on HARP with BOA

  • Jason

    Email referral would be great- thanks so much!

  • Nandan

    I would too appreciate an email referral. Thanks.

  • Jonathan

    Hi Keane,

    I too am in the same boat as everyone else here. I have a loan serviced by Seterus, PMI, and a LTV of around 120%. If you could send me a referral I would be so grateful.

    I would also be interested in interviewing if your contact at the WSJ is still looking for homeowners in this situation.

  • Jason

    Add me to the list of people who needs a referral. We have a BOA (originally Countrywide) loan – 30 yr fixed w/ PMI. We owe $380K (at 6.25%) and the home is worth about $350-360K. Great credit, never missed a payment. I checked GMAC and Flagstar per your post above, but it doesn’t look like they are doing 125% HARP loans.

    Thanks very much for any help you can provide!

  • Farhad


    My mortgage servicer is Seterus, and I have PMI. Can I get a referral too? Same as other people in the boat never been late with perfect credit score. I appreciate your help.


  • Farhad,

    I tried emailing you but the address was wrong. Please send me a correct address and I’ll send you a referral.

  • Joel


    My mortgage servicer is also Seterus, and I have PMI. Can’t find anyone who can help me refi under HARP since Seterus won’t/can’t. Can I get a referral also? Perfect credit, never been late on a payment, good income, etc. Owe 154K loan @ 6.625% interest rate on a 30yr fixed.

    I also would be more than happy to interview with WSJ.


  • Robert

    My mortgage servicer is Green Tree and my PMI company is Radian. Unfortunately, Green Tree will not refinance under HARP. I have great credit, income, etc., LTV is around 115%. Any referrals from you would be wonderful. Thank you for the website and information.

  • Keane


    Radian will only re-insure a HARP loan at 105%. If you can pay down your balance to 105%, I can refer you to a lender who may be able to help you.

  • Sheila

    We have a loan with a PMI. However, I have lost my job and I bought them house before I was married. My husband is the only one working. The house and mortgage is not in his name although he pays it. We now have two little boys and we are not making it. What can we do? I have been told that we cannot do a HARP loan because it has to go by my income since I am on the deed to the house and the mortgage holder.

  • Keane


    That isn’t true. You can add borrowers to HARP loans. He can be added.

    Who is your loan with?

  • Erik

    Same boat as everybody else with Seterus, underwater, pmi, etc. I will take the referral, but can you explain on in the comments what the referral will do for us?

    Thanks for your help Keane, your site is great.

  • Erik,

    Depending on your scenario, I might be able to refer you a lender who can help you with your PMI HARP loan but I can’t tell you exactly who to talk to without knowing the servicer.

    Right now, I’ve referred some clients to a few lenders and are waiting for feedback on the results from the clients. I wait to hear multiple good results before I publicly brand a loan officer. I actually have very good loan officers at all the big banks but unfortunately, their company policies restrict them from being mentioned on a blog like this.

    To find out what you’re eligible for, you should first call Seterus and find out who your PMI company is.

  • Danny

    I am in the same boat as everyone else. Mortgage serviced by Seterus, underwater, with PMI. I have great income, an 800+ FICO and have always made my payments early. My house is probably more than 125% LTV, but I am willing to cash re-margin to 125% for the right rate and closing costs. A referral would be great… Thanks.

  • Marco

    +1 on this very large boat.

    My LTV is over 125% and serviced via Green Tree with PMI. I’ve called a few different lenders this morning (US Bank, Quicken) with no luck specifically because of the PMI. I’m pretty stuck right now and looking for any help.
    I would love a referral if you think one would help my situation. As an aside, I think the idea of this program is great. I, like so many others, have worked hard to keep our credit scores up, stay current on our payments, and given the luck of the draw and our country’s situation we are in home owner hardships. I feel like these programs are explained to help folks like us but the devil lies in the details.

  • jon

    If there is a lender who is not your current servicer, who will refinance a loan with LTV greater than 105% for those of us with PMI, then I would like to know who it is. I can find several banks who will go to 105%, but cannot find anyone who will go above that number. My understanding is, for those of us with PMI, that if you need more than 105%, then you are “locked” into your current servicer, and if your current servicer won’t do it, then you have no options.

  • james

    Not sure if you would be willing to give any names that will go to 105% if you have PMI, but that would be a huge help to me. I cannot find any banks around me that will even consider doing a refi over 95% LTV.

  • Jon and James,

    It depends on the lender and the company you have insuring your loan for PMI. If the lender is willing to go to 105% but your PMI company is limiting to 95%, you’ll be stuck with the tigheter restrictions of the two.

    My research has shown that nobody will go over 105% with PMI unless your loan is already serviced by them.

  • Matthew

    I am one of the many here with Seterus and PMI. My LTV is around 120%. I have never missed a payment and my credit score is great. A referral would be great.

  • Brad

    Keane, please send me a referral, it would be much appreciated! I too am with Seterus and have a LTV of about 105% with PMI. I’m stuck in a 10/1 ARM interest only at 6%.

  • Keane


    I don’t of any options with a loan to value that high. I’m sorry!

  • Don

    I have Seterus now also, my note has went through several lenders, last three being Chase, LBPS and now Seterus. Ive tried to refi since I am upside down but I am under the 125% and my loan is serviced by Fannie, was referred to quicken loans by LBPS and Seterus but Quicken says same thing, cannot refi due to pmi financed in loan. I am stuck like many others that are responsible and keep trying to pay all our bills only to watch those who choose not to getting all the help. I want to stay in my home, its not a short term thing for me, but I cannot get any help from anyone I have tried for two years now. Any ideas?????

  • Jen

    we too are in the LPMI boat…and would love to refi. We are never late and have great credit, and would be willing to look at a 15 year or 20. I would guess we are at about 110% of value, and thats using the lowest number on BOA’s home value estimator. BOA will do nothing for us…after all we pay every month, on time, at 6.5%. What really irritates us is the LPMI was not disclosed in the loan process. Any suggestion for us? and id love to know what happened with the wall street journal article.

  • Ashish


    My mortgage servicer is Seterus, and I have PMI. Can I get a referral too? Same as other people in the boat never been late with perfect credit score. I appreciate your help.


  • Kate

    Hi Keane,
    I am another Seterus customer with an LTV of 103.6% and PMI. I never considered refinancing because we are underwater but I heard on NPR this morning about the Harp program and a quick google search landed me here. I would love a referral for someone who would work with me on my loan.

  • Mark

    I too have Seterus and LPMI and would love a referral to take advantage oif these low rates.

  • Rob

    Hi Keane, I am in the same boat with Seterus and would love a referral. Thanks!

  • Lou

    Hi Keane,

    Seterus boat +1 (Seterus, LTV=125%, PMI)

    I just read that the President is pushing to have the LTV limit raised in order to give people like us (great credit, PMI, no missed payments, high LTV) the ability to refinance. Will this new enhancement open the door for us? Would a referral now be possible under these new guidelines? Are there any other options?


  • jon

    I got excited about the new Obama proposal too until I read (and I hope I read wrong), that this proposal covers only NON FNMA or Freddie owned loans. If that is correct, then this does not come to our aide because the HARP program is the program to help us but is a disaster because of lack of full participation or even non-particiopation by the lender community.

  • Lou


    I believe you are incorrect (and I’m sure glad to be :) )

    “Problem: Underwater and slightly-above-water borrowers are not eligible.
    Solution: Provide refinancing regardless of equity levels

    This is arguably most significant change. For borrowers whose mortgage is owned or guaranteed by Fannie and Freddie, the FHFA will ignore how much (or how little) equity they have in their home when they apply for refinancing. So even if a family’s mortgage balance is much larger than the value of its home, it could still qualify for refinancing if other conditions are met. This is a big deal. In the past, borrowers’ loans could not exceed 80% of the value of their home, at most.”


  • Bryan

    Looks like they have tackled about every issue BUT PMI. Ugggggg…seems like everyone with PMI cannot re-finance.


  • jon

    What I read was a WSJ report.

    “The plan under consideration would make refinancing available to some borrowers whose houses are worth less than their loans, so long as they are current on mortgage payments, according to people familiar with the matter. Such borrowers typically aren’t able to refinance because they lack equity in their homes. The plan would apply only to mortgages owned by the banks. It isn’t clear how many of those borrowers would qualify for help. Around 20% of all U.S. mortgages are owned by U.S.-chartered commercial banks; the majority are held by investors in mortgage-backed securities.”

    Key verbage in this article is that the plan would apply ONLY to mortgages owned by the banks [versus the US government (ie. Fannie, Freddie, etc..)]


  • Chris


    We have BOA as a servicer with LPMI. I believe we are within 105% but I am not certain? Is there any hope for a refinance for us? Can you send a referral?


  • All requests for a referral should be answered.

    New HARP guidelines coming. Here’s a post on the topic:

  • Lesli

    I am trying to place a DU refi- Plus Loan that has PMI, my company said they are not accepting loans with PMI or RMIC, do you know of any lenders that still are accepting these two MI companies? The Certificate is transferable???

  • erica

    I went to the credit union to refi my b of a mortgage and they told me they could not help me because of the pmi. They said to go back to Bank of America and get a Harp loan. has anyone had sucess with this? im about $15,000 under water in my mortgage, and i am so fed up with banks and their ponzi schemes that i dont think ill ever take out another loan from bank of america again.

  • Keane


    That’s a tough one. Both of those PMI companies just closed and I haven’t heard of anyone doing these loans.


    Find out from B of A who your PMI company is and let me know.

  • Charlotte

    Keanne – My home mortgage is transferred from Chase to Seterus. Seterus doesn’t refinance. My LTV is just about 125% and have PMI through RMIC. Any hope for home owners like me with the new housing bill Obama proposing?

  • Charlotte,

    Unfortunately, I do not think there is an option for you. Even if RMIC was willing to re-insure your loan, lenders do not want to close on loans where the PMI company is closed, which RMIC announced they were closing last August.

    I did hear that they want to re-enter the market, so I’d keep tabs on any news related to RMIC re-entering the market.

  • Aaron

    Is it even worth me calling BOA again? I have lived in my home for 3 years and have a 7.25% interest rate. My loan is $10,000 under water. I have never missed a payment and have a basically perfect credit score. When I called BOA last year, they said no chance due to PMI on my loan… Has anything changed that would benefit me? It doesn’t look like it :(

    Loving my high mortgage interest expense deduction on my tax return.

  • Mark

    While it is true there are lenders that will refinance HARP with PMI you fail to address a very important fact. While the lenders will refinance you, if you have PMI you will never, EVER be offered or eligible for the current, lowest, best, interest rates, ever. The rates that you will be offered will be no less than 2% to 2.5% higher than the lowest, best interest rates. Even if you have excellent credit with an 800 credit score, have never missed any mortgage payments, have a long time secure job with good income, you will not be offered the lowest, best rates. Thank you Freddie Mac and Fannie Mae. Hope your Executives are enjoying the million dollar bonuses they received.

  • Lee

    Chase told us we do not quialify becuase we have lender paid PMI, this was incoprprated into our original loan.Do you have any information on this Lender Paid PMI and HARP?

  • Keane


    Your situation is tough becaues no PMI companies are approving any reissuing of PMI on loans over 80% loan-to-value currently, so even if the lender is willing to do it, the PMI companies are not. In addition, B of A has never supported PMI HARP loans.

  • Keane


    The PMI companies are definitely blocking some of the HARP loans. HARP loans do have a pricing cap however, so you shouldn’t be paying more than .5% more above the lowest 30 year fixed HARP rate offered.

    I do hope the new changes to HARP 2.0 fixes many of the problems you address.

  • Keane


    Chase will do PMI HARP loans except lender-paid PMI. I know of a lender that will do these but they’re limited to 95% loan-to-value, which is the same as a regular conventional loan.

  • Adam


    I too would like to refinance with a HARP loan but have PMI on my existing loan through Green Tree and it is keeping me from doing so. A loan officer has suggested the government PPIP program to me. What are your thoughts on this? I am interested but there is a significant upfront cost of about $1,900 and want to do my due diligence and research before heading down this road. Everything I’ve read says it shouldn’t cost anything to refinance through HARP. This program doesn’t appear to be connected to it so it’s understandable but I just want to be sure it’s legitimate.

    Thanks for your time.

  • Lisa


    First, Thank you for the abundance of information provided! It has been very helpful. We have a Centex->Chase->Seterus mortgage that we would love to refi under the HARP program. We have tried in past to refi with Quicken but were not able due to LPMI incorporated into our original loan. When I contact Seterus, they do not refi but can refer me to Quicken again. According to Seterus, our loan is owned by Fannie Mae, no longer Chase/Centex and we have no PMI so this should be helpful? Under the new guidelines, will the refi be possible? Should I start the process? Our rate is 6.875%, we owe $213,000, and initial market analysis comp is around $210,000. A referral would be appreciated. Thanks for your time and knowledge!

  • Keane


    i’ve heard of the PPIP program but I haven’t had enough personal experience to speak of the program. I would definitely ask the loan officer what their track record is in this program. You also may want to see if new HARP 2.0 changes coming may help.

  • Keane


    LPMI is the most difficult HARP loan to get done. The biggest hurdle is getting the PMI companies to reissue the certificate.

    If you’re willing to pay the balance down to 95% of the appraised value, it’s possible you may be able to do this refinance. Is that a possibility?

  • Paul

    I do have a pmi and owe 54,000 at 6.875% original loan was 60,000 but I am sure home value has dropped. Can I cash in a 401k pay down loan enough so pmi isn’t needed and still get a HARP loan? Seterus has loan but wells fargo is nearby.

  • Aaron


    I am very frustrated. Do I have ANY options of any kind? My interest rate is beyond garbage and with falling home values it looks as though I will never be able to refinance. I am disappointed, as I thought the new Harp plan would so something for me… Everyone I mention my mortgage rate to acts horrified. Then they demand to know why I am not taking advantage of govt. backed refinancing…

  • Florida Crisis

    Awesome information. A friend at work recommended me to try Wells Fargo to refinance my Seterus loan. It is definitely worth the shot. I owe $270K on an original $335K, but my home is only worth around $200K on a good day. I am hoping this HARP 2.0 as we like to call it will turn my 24 years left on my 30 year mortgage into a 15 year mortgage without changing the payment.

    Good luck to everyone out there.

  • Keane


    I think using the 401k may be a good idea. Paying down to 95% of the appraised value and refinancing is another options (Not HARP, just a standard conventiona loan). Be sure to ask your lender for other PMI options with less than 20% down.

  • Keane


    What issues are stopping you from refinancing?

  • Zach

    Hi, if anyone could PLEASE point me in the right direction I would be ever so grateful! I was a first time homebuyer and what I thought was a great financial decision has been my worst! I feel doomed! Anyways, I have a conventional loan with PMI through MGIC that Seterus owns right now. I fall within the 125% LTV but have been told I can’t refinance anywhere because of the PMI. My wife and I have excellent credit and haven’t been 1 day late or missed a payment in the 5 years I’ve had the home. I was told my only option was with my current mortgage holder but Seterus is solely a servicer and doesn’t do loans at all. They partner with Quick Books who I called but they also said no since PMI. Is there any hope?

  • Keane


    You may have to wait a while. I’ve asked all my sources who do PMI HARP loans and nobody will go that high on the loan-to-value, mainly because the PMI companies are not reissuing certificates on PMI that high. I would wait a few months and see if HARP 2.0 incentivizes PMI companies to work with the newer guidelines.

  • Zach


    Thanks for taking the time to reply to my post. I am curious if I worked with my PMI company and they were willing to help through this process would that help my situation at all? I called and spoke with them, they said they were helping other people also and were willing to help me too. I don’t know much about it but if they were willing to reissue a certificate or help in some way (if so what should I ask them or how can they help?) do you think that could work or am I just going to have to try and be patient waiting for HARP 2.0? Again, thanks for your time and input! It is much appreciated.

  • Frank


    Mine is with Fannie (serviced by BoA) and loan has LPMI . Luckily my house is not underwater( value: 170K , Loan:150K). I called BoA a few times but shot down due to LPMI. It is an investment property. Are there any lenders that can do loans such as mine under HARP?


  • Keane


    Yes, there’s many layers of PMI HARP loans that stops homeowners from refinancing. The PMI companies need to be on board, then the servicer must be willing to issue PMI HARP loans. Currently, the situation hasn’t improved much.

  • Brad


    Awesome website! Tons of great info on here. I was fortunate enough to refinance at 5% in early 2009. However, seeing rates hover around 4% has me hoping to refi again.

    I currently have a loan owned by Freddie, serviced by WF. Current balance is $400k and value is approx $380k (right at 105% LTV). I pay PMI thru Radian. I went through the HARP application process with WF a couple of months ago, however they claimed they were unable to do better than 5%, which I have a hard time believing as it simply not competitive right now. I have great credit and have never missed a payment. Anyway, I am reading here for the first time that you may know other lenders outside of WF that might be able to do the HARP refi for me? May I have the contact info? Thanks in advance!

  • Ginny

    We have a loan which originated in 2007, was Countrywide, now BOA. It has PMI. It is a 30 year loan, which starts adjusting yearly in 2012. Our loan balance is approx $279 and our home value is approx OUCH $215K. We have made all our payments on time.

    We want to refinance to a fixed rate for 20 years or less depending on what a lower interest rate will allow us to do.

    The PMI seems to be an issue. Will the new program help us? Can we go to someone besides BOA, because we prefer to take our business elsewhere?

    Or are we just flat out of luck to reduce our mortgage payment?

  • Keane


    Bank of America still isn’t participating in PMI HARP loans, but I hope this will change.

    Before you seek a lender to do your loan, its worth checking to see if your PMI company will reissue a PMI certificate at that high of a loan-to-value.

    Call Bank of America and ask who your PMI company is, then contact them to see if they’ll issue a new PMI certificate. If they will, then its worth looking for a new lender.

  • Adrianne

    Our original loan was with the now bankrupt Taylor, Bean & Whitaker, so it is being serviced by Cenlar, who does not originate any loans. PMI is with “PMI Mortgage Insurance Co.” Loan balance is $233,500. Current value is probably right around there?? Give or take. Various banks have “pulled up” numbers anywhere from $228k to $265k.

    We spoke to Flagtsar, who originally said they could do a HARP loan, even with the PMI. But then said, with a LTV around 100% he couldn’t give us a decent interest rate, it wasn’t worth it, and that HARP was basically a bunch of PR hype, then poitely hung up.

    Flagstar was the only bank to even give us hope with PMI and Cenlar as a servicer. We have steady jobs, 750+ credit scores, and all the rest. Yet no one will give us the time of day.

    Any other suggestions?

  • Keane


    With almost a million HARP loans closed, I wouldn’t say its all hype. It’s definitely not the simplest refinance program that has been released but it has been functional.

    The biggest concern I have for your situation is that your PMI company is going out of business, so I’m not sure if they’ll be able to re-issue the PMI certificate for your new lender.

  • Adrianne


    Thanks for responding. “All hype” was verbatim from the bank, not me! I don’t need simple, necessarily. I’m educated, competent, and willing to put up with quite a bit of redtape. What I need is not to be turned away from a potential refinance before it gets started because of circumstances completely outside of me and my house. I might not even be underwater, but no one wants to talk to us.

    My original mortgage company is bankrupt and the CEO is in prison. And apparently my PMI company is going out of businessm too. Hmm, yet that disqualifies me from the program.

    I take it from your response that you do not have another suggestion on where to go from here?

    Thanks anyway,

  • Keane


    Yes, your circumstances are a perfet storm of hurdles.

    There’s a chance you can still get your refinance done under HARP, though slimmer than others. Let me know if you want me to email a referral for you.

  • Brett

    Your info. Is great for people who have an existing mortgage through Chase, GMAC etc., but for those of us who have it through the likes of PNC are screwed. Oh well, no relief for us. Thanks anyway!

  • Keane


    I have found a lender who will do PMI HARP loans on a limited basis for loans not serviced by them. Let me know if you want me to send the referral.

  • Mark

    Yes Brett please send me the info!!!

  • Brett

    Thanks for the reply. I would love for you to send me this lender. Additionally do they do Lender Paid PMI? thanks again and great site. This is the only place really addressing this issue actively.

  • Brett and Mark,

    I’ll email both of you.

  • Mary

    Hi –

    I have a conforming Fannie Mae mortgage with PMI that is serviced by Chase. Would you please send me a Chase referral?

    You had done this previously for me but I waited until Harp 2.0 and regrettably my hard drive crashed and I lost the referral email.

    Thanks very much! Your website is the best!

  • Ccentaur69

    Hi Keane – Can you email the lender info to me also? I have confirming Fannie Mae mortgage and LTV is 125% and have PMI through RMIC. Currently, I’m underwater and I’m sending my payments to Seterus. Seterus doesn’t do refinancing but only collects the monthly payments. Thanks for your help

  • Ccentaur69,

    You likely won’t be able to refinance for now, as PMI HARP lenders are limited. The most common scenario where 125% PMI HARP loans are approved are when you apply with your servicer. As you’ve already mentioned, Seterus is not participating in HARP.

    That being said, I think there’s a good chance you’ll be eligible sometime this year, so stay tuned.

  • Andy Hiscock

    I was just told by the lender that is walking me through the HARP process to refinance my current prortage to a better rate (I am not in default), that the holder of my HELOC (Suntrust bank) will take two months to review my request. This will push me past the date of my interest rate lock and jeapordize sany savings I would have realized by refinancing. I have read about the 2MP part of the HAMp program and some new modifications relaxing some of the HARP program undrwriting requirements. Can I do anything to get Suntrust to give me the green light to move forward more quickly? Do you have any contacts with Suntrust I can talk to?

  • Andy,

    I hate to be a bearer of bad news, but Suntrust is the last and only lender I know who is impossible to work with on subordinations. They do not approve requests over 95%. They had a policy where they would let you go slightly higher if you applied through them directly, but the limitations were still restrictive.

    Time and common sense has fixed many of these issues in the past and I haven’t personally revisited this topic with Suntrust for months, but be aware of their subordination policy. I would call and ask. If they have made a change, please let me know so I can share with others.


  • VInnie Brown

    Question for you. I was told that the government will start allowing PMI loans starting in February? Is there any truth to this?

  • Tim Barron


    My LTV is about 100%, good credit, BAC services, Freddie Mac conforming, Genworth PMI. Thanks!

  • Simeon

    Hi Keane-

    I’m in the same predicament as the others. My mortgage is serviced by LBPS (now SETERUS) and was referred to QuickenLoans when I called them up, but QuickenLoans will not do a refi because I have a PMI. I was told to wait a few weeks untill the new OBAMA Harp (not sure what they will call it) takes effect, but if you have a Lender that can do refinance on loans with PMI, could you please provide their contact number.

    Thank you. Great website.


  • Simeon,

    Yes, from my experience, Quicken will not do it. Only a handful of lenders will on a limited basis, but I will refer one to you in your email. Good luck!

  • Maria Maccalla

    Hi Keane.
    I also left you a voicemail as I am desperate for help! I have tried 11 times over the last year to refinance through HARP (yes, I have PMI!! ugghh) but qualify as per all the Fannie Mae criteria however Chase sold my loan to Seterus who doesn’t do refis–like so many others who have contacted you. I have never been late, have good credit and simply wish to go into a 15 year fixed loan (current rate is 6.375!!) Can you help at all? I have been on the phone and web for a combined 32 hours over the last few months trying to find someone to refinance my loan.

    Thank you so much!

  • Camille Hansen

    Help! Here is my situation: 1st mortgage w/ BofA, pmi w/ PMI Mortgage Insurance Co. (which has been seized by and is now under the control of the Arizona Dept. of Insurance-just another added twist!)and a 2nd mortgage w/ USBank (heloc). Estimating LTV@ 98%, CLTV @ 106%. Running into dead ends everywhere I turn. Who do you recommend? Please send me a referral!

  • Bill

    Hi Keane,
    I have the same situation as Simeon, Seterus, Quicken won’t refinance, can you send me a referral?

  • Jennifer Syl

    I am also very frustrated with the new HARP program. I was on the phone for almost 3 hours with a HUD counselor last night trying to figure out how to qualify. When we talked with my mortgage company (Green Tree). The said I would qualify for the HARP even though we are currently at 125% loan to value but only if we didn’t have PMI, ( we do have PMI). They said the only way tomqualify for HARP with PMI is if your mortgage was at 95% or lower loan to value. Who does this help? We pay all our bills but we would need at least 120,000 to put towards our mortgage to get out of PMI. All I want is a lower interest rate and would like to change to a 15 year mortgage, but at this point it seems like the best financial move is to walk away. I have worked a full time job plus Saturdays for 4 years and am so tired of it. Its like throwing money in the garbage. We have wiped put our savings, have no savings for our children and are putting nothing in retirement. If anyone hears of a lender who will refinance a 125% loan to value mortgage with PMI, let me know.

  • The key is to have a PMI company and a type of PMI that will allow the company to refinance your loan. First, you need to talk to a lender who can do PMI HARP loans. 95% LTV is the limit for a non-HARP loan. A PMI HARP lender can go to 125%.

    Next, the lender will need to determine if your PMI company is willing to reissue the PMI policy. If they are, then you’ll be able to refinance. Let me know if you want a referral for a lender.

  • I think it’s ridiculous that Seterus refers every client to one lender who is so limited in their HARP options. I’ll refer you a PMI HARP lender who may be able to help you.

  • Camille,

    B of A won’t be able to help. You’ll need the PMI company to be able to reissue the PMI. The new lender will also have to be willing to take the new policy under the circumstances of your current PMI company, which can be a hurdle.

    This would’ve been perfect for a FHA loan prior to the guideline changes on CLTV.

  • Brett

    Hi Keane, would like a referral.

    FHA loan
    Current service: Seturus (which sucks)
    LV 170k
    Home Value 150k
    have PMI
    Current on all pmts.

    Just trying to get a lower interest rate/payment

  • Bill

    Yes, I would like a referral.

  • Lou

    Hi Keane,

    I posted a while back before the new HARP rules took effect. I am Seterus/PMI and ~120% LTV. Can you refer me to a lender that might be able to help? Thanks!

  • sheri

    Please send me the referral to a company that may do a HARP PMI loan. I have a feddie mac loan, originated with Taylor Bean, bought by Cenlar, 6%, 125% loan to value or worse, 800 credit score but bad loan-to-income ratio. I know I’m probaby stuck-any advice would be greatly appreciated!

  • Russ


  • Barbara

    Keane, Can you (or anyone on this site) tell me how to go about finding out who the LPM Insuring company is for any given Fannie Mae loan or should I contact them to find out? B of A either does not know the name or does not care to tell me.
    Thanks very much.

  • Barbara,

    Are you saying that nobody at B of A can tell you? Unless you manually call every PMI company, the only way you can find out is B of A. Trust me, they know who the company is. If you let your house go to foreclosure, they would be calling this company to file a claim. Somebody there knows.

  • Russ,

    I’ll email you a lender. In the meantime, call Seterus and find out who your PMI company is. The lender will need this info.

  • Brett,

    You won’t need a HARP loan. FHA has had a streamline refinance product like HARP for years that doesn’t require an appraisal. Contact a local FHA lender and ask for a FHA streamline refinance. Good luck!

  • Paul


    Thanks do much for all your helpful info. I’m currently at 95% ltv on a Fannie Mae backed loan that was originally through Country Wide and now thru B of A. I do have PMI and hope another lender can refi me? Everytime I’ve talked to B of A it’s a brick wall as many other posters have run into. Or does it look hopeful that some if these new changes will enable me to refi soon? Thanks!

  • Paul,

    At that loan-to-value, you should be able to do a regular conventional loan. You can do a conventional loan at 95% WITH PMI. If you’re comfortable ordering an appraisal and staying at 95% loan-to-value, any regular refinance would work.

  • Jen

    barbara, i have BOA too. i was told i have LPMI but not a company-that mine was in a higher interest rate. when i argued that there is a company that the payments should go to from that higher rate, the person became confused. They transferred me, and the person at the other end never picked up. I am not entirely sure there is an actual pmi company.

  • nhan

    hey keane, my ltv is super high. which should matter under new harp rules, but my local BofA told me that because of PMI i couldn’t HARP. I sent a complaint to the new consumer financial protection bureau (thanks obama!) and i got a letter from BofA’s office of ceo and president.

    would you like to see this letter just for your information? shoot me an email.

  • Kris Maten

    Looking for a lender to help me..b of a sold my laon to green tree back in sept and we desparately need to do a HARP. We do have PMI and GT is not willing to help at all. Help!

  • Barbara

    hi Jen I understand your frustration and thank you Keane. I’m sure you’re right and BofA does know who the LPMInsurer is but I cannot get anyone to answer me. Is that legal? Anyway, here’s where I’m at. I have a broker who is (with an expert he uses) going to attempt a short sale. They’ll start out trying to pre-qualify using the HAFA program and hope that Fannie will work with BofA and the MI (whoever they are)- Been trying on my own to get BofA to help me since last year and it is a no go unless I want a regular refi with them at 95% and I would have to pay them a mimimum of approx 56K or higher depending on what the appraisal is. I can’t do that obviously so I’m stuck trying to do a short sale to try to avoid foreclosure and am moving fast while I still have the tax laws on my side. That ends on Dec 31, 2012. I’m in CA so there’s no judicial deficiency (at the moment). I could go back to Fannie (I’ve talked to them also) and speak with a “level II” agent who might try to work something out but honestly if they can’t unilaterally allow me to write off a substantial amount of this toxic option/arm I have it’s not worth it- I’m throwing good money after bad. If there was any sane way to hold on to my townhouse I would but I just don’t see it. I’m at the peak of my career and 60 yrs old so the chance of increasing my income by any really helpful amount in this economy is pretty slim to none, so its really going to be almost impossible to make the new payments which will double on June 1. If we are moving forward and it looks like the short sale will go through I will make those payments no matter how painful and who I have to borrow from so that my credit will hopefully take less of a hit after the ss. I had hoped that possibly in this first quarter the gov’ment would have addressed the LPMI issue in a valid way but I can’t hold on any longer without trying this or I will miss my tax window. Will update as I move forward.

  • Kris Maten

    Forgot to mentioned we are in michigan…owe 160,000 and house is worth 100,000 right now

  • Jen,

    Good news, BOA is starting to do PMI HARP loans. The LPMI can be a hurdle, as they are not doing these but many PMI companies will let you convert to monthly PMI to help you qualify. Let me know if you want me to refer someone to you at B of A who can help.

  • Nhan,

    B of A just starting participating in PMI HARP loans but you also need the PMI company to approve. You should find out which company is insuring your loan and find out who truly is stopping your refinance. Even if B of A is willing to refinance your loan, you need the PMI company to reissue the PMI to be approved. That’s where I would start first.

  • Kris,

    I’ll email you someone who may be able to help you.

  • Barbara,

    From the sounds of your situation, it sounds like your plan is sound. I haven’t heard of a LPMI Option ARM loan. Good luck and let us know how it goes.

  • Kristen

    I’ve been following this article and comment stream for over a year and I wanted to say, “Thank you” as you seem to be one of the few out there trying to help those of us with PMI.
    I would love a referral, here is my situation:
    Loan balance: $192K (interest rate: 5.75%)
    LTV ratio: 115 – 120% (conservative, might be better)
    Fannie Mae owned
    Servicer: Seterus
    PMI Company: RMIC
    Resident of Georgia
    Good credit, income, etc.


  • Sandy Santavicca

    I wasn’t sure where exactly to post this, but hopefully this is as good a place as any.
    For about a year now, my husband and I have been trying to refinance our current Freddie Mac owned loan, which has a high LTV & PMI (to make matters worse), and every door just kept shutting in our faces.

    Until that is, I came across your website, and you very kindly put me in touch with a loan officer by the name of John Bates with Home Savings of America (Indianapolis Office).

    I contacted you in early December, and it is only nearing the end of January and we are planning to close on our new loan- which has a much lower fixed rate with John Bates the end of this week.

    The new loan that John was able to refinance for us will be saving us $411 a month- which obviously will make a big difference to us. But the entire process could not have been more stress-free in working with him. He is beyond professional, courteous, efficient – and most of all was successful.

    I really would like to thank you for taking time out of your very busy day to help us find a loan officer who could help us. You really had no stake in the outcome, yet you took the time to personally contact me- and even followed up with a Good Luck email. For that we are both very, very grateful.

    Good luck to you- and THANK YOU again. You’re informative website is sure to help many more families out there.

    Sincerely, Sandy Santavicca

  • Jordan Conley

    First off, thanks to Keane for providing this information and forum in a clear manner for homeowners. It’s amazing in this internet age how little information there is out there on this national topic.

    I called BofA yesterday (# from BofA HARP site) based on this news of the HARP being opened up to customers who are underwater and have PMI. I was told by BofA that I had to wait for them to call me back in 60-90 days due to volume of applications. This is just to speak with a loan officer to see if I qualify (which according to everything I read, I do). The frustration continues…

  • nhan

    thanks for all your help. you are doing great things for many people. please, if you can, refer me to your contact at Bank of America. I’d like to start the process as soon as possible.
    thanks again

  • Thanks! I just sent you an email. Good luck!

  • Sandy,

    Thank you for the kind words! I’m so glad this worked out for you.

  • Tom D

    I have seen this article a couple of times and still having issues trying to get someone to reminance I am in almost a similar situation as a few others here and wondering if you have any advice. Seems any bank i talk to they don’t even want to deal with me and having a hard time finding a lender that will help from i can tell they should be able to
    here is my situation:
    Loan balance: $216K (interest rate: 6.75%)
    LTV ratio: 120 – 125% (conservative, might be better)
    Fannie Mae owned
    Servicer: Seterus
    PMI Company: RMIC
    Resident of Minnesota
    i’ve got great credit, a great job and have no real issues with debt or making my payment, but could be saving a lot more money if i could refinance
    Thanks for any help you can provide

  • Mike Kirk


    I’ve been following your website for the last 2 years as i try to refinance a BofA loan with Lender paid PMI. At 7.125% right now. At about 90-100% LTV but cannot qualify due to LMI. If I understood your previous comments I should contact BofA to find out which PMI company is on my loan? Please let me know if you have know of the best person to contact at BofA to try to get a refinance started.

    Thank you,

  • Andrew


    I’ve got a loan serviced by SETERUS with PMI. I’m trying for a HARP refi and they referred me to Quicken. Of course, like so many others on this forum I got turned down because of PMI. Can you please email me a referral? I owe about 317K and my home is problaby worth around 275K. Thanks a lot. Awesome site!


  • Michael

    Like Andrew I also have a loan through both SETERUS (Primary) and CCO Mortgage (Secondary). We have been attempting to refinance for a while now and can not find anyone that would be able to help us with refinancing. We tried using this one program that stated they would work with our mortgage company to attempt to get our interest rate down from 6.75%. After about two years and $2500 their advice to us was to stop paying our mortgage to show we need the assistance. We of course refused and our mortgage company is still reviewing our file. We also have tried Lending Tree and multiple people from multiple banking institutions told us that because the value of the home is below the value of the loan they could not help us. We were put on a waiting list (as I read someone else was put on in a previous posting) and we are still waiting. We are current with payments and all we want to do is get our payments down. All the information posted here was very informative. Thank you in advance for all your help.

  • Kyra

    I have a house with pmi and refinance the home in 2009 October. Is it true that the Harp loan is only valid to loans before May 2009? I was told by Wells Fargo that my home did not qualify because I refinance in October 2009.

  • Michael,

    Does your loan have PMI? If so, call Seterus and find out who the PMI company is. You can email me the info and the state you’re in. I can hopefully connect you with someone who can help.

  • Kyra,

    Unfortunately, that is true. Fannie Mae or Freddie Mac must purchase the original loan and securitize it by May 30th, 2009. Since your loan closed in October, you would not be eligible.

  • Shirley

    Hi Keane,

    We have had a similar situation. We have tried to refinance with our mortgage compmany Everhome. Owe 390k appraised at 322k and we have PMI. We are Fannie Mae and would love to refi or use our VA loan. We are in NC and would love a referral.

  • Shirley,

    I’ll email you someone who may be able to help you.

  • Vicente M.

    I want a refinance my house through the HARP progam, but I have LPMI, and Bank of america doesn’t want to approve it.
    What can I do?

  • Gus

    I have a HARP eligible mortgage with exception of PMI and LTV > 105%, loan originated by CitiMortgage but then sold off to Seterus. Seterus is my servicer and stated that they do cannot refinance because they are not the originators. Reached out to Wells Fargo, but they do not own so cannot allow me to refi with LTV > 105, alsor reached out to Seterus’ affiliates QuickenLoans and they have the same limitations. Any advice on this regard?

  • Gus,

    There are a handful of lenders who will do a PMI HARP loan now. What state are you in? Also, ask Seterus who your PMI company is. That will be helpful.

  • Vicente,

    Yes, LPMI loans are one of the few that B of A will not do after they started doing PMI HARP loans a few months ago.

    I would ask B of A which PMI company insures your loan. Then tell me which state you’re in and the PMI company. I can then refer you to someone who may be able to help you.

  • Linda Brown

    I have a fannie may loan with BOA with PMI. I did a bankruptcy about 1 yr ago and they included my house, so I can walk away with out them going after me. I have been paying my mortgage all along, never late, as I would like to keep my home, I am underwater and it is a struggle to meet the morgage each month. Can you recommend someone who may be able to help me. I live in Palm Coast Florida.

  • Deb

    I have a Freddie Mac mortgage serviced by Chase. I qualify in all respects for a HARP 2 refinance, but Chase will not refi my loan because I have LPMI. I live in Washington and my MI is with Mortgage Guarantee Insurance Corp. Can you refer me to a lender that will refi my loan?

  • Deb,

    You’re in luck. MGIC is allowing HARP clients to convert their LPMI to monthly. Chase should be able to do this if they know how to request the change in PMI from MGIC. I’ll send you a referral.

  • I’m not sure if including the mortgage disqualifies you but the version of HARP that BOA can do for you has no credit requirements regarding foreclosure or bankruptcy. You just need to have made your payments on time.

    Let me know if you want me to refer you to someone at B of A.

  • Linda

    yes I would like a referral to someone at BOA

  • Deb

    I just wanted to update you, after speaking with the person at Chase that you referred me to. I was told that it is the policy of Chase not to refinance loans with LPMI. It doesn’t matter if Freddie Mac is ok with the refinance, nor does it matter if the insurance carrier is willing to transfer the insurance to a new loan or change the payments to monthly, borrower paid MI. This is their policy, no exceptions. This is probably the policy of other banks as well. No one can refinance us but our current mortgage lender, and they won’t refi LPMI loans, period. So, it seems that those of us with LPMI are simply stuck with our high interest loans for the forseeable future.

  • Deb,

    The policy for MGIC to convert the PMI to monthly is new and no one else is doing it. Like anything else, the big banks tend to be a little slow in the adoption.

    I emailed you an outside lender who may be able to help you. Good luck!

  • Linda

    I don’t understand the comment from the BOA rep, he sent you a copy of what he wrote, can u explain it to me, something about an investor????? thanks

  • Linda,

    It doesn’t mean your bankruptcy is stopping you. Fannie Mae sometimes put restrictions on loan and limits the current lender on HARP.

    The Fannie Mae HARP product that outside lender can do still has a bankruptcy seasoning, which may change on March 18th. I don’t know if that will change your eligibility but it may be worth waiting for.

  • If possible could you please answer the following questions for me:

    I called WellsFargo and asked if my mortgage is eligible for HARP and they’ve told me it is and then we went through preliminary discussions on refinance rates, etc.

    – They’re telling me I cannot remove my PMI unless I make a huge down payment: $107,000; to get my balance to 80% of the current market value. My current balance is $215,000 and approximate current value is $135,000. I was expecting for refinance to allow me to make a down payment of 20% of the loan, $43,000, and remove the PMI. Are they correct?

    -I cannot get the refinance mortgage from another lender because my mortgage is backed by Freddy Mac and only Fennie Mae allows this.

    Thank you very much,

  • Daniel,

    Other lenders are able to do PMI HARP loans now but getting it removed is unlikely. You will likely have to keep it. However, you can hopefully compensate for the PMI by getting a lower rate. If you want me to refer you to someone at Wells, let me know.

  • Thank you very much, Keane. I’ve taken your advice and replied Steve, I’m looking forward to working with him.

  • Josh


    This list is very helpful. The length of it is depressing, but I am grateful for the work you have done to provide it to us. I currently have Wells Fargo with PMI backed by fannie mae, but I feel no allegiance to Wells Fargo and would like the option to switch to another bank.

    It seems like this list should grow in the next few months. Is that true and do you intend to keep it up to date?


  • Brett


    I qualify for HARP, however my current loan is through Seterus, I have PMI. They only service the loan and say they cannot refinance my home. Are there any other lenders that would let me refinance through them even though they currently don’t service the loan.

  • Brett

    I’m in MN

  • Josh,

    More and more outside lenders are doing PMI HARP loans. Keep in mind that there’s no guarantee who your loan servicing goes to.

    The loan-to-value cap is lifting for outside Fannie Mae lenders on March 18th.

  • Brett,

    It’s possible. More lenders are doing PMI HARP loans not serviced by them. If you would like a referral, let me know.

  • Ryan

    My loan is serviced by wells fargo & I have PMI. Can I refi thru the HARP with another mortgage company or only thru Wells Fargo? Wells said I can only do it with them. I’m trying to verify this.

  • Ryan,

    You may be able to get this done at other lenders. If you want a referral to a good loan officer at Wells, let me know.

  • serena

    First I want to let you know that I think it is great that you have put up this website. It’s very informative.I would like your input on my dilema if possible.I applied for a mod last year with Seterus but before I verified my information we decided to see an attorney.They looked at our information and said we could get a mod no problem. Then about 2 months into us signing with them, they told us we could never get modified with my income and only sent my husbands income. Seterus of course rejected the mod wanting more info. We never submitted more info and we discontinued the mod with the attorney. We have our property up for shortsale now, but would really like to modify if possible. We purchased our home in 2007 and owe $190K on it ,and it is valued at $113K. Would a mod even be possible with our LTV so high?We also have PMI.It’s so stressful, and we are so confused.

  • serena

    I forgot to add that we are in Florida and our interested rate is 6.12%. Thanks.

  • Jaime


    I live in NJ and have a BOA loan wih PMI. Just tried calling them and the officer I spoke to said I qualify in everyway except my loan would not be eligible because of the PMI. He did not sound very knowledegable at all. Based on your article I see that BOA now apparently does do this. I’m also weighing exploring Chase. Do you have any good contacts with BOA or Chase that would be able to get this done?


  • Jaime,

    I just emailed you and included a BOA agent to answer your questions. I hope he can help you!

  • Serena,

    If you haven’t been late on your loan, there’s a decent chance you’re eligible for a HARP Refinance. You would likely need to remove the home for sale before you would qualify.

    Also, you may want to review what those options look like first. You would need to make sure you’re eligible and see what the benefit is. If you let me know what state you’re in, I can likely refer you to someone.

  • Jami

    Hi, thank you so much for creating this site. We originally had a mortgage through Bank of America. We’re in NJ and have been in our condo since October 2006. BoA just sold our mortgage to Green Tree Servicing in November 2011. We found out some time around January of this year that our mortgage was backed by Fannie Mae and started looking into refinancing through the HARP program. We have heard horrible things about Green Tree so we wanted to shop around for another bank. The first round of calls back in January resulted in frustration and everyone telling us to try again in March once the new guidelines were rolled out for the HARP 2. We tried again last week and were told again that we were ineligible either because we have PMI, our LTV is too high (115%), or they wouldn’t take us since our loan did not originate throught them. Everyone told us that the best option would be to apply through our current lender, so I finally called Green Tree. They told me that they could not help us at all because we live in NJ. Apparently, they are unable to originate new loans in NJ. When I asked for more information and explained that it looks like they are our only option, the representative basically said, “sorry, don’t know what to tell you, but we can’t help you…just keep shopping around.” We just received a letter from Green Tree yesterday confirming that we did not meet the criteria “due to one or more of the following reasons.” They checked off the option that says, “you have indicated that you do not have a financial hardship that has reduced your income…” However, I DID tell them that I recently had my hours reduced at work due to being a grad student. There is an option in the “reasons” list that says, “Green Tree is presently unable to modify your loan due to a state licensing requirement…” but they did not check that one off. I’m not sure if you have any advice or information for us at this point, but I do appreciate the information you have posted on here and will keep checking back for any updates. Thanks in advance for any help you can give me!

  • Jami,

    Greentree is only a loan servicer, so they only offer loan modifications hence why they mentioned the hardship.

    I’ll send you an email with a lender who may be able to help you. Your scenario was near impossible a year ago but you should find a few takers in todays market.

  • Deborah


    Thanks for your fantastic website. Very informative and educational.

    I’m one of those people trying to refinance through the HARP 2.0 program with PMI. The mortgage broker I’m working with says that he’s found 1 lender that has approved me but now I have to get an appraisal to make sure that the LTV ratio isn’t above 125%. But I thought that was the great part of the new program in that the ratio was waived. There must be different restrictions on ratios when working with PMI, I guess. Do you have a referral for your lender(s) that work with PMI?

    Thanks so much!


  • serena

    I live in central Florida. My loan servicer is Seterus and I have PMI. Thank you.

  • Jeff

    Hi Keane,
    I’ve seen various things now that indicate one can still qualify for HARP 2.0 if one’s mortgage has LMPI. I have a Fannie Mae loan serviced by BofA with Lender PMI. I owe 284k on it and think that the value is probably around 295-305. My interest rate is currently at 6.625% and it is a 30 year fixed mortgage. I obviously do not qualify for standard refinancing so I want to go through HARP 2.0. I called BofA and they said I don’t qualify because of the LMPI. Are they lying to me? Do you have any suggestions on how I should proceed?

  • Matt

    I tried to apply with Quicken Loans for Harp 2.0… I have Seterus (mortgage was sold to them, not originated with them) and PMI. Everything looked good but Quicken Loans will not work with United Guaranty even though United will release the information to them if I sign a form. Seems like Quicken Loans is the problem here. Any other lenders that might take this on with someone who meets the Harp 2.0 guidelines and good credit?

  • Ed

    Matt….I am in the exact same boat. Love to know to the answer to your question. Ed

  • serena

    Update. I contacted Seterus yesterday, and they referred me to Quicken. I called Quicken and they told me the same information about United Guaranty not working with Harp. I called United Guaranty and the lady actually laughed out loud and told me that it was Quicken that is holding the Harp process up. Quicken also told me they are not going over the 105% LTV yet, but things may change in the next few weeks. I emailed my referral that I was given from Keane and hopefully they will have better information for me.

  • dane

    I’m in the same boat here. Bought a condo/townhouse in 2005 in NH. Original mortgage was for 195K 30yr fixed at 5.625% through CitiMortgage. This was sold off to SETERUS about 2 years ago. Never late or missed a payment. Great credit. The place is now worth about 145-160K based on comps and I owe 172K.

    I’ve been waiting for HARP 2.0 to come out and thought there were some changes coming March 17th that would help. Seterus partners with Quicken Loans, but they said today that I can’t qualify because I have PMI and because of the LTV ratio. They said the place would have to appraise at 190K in order to refinance, which I though defeated the whole purpose of HARP to begin with.

    Any feedback or options for me? Would love to refi though HARP but I’m starting to think I have no options. Thanks.

  • Susan

    I have been following you website for the past few years. Thank you so much for your amazing site and keeping me and all struggling homeownersboth informed and educated on the ever changing and overwhelming information in the mortgage industry. You are a true hero.

    I was wondering if you had any guidance regarding HARP 2.0 I have a Fannie Mae loan serviced through B of A. I live in CA and originally purchased my townhome for $480,000 I currently owe $391,500 on the principal balance with an interest rate of 6.25%. My townhome is underwater. The most recent short sale in my building was for $285,000.

    I would love to refinance through HARP 2.0 but continue to run into obstacles with B of A. My loans was called the “No Fee’s Loan” and I believe it has LMPI on it which has prevented from being eligible. I think my MI company is Radian.

    I have started get calls from other Mortgages companies saying they can refiance me because the laws have changed within the last week. Is this true?
    I would love to get out from under the thumb of B of A and refiance under HARP. Do you think this is possible, if so do you have any reference. It is very hard to know who to trust. I have good credit and have never missed a payment. Any help you could give me would be greatly appreciated.

  • Susan,

    Yes, BOA will not do LPMI HARP loans. Luckily, Radian is one of the stronger PMI companies and is a full supporter in HARP 2.0. I will email you about options to refinance.

  • Dane,

    I haven’t heard of Quicken adopting many of the HARP 2.0 changes yet but Seterus is still referring to them. Your scenario sounds possible, so I’ll refer you someone who is licensed in your state to share your full options.

  • Serena,

    Like Dane, it also sounds a strong possibility you can refinance. I will also contact you with a referral.

  • Erin

    I am in the same boat as Matt and Ed. My loan was sold to Green Tree in November 2011. My PMI is with United Guaranty and I have been turned away by 3 lenders because of PMI. I live in MN could you please send me a referral or information that may help me refinace. The lenders say I am a “Go” besides the PMI!

  • Erin,

    I emailed you a referral. Good luck!

  • Erin

    Thank you very much Keane!

  • Ashley

    My husband and I are on the same boat as Dane. Our original mortgage was through Citimortgage and was then sold to Seterus. They have referred is to Quicken loans to refinance but we are unable to because our PMI is through Pmi Mortgage Inc. From my understanding no one will take our Pmi leaving us unable to refinance through the Harp program. Do you have an suggestions or referrals for us or are we sol?

  • Ashley

    I’m in Mn

  • Ashley,

    What state are you in? I can send you a referral if you like.

  • Ashley

    Mn. Thanks!

  • Ashley,

    Sounds good. I’ll email you a contact. Good luck!

  • Sandy

    I recenlty refinanced a loan through Quicken. My loan was originated with Citimortgage and later sold to Seterus. I had PMI with United Gurantee. The silver lining was that my LTV was around 98%. Seterus referred me to Quicken and quicken said they can do a Loan with PMI only at 95% LTV. Somehow united gurantee does not allow them to go beyond 95% LTV. So I had to put some money to bring the LTV down to 95%.Quicken did the refinancing at a lower rate. The process was fairly simple and painless. I still have to pay PMI though. I am glad that this only happened because of HARP. I tried refinancing before but all lenders were asking 20% down.

  • Sandy,

    Regular conventional loans allow refinancing at 95%. You do not need a HARP loan to get this done at this value.

    I’m glad you got this done. In my hopes to keep the guidelines clear for readers, United Guaranty is allowing over 95% Loan-to-value. Any loan at 95% is eligible for a regular conventional loan with PMI including purchases. Perhaps Quicken meant that United Guaranty will allow 95% on a regular refinance, not a HARP?

  • Sandy

    Well, the guy specifically told me that United Guaranty is one of the company that doesn’t do HARP loans over 95% LTV. Do you think I was being lied to?

  • Sandy,

    “Lied” is a strong word. Perhaps he was misinformed himself.

    Once you finance 95% or less, you can pick your PMI company and any lender who will do a conventional loan with PMI. I don’t think it was a bad decision to do a pay-down to 95% because pricing is typically better at this loan-to-value, but I do not believe it was necessary. For a slightly higher rate, you should have been able to refinance at 98% with PMI.

    It’s a small principal payment to get a better rate, so I wouldn’t be upset about the loan you got. I understand how it can be frustrating to be misinformed. Here is the HARP section of United Guaranty’s website:

  • Sandy

    Thank you very much for the clarification Keane. You website is very informative for people who are looking for some honest answers.

  • VInnie Brown


    Im currently working with a person on refinancing through the Harp 2.0 program. My question is, do I have access to the same rates as a normal loan through 2.0 or are the rates going to be inflated?

  • Vinnie,

    If you’re underwater, your rate will not be the same as a homeowner refinancing or buying with equity. There are boundaries in place that should limit the increase in rate you’ll pay for a loan.

    I addressed all of the major reasons you may pay for a higher rate in this post: http://www.keaneloans.com/2012/03/05/why-is-my-harp-rate-so-high/

    I hope this info is helpful.

  • Rachel

    I am also in MN. Bought a condo for 155K back in 2005 and am now being told I could list it for 130K. Mortgage is with Wells Fargo and sold to Seterus. Am a victim of Seterus/PMI with the HARP2.0.

    Could I get a referral??

  • Thomas

    I am in Minnesota as well. All of the banks I have contacted have been unable allow my wife and I to refinance our home, despite our 740+ credit scores and low DTI ratio. We have a couple mortgage companies who have made it sound like they may be able to help us, but I’d like to know whom you’re referring individuals to in MN. Thanks.

  • Tom

    I am underwater in Virginia. I have not found a lender to refinance under HARP, because I have PMI. Do you have a Virginia contact you could email me? Thanks.

  • Thomas and Tom,

    Yes, I’ll refer both of you to someone.

    FYI, I have a new post on PMI HARP loans publishing this weekend. It will have many updates on options available.

  • John

    I live in Oregon. My underwater loan with PMI is serviced by BOA. Do you have any contacts? Thanks. Is appraisal waiver an option under HARP 2.0?

  • Jon

    I just closed a HARP 2.0 loan with BofA. They did not appraise my house. They used there “zillow” type service for value. Never an issue though.

  • Jon

    Just call the 800 number and they will forward you to a loan officer

  • TBC

    I currently have a 1st and 2nd. My 1st carries monthly mortgage insurance through a company called PMI.

    My loan to value and cummulative loan to value is 95% / 125%

    There are lenders that will do this loan, but only if the existing mortgage insurance companies are Genworth, MGIC, or Radian.

    It seems like no one is working with PMI ( the company )

    Thanks man !

  • TBC,

    There’s a handful of companies that will work with PMI. The reason some will not is because they are no longer in business but are maintaining servicing and helping homeowners transfer their PMI on HARP loans.

    You can check out the readers referrals here but remember that HARP 2.0 is fairly new and some lenders are taking time in releasing their product mix. Keep looking, there should be a few who can help you.

  • Kevin

    I’m with Seterus, referred to Quicken for HARP 2.0, found out I have LPMI with Mort. Guarantee Insurance so Quicken won’t work with me. A broker wants $6K for finding me a lender that will work with LPMI. That sounds high. Would you have any leads for me, down here in Jacksonville FL?

  • Susan

    I am refinancing (HARP) and they will be transferring over the PMI. Currently my PMI will automatically be discontinue on February 2013 (78%). How will the new PMI be calculated. Is it off the very original appraisal from 2005 or is it off the appraisal that they will complete say today?

    Also, if I bought my home in 2005 I read where the Lender must automatically discontinue my PMI at 78%. I have never been late, but of course the house has depreciated, will the Lender still have to automatically discontinue my PMI or will the Lender (Wells Fargo) say at 78% – “No, a new appraisal will be done and you can not discontinue PMI”. Please help.
    Thank you.

  • Kevin,

    Is it $6k just to find a lender or is that the cost of a new loan? If you want a few referrals, please email me.

  • Toby

    Also having problem finding lender that will help with HARP in Louisiana. I have Fannie mae with Seterus and pmi with MGIC,LTV about 120%. Keane can you direct me somewhere?

  • VInnie Brown


    I Starter looking @ the Harp 2.0 loan back in december 2011. I found your site and everything on it was very helpful. I ended up using a fratenity brother for the refinance and am I happy to say that this past friday we closed on our loan. It took us about a month but was well worth the wait and all the paperwork(went from 5.875 down to 4.375). Keep the faith people. It can be done!!

  • Susan,

    I haven’t gotten answers from all PMI companies but the answer I’m getting is consistent so far. Everyone says the clock starts over and the PMI will cancel when you reach 78-80% of your current value when you refinance.

  • Mike Mc

    Seterus loan, owe 186K, house is worth 155K – credit core of 800 – United Guaranty is standing in way of of refinancing this loan from 6% to 4% – I am in Michigan – do I have any options??? Help please…..

  • Anne

    Mike. I was told that united guarantee is standing in the way also. But they aren’t. Direct loans, who services seterous is refusing to work with them. Most united guaranty loans have a waiver that you do not need all the paperwork that direct loans is saying they are asking for. Good luck, god knows we all need it right now

  • Mike,

    Seterus isn’t a mortgage lender, just a servicer. If you find a HARP lender who will take a transferred PMI certificate from United Guaranty, you can move forward.

    I will say that I’ve recently learned that UG does not automatically transfer PMI certificates without re-underwriting the loan, so there’s no guarantee until both UG and your new lender approves you.

  • Cozette Brown

    How do I join your petition. I have BOA loan w/ PMI. need to find out who PMI comp is. Thanks

  • jeff

    Hi Keane,

    Great forum you have here. I haven’t read thru all the replies here yet as it started to become cumbersome, so I apologize. However, I did notice that you respond to everyone. So here goes. My wife and I are self employed and qualify for a streamline Harp refi in every catergory but the gosh darn LPMI is getting in my way. Its B of A who services the loan of course, but I just can’t help but think that there is something we can do. We’ve had the loan for over 3 and half years. Excellent credit, pay early etc. but yet won’t qualify still. Should I talk to PMI company? Last time I talked to B of A they said they were going to send me a letter stating how much I could buy my loan down for to get rid of the LPMI. That’s assuming my house appraises for what I bought it for and it should really. We are at around 80% ltv and it would prob be a a 13k check I would write, but is this necessary and also if so can I trust these greedy bastards? Thanks Jeff

  • Jeff,

    It’s difficult to get LPMI loans done with BOA. The first thing to do is identify who the PMI company is. A good loan officer at BOA can get this to you. I can help you find this if needed. Once you’ve identified the PMI company, you’ll need to find an outside lender who can work with that PMI company in doing your refinance. the type of LPMI, the company who holds the PMI and whether your loan is backed by Fannie/Freddie will all be needed.

    Once you start looking for an outside lender, be sure to start the process by asking if they specialize in reviewing self-employed income. Anything less than “Yes” should result in looking for a new lender.

    Email me if you want me to help you find a lender and/or identify the PMI company through BOA.

  • Shane

    Seterus is my provider they refered me to Quicken for the HARP program. Quicken said I didn’t qualify due to PMI with United Guarantee. Can you give me a reference to someone in the Tampa Fl. area that can get this done.

  • Shane,

    Yes, I’ll email you someone. United Guaranty does transfer PMI certificates but keep in mind that they do re-underwrite the PMI, so they’ll need to requalify you for the PMI while the lender qualifies you for HARP.

  • Sheri

    Thank you Keene! I thought my case was impossible (PMI, 125%+ LTV, high debt to income ratio) but with your referral, I was able to refi! It tooks many months and a lot of work, but my HARP refi closed last week, dropping my rate by 1.5% Thank you so much!!

  • Sheri,

    You’re very welcome!!! I’m glad you were able to get your loan done!

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  • Nick

    Hi Keene. Do you know of any companies that will refi a house in Michigan? I meet all the requirements but have LPMI so I have been denied by Quicken / Seterus.

  • Nick,

    LPMI loans have many hurdles to overcome, but they can be done if the scenario fits. Who is servicing your loan (who you make your payments to)? Who is backing your loan, Fannie or Freddie?

    You may want to also get me the PMI company who’s insuring the loan. Seterus can get this to you but it may not be easy to get the answer.

  • Robert

    Hello Keane,
    I am new to the forum but I appreciate your work for creating this. Seems like the only place that will give straight answers. We have a mortgage with BofA and Lender paid PMI through a company called PMI Co. I emailed a Aimloan per this thread and received the following email that I thought would shed some light on the Type of LPMI.

    Good Morning Robert,

    Trying to apply for HARP even with Lender Paid PMI !

    Thank you for your inquiry! We can do HARP with lender paid MI just as long as it was a lender paid single premium. Unfortunately we do not offer lender paid monthly. Please just let me know if you have any questions.

    Thank you,
    Can you share some referrals that might help us out even if it is lender paid monthly PMI?


  • Robert

    Also, we live in Michigan.

  • Robert,

    The PMI company has to first be willing to convert the PMI from LPMI monthly to BPMI monthly (meaning they’ll charge you the monthly amount). If the rate reduction is enough to be worth paying the PMI, you should pursue a refinance.

    If this is fine by you, I can connect you to a lender.

  • Robert

    Hello, I have a question regarding the Paper Work for a HARP refinace loan. Is there anywhere in the Loan Application that stats it would be a HARP type of loan?
    Also, would the Lendor roll in additional closing costs into the load and raise the new loan amount say by $5,000. If so, do the lenders get a check from the Government for all the closing costs. I thought a typicall HARP loan does not require closing costs? Should part of the Government check go back to the Barrower or does the Lender double dip? Charge for Closing by rolling it into the new loan and then get a Check latter from the Gov? Thanks

  • Robert,

    It’s a normal conventional loan and would state so on the application. It just has expanded guidelines to allow the loan to be upside down. It’s not void of closing costs but like any regular loan, you can raise the rate to lower the cost. However, I would consider this closely before adjusting your rate. You’re only allowed one HARP loan per property. Please read this article:

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