HARP 3.0 (also known as The Responsible Homeowner Refinancing Act of 2013) has been revised and is being reintroduced to Congress. The bill is relatively simple but would have a major impact to HARP if passed. The bill proposes simplicity in HARP, changing the guidelines for all lenders to match the guidelines exclusively [...]
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One of the major problems with HARP is there are 2 versions of the program. Most consumers are not aware of this, but there is a version of HARP that only your current loan servicing company can do and another that any lender can participate in. The troubling part is that the guidelines are [...] When a homeowner applies for a Fannie Mae HARP loan, there’s a chance they may be denied when their lender runs their file through Fannie Mae’s underwriting engine – “Desktop Underwriter” or “DU” for short. When the lender runs the file through the system, there are many factors that determine whether Fannie Mae’s Desktop Underwriter [...] According to a recent article in the Chicago Tribune, Freddie Mac is planning to ease guidelines for HARP. Any loan officer who’s worked on Freddie Mac’s Open-Access program knows they are harder to work with than Fannie Mae. Fannie Mae has approved more underwater homeowners (especially renters) than Freddie Mac. As a loan officer, I [...] The “No-Closing-Cost” HARP loan is becoming more of a trend and I find it slightly bothersome. Don’t get me wrong – I’m okay with no-closing-cost loans, but they should not be solicited lightly. This is especially true when we’re talking about HARP loans. In many ways, HARP loans are like any other refinance. You have lender, [...] |
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