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 [...] 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 [...] This week the Consumer Financial Protection Bureau announced they are examining the practices for mortgage servicers. For those of you who are not familiar with the Consumer Financial Protection Bureau (CFPB), they are a new federal agency overseeing consumer finance issues. Many consumers are not aware of the loan servicing concept. It’s commonly believed that [...] It’s been 1.5 years since I posted “I want a HARP loan but I have PMI” and I’m happy to report that there have been many positive developments since then. The implementation of HARP 2.0 has drastically improved the options for homeowners who have PMI. However, since HARP 2.0 is so new, many homeowners [...] |
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