Tag Archives: HARP

CoreLogic announced a new service designed to help originators identify potential HARP 2.0 borrowers. Using a range of resources and technologies, CoreLogic can identify more than 2.3 million borrowers with a strong likelihood of potential eligibility for refinancing through the HARP 2.

HARP may have expanded its eligibility requirements to reach more borrowers, but according to a mortgage industry advisory firm, that doesn't mean marketing the program should be so broad-based. Mass marketing to borrowers without screening-out those that cannot qualify for the program will dramatically increase marketing costs, reduce productivity both at the point-of-sale and in the back office, and frustrate homeowners, according to a release from STRATMOR Group and Financial Literacy Solutions.

Since the September 2008 conservatorship, Fannie Mae and Freddie Mac have completed nearly 1.1 million permanent loan modifications, according to the FHFA's latest foreclosure prevention report. Data from the Office of the Comptroller of the Currency show that in the two years ending in the third quarter of 2011, modifications on Fannie Mae and Freddie Mac loans accounted for 40 percent of all loan modifications. Overall, the GSEs have completed more than 2.1 million foreclosure prevention actions since being taken over by the federal government.

With more homeowners finding themselves underwater alongside the availability of programs offering potential relief, CredAbility reported that it recently counseled the highest number of homeowners since June 2011. CredaAbility, a national nonprofit organization that offers free counseling to homeowners, provided guidance and advice to 6,433 homeowners in February, a 16 percent increase compared to January.

The principal reduction debate wages on with the Federal Housing Finance Agency (FHFA) standing firm in its resolve that the strategy is not the best option for the GSEs. ""Both companies have been reviewing principal forgiveness alternatives. Both advised me they do not believe that it is in the best interest of the companies to do so,"" FHFA Acting Director Edward DeMarco told the Senate Banking Committee. One senator asked why banks then are turning to principal forgiveness for 20 percent of modifications on their own loans.

Lender Processing Services announced that its LSI Title division is extending its Streamlined Settlement solution to help lenders meet the HARP 2.0 guidelines.

Bank of America is experiencing a deluge of phone calls from homeowners wanting to refinance. Consumer demand is so high, in fact, that without some internal adjustment, it threatens to compromise the level of customer service delivered by the bank's fulfillment personnel and interfere with closing timelines. The company says it's not willing to sacrifice long-term customer satisfaction for short-term volume, and it has instituted a temporary stopgap measure that alerts customers when it is experiencing processing delays due to high volume.

Was the nation's second largest mortgage company betting against mortgage refinancing? Allegations supporting the affirmative which were made public this week have prompted the U.S. Treasury to launch an official probe. Analysts say the story is less sensational than it appears and only highlights the conflict that comes with being neither fully public nor fully private. The GSE's main business is guaranteeing mortgage credit risk, but it needs to turn a profit to stay in this business, all the while being told its duty is to foster a housing recovery.

Despite rumors earlier in the week that President Barack Obama would announce a settlement between the state attorneys general and the nation's top servicers in his State of the Union address, the president made no such announcement Tuesday night. However, he did announce his intention to save millions of homeowners approximately $3,000 annually on their mortgages by allowing them to refinance at today's low interest rates. Obama also plans to create a Financial Crimes Unit to protect consumers from fraud schemes.

First American Title Insurance Company announced Tuesday the availability of Quick Start HARP - a title, signing, and settlement program that features proprietary technology to facilitate the processing of refinance closings under the newly revamped Home Affordable Refinance Program, more commonly known as HARP 2.0. Program changes are expected to help lenders reach a previously untapped population of American homeowners, and First American says its new solution will improve pull-through and closing times.