20 Percent of May Refinances were HARP - Real Estate Mortgage ...

Posted by: in Home Mortgage Online, tags: Automated Valuation Model, Borrowers, Enhancements, Excerpt, Fhfa, Harp Program, Housing Finance Agency, Lenders, Low Interest Rates, Ltv, Nbsp, No Doubt, Property Appraisal, Ratios, Refinances, Refinancing, Representations And Warranties, Term Mortgages

Brian Montgomery wrote an interesting post today on
Here?s a quick excerpt
The changes to the HARP program that
were put in place last fall seem to be having an affect according to data
released this morning by the Federal Housing Finance Agency (FHFA).?? The Administration made significant ?enhancements?
to the Home Affordable Refinance Program administered by FHFA after the
original program launched in 2009 failed to attract the volume of borrowers
originally anticipated.?
HARP 2.0, as the new version of the
program is commonly called, eliminated any eligibility ceiling on loan-to-value
(LTV) ratios and some risk based fees for borrowers who refinanced into
short-term mortgages and reduced fees for other borrowers.? The new program also waived some of the
representations and warranties required of lenders, and eliminated the need for
a new property appraisal where a reliable automated valuation model estimate of
value was available.
No doubt aided by record low interest
rates, HARP refinancing has taken off in the last few months.? The program was responsible for 20 percent of
all refinancing done during [...]

Read the rest of this great post here

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Source: http://www.realestatemortgageonline.com/9744/20-percent-of-may-refinances-were-harp/

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