HARP Refinance Leads

Big changes ahead for HARP Refinance leads, lists. On October 24, 2011 the Federal Housing Finance Agency (FHFA), together with Freddie Mac and Fannie Mae, issued a press release announcing changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible Borrowers who can benefit from refinancing their home Mortgages.

The program enhancements were developed at FHFA’s direction with input from lenders, mortgage insurers and other industry participants.

Below is an brief overview of some of the changes that will hopefully have a positive effect in filling up your pipeline in the coming months ahead and read on to see how we can target HARP refinance leads, lists for you to use in your marketing efforts.

RELIEF REFINANCE MORTGAGES – SAME SERVICER WITH LTV RATIOS GREATER THAN 80%

• Extending the expiration date of this offering to December 31, 2013 (Mortgages must have Note Dates on or before December 31, 2013)
• Removing the requirement that the Seller represent and warrant that the Mortgage being refinanced met certain Freddie Mac eligibility requirements in its Purchase Documents
• Adding a Borrower benefit provision allowing the Relief Refinance Mortgage to be originated for the purpose of reducing the monthly principal and interest (P&I) payment
• Requiring that at least one Borrower have a source of income and that the Seller verify the income source
• No longer permitting determination of property value based on the appraisal or Automated Valuation Model (AVM) from the Mortgage being refinanced
• Permitting one 30-day Delinquency within the previous 12 months on the Mortgage being refinanced provided the Delinquency was not within the previous six months
• Removing the requirement that the occupancy of the Mortgage being refinanced and the occupancy of the Relief Refinance Mortgage be the same
• Revising the requirement related to the age of the HVE model estimate from no more than 180 days old as of the Settlement Date to no more than 120 days as of the Note Date
• Revising requirements for Mortgages with P&I payment increases greater than 20%
• Adding specific requirements related to solicitation, advertising and other communications to Borrowers
• Removal of the maximum LTV ratio of 125% for fixed-rate Mortgages sold under fixed-rate Guarantor (the 105% maximum LTV ratio for ARMs will remain).

RELIEF REFINANCE MORTGAGES – SAME SERVICER WITH LTV RATIOS LESS 80%

• Extending the expiration date of this offering to December 31, 2013 (Mortgages must have Note Dates on or before December 31, 2013)
• Requiring maximum total LTV (TLTV) and Home Equity Line of Credit TLTV (HTLTV) ratios of 105%
• Requiring a minimum Indicator Score of 620
• Adding a Borrower benefit provision allowing the Relief Refinance Mortgage to be originated for the purpose of reducing the monthly P&I payment
• Requiring that at least one Borrower have a source of income and that the Seller verify the income source
• Requiring verification of Borrower Funds when needed for closing
• No longer permitting determination of property value based on the appraisal or AVM from the Mortgage being refinanced
• No longer permitting determination of property value based on a new AVM other than HVE
• Permitting one 30-day Delinquency within the previous 12 months of the Mortgage being refinanced, provided the Delinquency was not within the previous six months
• Allowing Relief Refinance Mortgages .– Same Servicer with LTV ratios less than or equal to 80% to be sold to Freddie Mac when the Mortgage being refinanced had mortgage pool insurance or another negotiated credit enhancement other than recourse and indemnification. Existing requirements continue to apply when the Mortgage being refinanced had recourse or indemnification.
• Revising requirements for Mortgages with P&I payment increases greater than 20%
• Allowing for a more flexible use of refinance proceeds

Sellers continue to be responsible for representing and warranting that the Mortgage being refinanced met the Freddie Mac eligibility requirements in its Purchase Documents, including, but not limited to, credit, underwriting, collateral and appraisal requirements.

RELIEF REFINANCE MORTGAGES – OPEN ACCESS

Relief Refinance Mortgages. – Open Access include the following changes:

• Adding a Borrower benefit provision allowing the Relief Refinance Mortgage to be originated for the purpose of reducing the monthly P&I payment
• Extending the expiration date of this offering to December 31, 2013 (Mortgages must have Note Dates on or before December 31, 2013)
• Revising the requirement related to the Mortgage payment history for the Mortgage being refinanced
• For Mortgages with LTV ratios less than or equal to 80%, requiring maximum TLTV and HTLTV ratios of 105%
• For Mortgages with LTV ratios less than or equal to 80%, allowing for a more flexible use of refinance proceeds
• Removal of the maximum LTV ratio of 125% for fixed-rate Mortgages sold under fixed-rate Guarantor (the 105% maximum LTV ratio for ARMs will remain).

DELIVERY FEE CAP CHANGES

For Relief Refinance Mortgages with LTV ratios greater than 80%:
• The delivery fee cap has been reduced to 0 basis points for non-Investment Property fixed-rate
• Mortgages with an amortization of less than or equal to 20 years, the delivery fee cap has been reduced to 75 basis points for non-Investment Property fixed-rate Mortgages with an amortization of greater than 20 years
• The delivery fee cap has been reduced to 75 basis points for non-Investment Property Mortgages that are ARMs
• The delivery fee cap for Investment Properties remains the same at 200 basis points For Relief Refinance Mortgages with LTV ratios less than or equal to 80%

How can Brokers Data Inc. help target HARP Refinance Leads?
Here are a few filters we use, call us for more info.

• Target 620+ credit score
• Exclude mortgage lates beyond the acceptable limits
• Filter for HARP qualifying loan dates
• Filter or list on output the LTV percentage if requested
• Filter for Lender or Servicer name
• Filter for “Most Likely” and “Likely” Freddie
• Filter for “Most Likely” and “Likely” Fannie

Give us a call today about our HARP Refinance leads or request a quick quote below and we will contact you during normal business hours.

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