It's been a bit disappointing that HARP 2 has not been made as available to consumers as it should be. First, underwater homeowners had to wait a couple months for the program to become available and now, those who have the more challenging HARP refi's (loan to values over 105% or with private mortgage insurance) are finding that their options are even more limited. In addition, many banks are "cherry picking" which of their consumers they'll help and who they'll pawn off to large internet mortgage companies.
NOTE: Mortgage Master Service Corporation has recently added new lenders that offer loan to values over 105%!! For your HARP 2.0 rate quote on your home located in Washington State, please click here.
According to this article in Housing Wire, banks are making huge profits by not allowing for more competition, enabling them to charge hire rates to consumers.
HARP demand is rising at the banks, and they are generating new profits from it. Revenue at the Wells Fargo ($33.84 0%) mortgage department jumped by $1.6 billion in the first quarter as originations spiked. The bank said 15% of the originations completed in the first three months of the year were refinances under the new HARP.
Anthony Sanders, a professor of finance at George Mason University, told the panel Bank of America ($8.27 0%) received more than 30,000 HARP applications since mid-January.
A Senate subcommittee is currently reviewing how to make HARP 2.0 more readily available to consumers who qualify. In order to qualify for the Home Affordable Refinance Program, the mortgage needs to have been securitized by Fannie Mae or Freddie Mac prior to June 1, 2009. Other conditions apply as well.
Expanded LTVs are available – just not as available as they should be if we really want our housing to have a chance to recover.
Mortgage Master Service Corporation has recently added new lenders who are offering loan to values over 105%. If I can help you with your HARP 2 refinance on your home located in Washington, click here.
I am required to have the language below if I am soliciting your Home Affordable Refi for your home in Washington…and yes, I would love to help you with your HARP (or any) refinance:
Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance program (HARP) and you may be eligible to take advantages of these changes.
If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP.