Aundrea Beach-Greco Mortgage Blog

1-13-2012

As many of you know, the original version of HARP had many roadblocks that made it difficult for homeowners to refinance. For example, the program only assisted those with mortgages with a loan-to-value ratio between 80 percent and 125 percent, but in many hard-hit housing markets across the country, homes have lost more than 50 percent in value making those homeowners ineligible for the program.

How will the HARP 2.0 program change?

Some of the major changes to the HARP 2.0 program:
  • No underwater limits.  Borrowers will now be able to refinance regardless of how far their homes have fallen in value. Previous loan-to-value limits  are currently set at 125 percent.
  • Eliminating appraisals and underwriting.  Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster.
  • Modified fees.  Certain risk-based fees for borrowers who refi into shorter-term loans will either be eliminated or modified.
  • Extended deadline.  The end date to get a HARP refinance has been extended to Dec. 31, 2013.

What to expect?

HARP 2.0 Guidelines are not expected to be released until March 2012. 

Can you use any lender for a HARP?

Unfortunately it has been discovered that the Correspondent lending channel has not warmed up to doing the revised HARP loans. We have been told that borrowers will be best served to contact their existing servicer for a HARP loan.

With that said, I have some recommendations of mortgage professionals who are actually doing these loans up to the 125% loan to value, since I am unable to assist you at my company.

If you are underwater more than the 125%, then you'll need to wait until March to see how the government and the agencies handle the new lending guidelines.

Please send me an email if you'd like more information.  I'm happy to help!

 

Aundrea Beach-Greco
Mortgage Advisor, CMP, CMPS™
NMLS 333739 | NV Lic 24392
Residential Mortgage Services

Cell (702) 326-7866
Ofc (702) 796-3453 xt. 3047
eFax (888) 738-5188
Toll Free ( 877) AUNDREA

info@aundreabeach.com

www.AundreaBeach.com | www.TailorMyMortgage.com


Doctors, lawyers, even beauticians adhere to strict education requirements and licensing. Do you want someone who is not bound to those standards looking at your credit and finances? Consult a CMPS today!


 

Posted by Aundrea Beach-Greco on January 13th, 2012 3:01 PMPost a Comment (0)

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Doctors, lawyers, even beauticians adhere to strict education requirements and licensing.  Do you want someone who is not bound to certain mortgage licensing standards looking at your credit and finances? Consult a CMPS™!

Certified Mortgage Planning Specialist, CMPS™ represent a new professional category in the mortgage sector: one that arose as a response to legitimate criticisms of the mortgage banking industry.

Mortgage Planners must have regional mortgage licensing, undergo structured training, and pass a battery of tests in order to be certified by private Certified Mortgage Planning institutions. They must also pursue and document ongoing training regarding the mortgage banking industry, the markets that impact home finance products, the role of interfacing with financial services professionals, and the methods, means, and ethics associated with advising consumers on home mortgages.

Certified Mortgage Planners work in concert with other finance professionals, including Realtors, CFPs, CPAs, Insurance Agents and Attorneys to ensure that consumer home finance products are in alignment with market trends, both current and historic. The deliverable of a Certified Mortgage Planner is a "Mortgage Plan" designed to maximize home equity and improve cash flow while wisely managing debt. CMPS professionals are committed, qualified and equipped to implement mortgage, cash flow and real estate equity management strategies that help consumers: Build and conserve wealth, Become debt free sooner, and Achieve financial freedom.

                     

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