Posted by: in Home Mortgage Online, tags: Alignment, Eligible Borrowers, Excerpt, Freddie Mac, Harp, Lenders, Loan Value, Loans, Ltv, Mortgage Program, O Reilly, Open Access, Refinance Mortgages, Refinancing Loan, Refinancing Mortgages, Target Audience, Value Ratios, Warranty, Warranty Requirements Brian O?Reilly wrote an interesting post today on
Here?s a quick excerpt
Freddie Mac said today that it would
be opening up refinance opportunities to borrowers who are not underwater on
their existing Freddie Mac mortgages.? Under
the company?s Relief Refinance Mortgage Program which includes the Home
Affordable Refinance Program (HARP 2.0) the requirements for refinancing
mortgages with loan-to-value ratios at or under 80 percent will be brought in
line with those with LTVs over 80 percent, the target audience for HARP 2.0
loans.
The alignment will involve
eliminating many of the representation and warranty requirements that exist on
the mortgages being refinanced.? It is
hoped this will act as an incentive to lenders to promote the loans.? Freddie Mac said it is further evaluating the
Relief Refinance program, specifically looking at the Open Access offering to
determine the best way to reach eligible borrowers and assist lenders in
managing capacity.? Open Access is
designed to promote competition so that borrowers can obtain Relief Refinance
Mortgages including HARP 2.0 from lenders other the one associated with their
existing servicer. [...]
Read the rest of this great post here
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