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Refinance News | Refinance Share Statistics
News about refinancing programs, pricing and production. Stories about the H o m e
Affordable Refinance Program, H A R P 2.0 and other Making Home Affordable coverage.

Army of HARP 2.0 Service Providers

Services targeting refinances through HARP

July 16, 2012

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Mortgage originators targeting refinance prospects for the enhanced Home Affordable Refinance Program can get help identifying prospects, managing capacity issues and complying with program requirements. A wholesale lender is hosting a HARP 2.0 webinar this week, while another company has developed a video for loan prospects.

In May, Freddie Mac said in Bulletin No. 2012-11 that its cash adjuster value was being cut from 50 basis points to zero for Relief Refinance Mortgages on fixed-rate Cash with loan-to-values ratios in excess of 125 percent.

A free webinar is being hosted on HARP 2.0 by United Wholesale Mortgage on Tuesday at 2 p.m. EDT. In addition to promoting United's HARP capabilities, the event promises to discuss marketing tips and how to obtain property inspection waivers. It also will cover the difference between a HARP transaction and a DU Refi Plus and how the program varies between Fannie Mae and Freddie Mac.

Financial Literacy Solutions LLC is offering a video to educate borrowers about HARP 2.0 that lenders can use as a widget online. The video can be tailored to match the lender's website, while users can either share the branded video player on social networks or embed it on another website.

Financial Literacy partnered with The STRATMOR Group, Datamyx Information Services and Weiner Brodsky Sidman Kider PC to help mid-tier lenders partner with marketing companies, servicers and other outsourcers to manage effective marketing efforts for HARP 2.0. The companies held a series of workshops during the first quarter that were attended by 60 lenders.

Originators can get help identifying HARP 2.0 prospects through a proprietary database, valuation technologies, lien information and analytics from CoreLogic Inc. The Santa Ana, Calif.-based company claims its services can identify more than 2.3 million borrowers with a "strong likelihood" of potential HARP eligibility. Among data that can be included in mortgage leads are occupancy, remaining term and interest rate. The current mortgage servicer and combined LTVs are also among available data.

Another company helping originators identify HARP 2.0 prospects is String Real Estate Information Services. The Bethesda, Md.-based firm is targeting smaller originators.

Customized workflow processes through expanded solutions from ServiceLink help lenders resolve HARP capacity issues, the Coraopolis, Pa.-based company recently announced. HARP transactions can be submitted to ServiceLink through custom systems integration, online or through third-party transaction platforms.

Originators can get help maintaining an audit trail on HARP 2.0 transactions through the unlimited lifetime storage and securely archived online faxed documents from eFax. The company claims that its system makes archived documents easier to find. eFax said its services also help avoid bounced e-mails with attachments that are too large.

LSI Title extended its streamlined settlement solution earlier this year to help lenders meet the HARP 2.0 agency program guidelines. In addition, MSP from LSI parent Lender Processing Services Inc. reportedly identifies which loans are eligible for HARP 2.0 as well as present the LTV to the servicer, identify owner-occupancy and provide origination data.

New Penn Financial LLC said earlier this year that it is among lenders participating in HARP 2.0.

Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

[email protected]

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