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Affordable Refinance Program, H A R P 2.0 and other Making Home Affordable coverage.


HARP Hesitation

Lenders cautious about program; charging more

April 3, 2012


Some mortgage lenders, many that are concerned about repurchase liabilities, are shunning all but existing customers for the expanded Home Affordable Refinance Program. Borrowers who do refinance under the program are being given terms that make the transactions more profitable for the lenders.

HARP 2.0, which was announced in October 2011, eliminated loan-to-value ratio restrictions --opening up the program to millions more upside-down borrowers.

But some lenders are implementing their own, more restrictive, LTV limits and setting their own minimum FICO scores because they fear that if the mortgages default and mistakes are found in the loan underwriting, Fannie Mae Freddie Mac will require them to buy back the loans at a substantial loss.


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