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MBA Calls for Revamp of HARP
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You're Now Reading:
MBA Calls for Revamp of HARP
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
MBA Calls for Revamp of HARP
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February 11, 2011 (Shirley Allen)
mortgage-loan-mod-help-image
The Mortgage Bankers Association (MBA) has submitted a letter to Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA), calling for an extension to the Home Affordable Refinance Program (HARP) along with improvements to some of the guidelines contained within the program.

FHFA is the regulator for Fannie Mae and Freddie Mac, which administer HARP. The program was launched with the Home Affordable Modification Program (HAMP) in March 2009 to help underwater borrowers refinance into new or modified loans with lower payments and more favorable loan terms.

Complaints and recommendations from the MBA about HARP include:

– Constrictive nature of the loan-level price adjustments, or LLPAs, which are conducted on loans delivered to the government-sponsored enterprises and based up on features such as credit score, occupancy, number of units and others.
– Adjustments are capped at 2 percentage points. The MBA said these fees often push borrowers deeper underwater and recommended an evaluation of the fee structure to help borrowers with the highest LTVs.
– Currently mortgages with a loan-to-value ratio of more than 125% are not eligible. The MBA said this cap prevents borrowers from the hardest hit regions from entering the program.
– The MBA recommends that the program, currently slated to expire at the end of June, be extended to the end of December, 2012 to coincide with the expiration of the Home Affordable Modification Program (HAMP).
– Closer alignment between Freddie Mac and Fannie Mae’s separate HARP programs.

“FHFA should consider raising or removing the LTV cap on loans that the GSEs already own to allow borrowers who are in severe negative equity positions, yet are still meeting their mortgage obligations, to improve their financial position,” MBA CEO John Courson wrote in the letter.

“HARP is a vital component of a lender’s tool kit to help borrowers remain in their homes,” Courson added.

Tags: MBA, FHFA, HARP, HAMP, freddie mac, fannie mae, mortgage modification, refinance, borrowers, modified loans, underwater mortgages

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

February 11, 2011 (Shirley Allen)
mortgage-loan-mod-help-image
The Mortgage Bankers Association (MBA) has submitted a letter to Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA), calling for an extension to the Home Affordable Refinance Program (HARP) along with improvements to some of the guidelines contained within the program.

FHFA is the regulator for Fannie Mae and Freddie Mac, which administer HARP. The program was launched with the Home Affordable Modification Program (HAMP) in March 2009 to help underwater borrowers refinance into new or modified loans with lower payments and more favorable loan terms.

Complaints and recommendations from the MBA about HARP include:

– Constrictive nature of the loan-level price adjustments, or LLPAs, which are conducted on loans delivered to the government-sponsored enterprises and based up on features such as credit score, occupancy, number of units and others.
– Adjustments are capped at 2 percentage points. The MBA said these fees often push borrowers deeper underwater and recommended an evaluation of the fee structure to help borrowers with the highest LTVs.
– Currently mortgages with a loan-to-value ratio of more than 125% are not eligible. The MBA said this cap prevents borrowers from the hardest hit regions from entering the program.
– The MBA recommends that the program, currently slated to expire at the end of June, be extended to the end of December, 2012 to coincide with the expiration of the Home Affordable Modification Program (HAMP).
– Closer alignment between Freddie Mac and Fannie Mae’s separate HARP programs.

“FHFA should consider raising or removing the LTV cap on loans that the GSEs already own to allow borrowers who are in severe negative equity positions, yet are still meeting their mortgage obligations, to improve their financial position,” MBA CEO John Courson wrote in the letter.

“HARP is a vital component of a lender’s tool kit to help borrowers remain in their homes,” Courson added.

Tags: MBA, FHFA, HARP, HAMP, freddie mac, fannie mae, mortgage modification, refinance, borrowers, modified loans, underwater mortgages

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

February 11, 2011 (Shirley Allen)
mortgage-loan-mod-help-image
The Mortgage Bankers Association (MBA) has submitted a letter to Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA), calling for an extension to the Home Affordable Refinance Program (HARP) along with improvements to some of the guidelines contained within the program.

FHFA is the regulator for Fannie Mae and Freddie Mac, which administer HARP. The program was launched with the Home Affordable Modification Program (HAMP) in March 2009 to help underwater borrowers refinance into new or modified loans with lower payments and more favorable loan terms.

Complaints and recommendations from the MBA about HARP include:

– Constrictive nature of the loan-level price adjustments, or LLPAs, which are conducted on loans delivered to the government-sponsored enterprises and based up on features such as credit score, occupancy, number of units and others.
– Adjustments are capped at 2 percentage points. The MBA said these fees often push borrowers deeper underwater and recommended an evaluation of the fee structure to help borrowers with the highest LTVs.
– Currently mortgages with a loan-to-value ratio of more than 125% are not eligible. The MBA said this cap prevents borrowers from the hardest hit regions from entering the program.
– The MBA recommends that the program, currently slated to expire at the end of June, be extended to the end of December, 2012 to coincide with the expiration of the Home Affordable Modification Program (HAMP).
– Closer alignment between Freddie Mac and Fannie Mae’s separate HARP programs.

“FHFA should consider raising or removing the LTV cap on loans that the GSEs already own to allow borrowers who are in severe negative equity positions, yet are still meeting their mortgage obligations, to improve their financial position,” MBA CEO John Courson wrote in the letter.

“HARP is a vital component of a lender’s tool kit to help borrowers remain in their homes,” Courson added.

Tags: MBA, FHFA, HARP, HAMP, freddie mac, fannie mae, mortgage modification, refinance, borrowers, modified loans, underwater mortgages

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.