Under the Home Affordable Refinance Program
, eligible borrowers who are current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value may have the opportunity to refinance into a 30- or 15-year fixed rate loan.
Freddie Mac's implementation of the Home Affordable Refinance program
, known as the Relief Refinance Mortgage, may be used to reduce the borrower's interest rate, shorten the loan repayment period or replace an adjustable-rate mortgage, interest-only mortgage or balloon or reset mortgage with a fixed-rate loan.
Van Ouwerkerk recounted how her credit union had found a good deal of success offering refinanced loans under the latest version of the Home Affordable Refinance Program
and had developed a HARP look alike program for the loans it held in portfolio.
Undeterred by the dismal performance of HAMP, the administration is now pushing ahead with HARP, the Home Affordable Refinance Program
, which targets those whose mortgages are underwater, but not in immediate danger of foreclosure.
By participating in the Federal Housing and Finance Administration's Home Affordable Refinance Program
(HARP), Regions Bank (NYSE:RF) has helped more than 6,000 homeowners refinance their mortgages during this time of exceptionally low interest rates.
On to the Federal Housing Finance Agency (FHFA), whose director, MEL WATT, said in early March that the Home Affordable Refinance Program
(HARP) can't go on ad infinitum.
18 September 2012 - By participating in the Federal Housing and Finance Administration's Home Affordable Refinance Program
, Regions Bank (NYSE: RF) has helped more than 6,000 homeowners refinance their mortgages during this time of exceptionally low interest rates.
Although many credit unions may not have realized it, the second version of the federal government's Home Affordable Refinance Program
is a more workable and beneficial for both borrowers and credit unions than its predecessor, according to housing finance executives at credit unions that have begun making the loans.
Home Affordable Refinance Program
loans are granted relief after a clean payment history of 12 months.
The lower earnings forecast for servicers was driven by portfolio runoff, higher compliance costs and declining mortgage profitability, as the opportunity associated with the Home Affordable Refinance Program
(HARP) declines, KBW analysts said.
15 May 2012 - US Bank of the West said on Monday that the number of loan applications by homeowners willing to reduce their interest rates under the second Home Affordable Refinance Program
(HARP) will represent 20% of all mortgage applications by the end of 2012.
The changes to the Home Affordable Refinance Program
include removing the current 125% loan-to-value ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac; waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie and Freddie; eliminating the need for new property appraisals in some refinancing transactions; and extending the end-date for the program from June 2012 to Dec.