Replies (2)
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:4274
The overwhelming majority of applicants in HARP do get approved (at least expanded approval). The posts we see represent borrowers that haven't found the right lender yet, or in certain cases loans that cannot be done. We don't see posts from success cases. There are many out there.
- Go Huskers
- Contributions:638
HAMP is a different story, but HARP loans most definitely fund. In fact, the vast majority do when handled properly.
Most loan officers are ignorant and don't know what they are doing. The frustration that consumers feel is part loan officer incompetence and part consumer greed and usually an equal combination of both. They usually end up choosing the least knowledgeable loan officer to complete a process that takes a certain degree of knowledge and finesse.
Nine times out of ten, if a consumer meets the origination date and it's owned by Fannie or Freddie, they will have some sort of approvable finding. The exceptions are those with the credit enhancements but those are so rare I would guess it's less than 1% of those eligible. I would imagine that it seems like more because as Justin said, those who close successfully have better things to do.
Most loan officers are ignorant and don't know what they are doing. The frustration that consumers feel is part loan officer incompetence and part consumer greed and usually an equal combination of both. They usually end up choosing the least knowledgeable loan officer to complete a process that takes a certain degree of knowledge and finesse.
Nine times out of ten, if a consumer meets the origination date and it's owned by Fannie or Freddie, they will have some sort of approvable finding. The exceptions are those with the credit enhancements but those are so rare I would guess it's less than 1% of those eligible. I would imagine that it seems like more because as Justin said, those who close successfully have better things to do.
Do HARP/HAMP/HARUMPH programs create a false expectation of "qualified" for hopeful borrowers?
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