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Answers (19)
Best Answer
- Patrick Nolan, "Bucks County Banker"
- Contributions:239
Should be March - April 2012 by the time lenders incorporate changes announced by Fannie / Freddie. The Dec 15th date was the deadline for Fannie / Freddie announcing what they were doing, but loans under the new guidelines can't be done until the lenders doing them (and more importantly buying them in the secondary market) are set up and announce availability to the wider lender community originating loans for sale in the secondary market.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
The HARP program should be available to certain homeowners who have home loans that are underwater on the weekend of March 17.
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...yet here I've been doing them since December when it rolled out.
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...yet here I've been doing them since December when it rolled out.
- Frank, "pako42"
- Contributions:19
The HARP program should be available to certain homeowners who have home loans that are underwater on the weekend of March 17. Although, the lenders are supposed to be ready understand there may be snags at first so you have to be patient during the process.
I personally think HARP 3 should come available for homeowners who refinanced after 2007 and have had equity declines of 40% or more from the peak of the market.
I personally think HARP 3 should come available for homeowners who refinanced after 2007 and have had equity declines of 40% or more from the peak of the market.
- Clay Branch, "Georgia Loans"
- Contributions:7836
I think the president has already done a few hundred.
Shelia, do you mean March 16, 2012? Harp 3 will be out by 2013.
Shelia, do you mean March 16, 2012? Harp 3 will be out by 2013.
- Jennifer Dodge, "Destin.Fl.Realtor"
- Contributions:271
I have started the application process and was supposed to close on March 6, 2012 with Wells Fargo. I have pushed the closing date, but that was the plan and I have not been told fdifferently.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
but they are the exception to that date.
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There are more than just those two doing them already.
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There are more than just those two doing them already.
- Sheila Smith, "Sheila A Smith"
- Contributions:4
I have been told by several lending sources that it is March 16th, 2013. Some lenders are taking the paperwork and starting the process but cannot close until after that date. Wells Fargo and Bank of America have already completed their process to do HARP2 for loans they already have inhouse and thus they can do HARP2 already for their borrowers but they are the exception to that date.
- Clay Branch, "Georgia Loans"
- Contributions:7836
I was referring to the Gators win over Ohio State, again. Go Gators.
- P_Guthmiller
- Contributions:12
Yeah, too bad about the loss to the Gators. That's not how we do it here in Texas! :)
- Clay Branch, "Georgia Loans"
- Contributions:7836
sheeesh, we already went Gators and they WON!
Now it's time to ROLL TIDE, I know it's hard to say cause it took me awhile to say Go Gators and I couldn't bring myself to say War......
Now it's time to ROLL TIDE, I know it's hard to say cause it took me awhile to say Go Gators and I couldn't bring myself to say War......
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
The lenders currently servicing the loans CAN do manual underwriting and approve these loans – if they want to – at this time.
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Your date is off (Feb), already doing them now (Jan) and yes, it's a bear figuring out the securitization.
Go Gators!
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Your date is off (Feb), already doing them now (Jan) and yes, it's a bear figuring out the securitization.
Go Gators!
- Bob Willett, "SacRELender"
- Contributions:194
November 2011 – press release saying HARP II will save homebuyer's billions in interest, stimulate the economy, solve world hunger, and create peace throughout the world. (OK, maybe it wasn't THAT over the top.)
Later in November 2011 – everyone digest the information, and determines that is mostly hogwash, and that the program really won't be available for a several months.
December 2011 – Some lender spend money on advertising to take advantage of the press release knowing that it is basically a bunch of hogwash, but they can do the HARP I deals that people didn't know they could do, and have the borrower's info for when they can actually do HARP II (see below.)
January 2012 – more and more people notice that the November 2011 press release was political BS.
February 2012 – this is when Fannie & Freddie will begin to figure out how they are going to sell these securities. This will give us an idea of what rates and fees will be on these programs. The lenders currently servicing the loans CAN do manual underwriting and approve these loans – if they want to – at this time.
March 15 2012 – this is when the underwriting programs that Fannie and Freddie have that virtually all lenders use to approve agency loans are supposed to be updated to accommodate loans over 125% LTV.
After March 2012 – we'll see what the major investors will add to the mix as overlays. This is when we'll know just what we can do, and at what rates.
- Clay Branch, "Georgia Loans"
- Contributions:7836
You need to get on the ballots, you are missing out.
Roll Tide!
Roll Tide!
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
probably, we'll start doing that one around March so that sounds like it'll align with June deliveries.
- Clay Branch, "Georgia Loans"
- Contributions:7836
Question for Mr President, DU release notes state loans with terms of 15 years or less AND ltv of 105 or higher are not eligible for delivery until June 1, is that true for you too?
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
It started December 1st; we started taking applications for it then.
The program may be available now if you go through your same service. (Refi Plus and Relief) If you are going through a different servicer (DU Refi PLUS or Open Access) you have to wait until March. Fannie is updating DU on March 17th so it will be available then. I am unsure as to the date for LP.
- Jim Paulson, "BoiseREbroker"
- Contributions:326
- wayne lancaster, "funds2"
- Contributions:1175
I am told that Sun Trust Mortgage will start on 1/9/2012.
Does anyone know when HARP 2 will start?
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