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Is it possible to get a HARP loan, if my sevicer is Cenlar and I pay PMI. I have a Freddie Mae loan.

  • January 06 2011 - Boise
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Answers (4)

Profile picture for arnelabano
I am working with a broker that made my last refinance happen.  The bank was Taylor Bean & Whittaker, who was shutdown by the Fed.  My loan was transfered to Cenlar.  They will not talk anything else but just taking my payments.  They said they are not a bank, but encouraged me to find another lender.  My PMI is paid with my loan payment....does that have something to do with anything?  My broker told me while my file looked good to him, when he inputs it in the Freddie Mac software it is not going through for approval.  I meet all the requirements of HARP2.  Should I go to other lenders and apply?  If I do go shopping around, they will inquire on my credit...will I take a hit there?  Thanks for any info.
  • February 08 2012
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The best way to find out is to contact Cenlar, the program is optional for servicers.  
  • June 17 2011
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Jeanette - you will want to do some research on this.  Many of my wholesale lenders say "no" when told that PMI exists on the current loan, but I have had one wholesale lender telling me he's getting these deals closed.

Not all of them..but some.

The issue (besides the normal loan processing quagmire) is that the PMI company must agree to reissue your insurance policy in the name of the new mortgage company.  My source tells me that while he's seen this happen, it is not an automatic "yes."  Adding to the effort is that you'll need to have processed your loan file completely before it ever gets to the point of being reviewed by the PMI company.

Have you contacted Cenlar directly to see if they can handle the refinance? That might be the easiest.

You may be able to get this done so don't take the first "no" that comes along.
  • January 06 2011
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I have posted your request to two different lenders I work with and will let you know what I find out.  One is at one of the big national banks and the other is a mortgage broker so we will hit it at both angles.
  • January 06 2011
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