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Profile picture for cris2007

MANUAL underwrite

California property – Looking for HARP 2.0 – Need a company that can do a MANUAL underwrite on the file – Loan mod already completed on loan – Reporting as foreclosure on credit – Fannie Mae guidelines state I CAN do a HARP loan but need a manual underwrite.

  • June 28 2012 - US
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Answers (5)

Profile picture for cris2007
I asked my current servicer and they said thy will not do it because thy did a mod 2 years ago with them.
  • July 06 2012
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I believe for a manual underwrite, you must go to current servicer.   If they are not doing manuals or otherwise you don't meet their guidelines based on their overlays, there is nothing you can do short of finding private money.   I may have someone that can help you on the private side, but that would not be a harp and private money is VERY case by case. 
  • July 06 2012
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Profile picture for cris2007
Phh has there own set of rules: another example is they will not do a loan over 125% ltv even is the harp guidelines state you can go over that amount.
  • July 03 2012
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I replied in your prior post explaining that Manual underwrite is not an option for new servicer.   Regarding the prior mod, this change was just announced by Fannie Mae 6 weeks ago.   It is possible PHH has not yet updated their underwriting manual to allow for it.   It is possible they have CHOSEN not to incorporate it into their underwriting manual.  

I would suggest you try to find out which of the 2 is the reason they are telling you the modification makes you ineligible.   

It is also quite possible they do now allow it and the person you spoke to was not yet aware of the recent policy change from Fannie Mae.
  • July 02 2012
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Profile picture for cris2007
Phh told me i qualify for harp 2.0, but phh did a loan mod and now they say they can’t re fi me because of it.
  • July 02 2012
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