Profile picture for eddie174

Tryin to refinance under HARP 2.0 I have LPMI why is my mortgage comapany Chase saying no?

 I am in the same boat with Chase as most are with BOA and Wels Fargo. Quicken Loans was willing to do it but I am 132% LTV and they max at 125%. The loan officer at Chase says it may change in a month or two??? personally I don't think they want to refinance anyone with LPMI.
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March 29 2012 - Seattle Hill-Silver Firs
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Profile picture for ticostech
Sterling Bank just refied us. Straight forward process.
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February 16

We are lending with no Loan to Value restrictions - Nationwide HARP with Lender Paid Mortgage Insurance
< LPMI >. The Large Banks are still not offering this and if you need some help just contact me through Zillow.

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February 16
Profile picture for ticostech
Does anybody know of a lender in Southern Oregon who is willing to refi with lpmi? I have been turned down by Chase and most likely will be by WF. I don't care about big banks. If you have any info that can help me, please e-mail me: ticostech@gmail.com
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October 16 2013
Profile picture for vdanmil
The Big Banks are responsible for the current situation. They had no problem taking not only risks, but acting criminaly and defrauding boworrows and each other alike. Now, since our tax money allowed them to grow massive, they no longer need the borrowers that they robosigned, extorted, and ruined credit forever with their barely legal to outright fraudulent creative terms.  So now they don't take risks? Why don't they give us our money back and get into some riskless, gaurenteed to win operation like government?  America's homeowners should NOT be held accountable for and be forced to kiss their youknowhats anymore.
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January 08 2013
Guys, stop worrying and looking around, solution is below, regardless of what bank you are currently with, if you are Fannie or
Freddie owned, have mi, LPMI, or no MI you are good to go as long as their AUS gives you a valid approval. EA I, II, and III are all welcome, of course the easy ones are nice also.

Unfortunately not many lenders are able to refinance loans with the full potential of the HARP 2.0 Program. Many homeowners have heard all of the great benefits and limited qualifying requirements only to find few lenders if any that are actually able to help them, if they do not have a plain Vanilla refinance.

We have full access to a number of wholesale lenders that will lend on any HARP 2.0 Eligible loan regardless of the complexity. This means they will lend directly to Fannie Mae or Freddie Mac's guidelines with no overlays.

Whether you have MI, LPMI, SPMI, NO MI, are in an investment property, owned by Fannie or Freddie, there is help for you. I would love to put you in direct contact with someone that can help you refinance and take advantage of the low rates.

I have found far too many people turned down that are more than qualified and able to save hundreds per month. Please reach out and get the financing you need, and let others know that have been turned down that there are alternatives, but they must keep looking.
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November 01 2012
Profile picture for user0349734
Oh, and ramont, it is not the bank's money if it is owned by Freddie or Fannie. The banks lend the money and then sell them to Fannie or Freddie. They are making money on servicing the loans and a spread when they originate.
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October 26 2012
Profile picture for user0349734
I finally got my refinance done with NationStar Mortgage at 112% LTV with LPMI. I was also lined up to refi with CMG, but they are so backed up on HARP refi's it was going to takes months to get it done. I have been trying to refi with Chase since HARP 2.0 came out and kept being told a couple of months. Went from 6.125% to 3.875%. I still own an underwater condo, but my payments went down ~$500/month!
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October 26 2012
Profile picture for ramont
I see the banks side, they are not going to help anyone to pay them less when they can get earn more by not refinancing your loan.
This is just a personal comment. on the answers some members posted.
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October 13 2012
User555000.  I might be able to help you out.  As long as the LPMI wa paid in one lump sum up front than with that LTV and Fannie backing the loan, it should not be a problem.  Contact me through my profile.
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April 25 2012
Profile picture for user555000
Just called BofA and they said no because I have LPMI.
Do you know of any lenders in Delaware that will do the HARp with LPMI.  Fannie holds the loan and also is the PMI servicer.  My LTV ratio is about 105%.  Let me know if you can help! 
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April 25 2012
LPMI isn't accepted by any of the big 3 banks.  There are lenders who can do this but it depends on the state.  A few questions may be able to assist me in helping you...

What state are you in?
Is your loan backed by Fannie/Freddie?
Which company is your PMI with?

If you don't know, you can check the Fannie/Freddie question online.  Chase should be able to help you figure out which PMI company is backing your loan.  If you can't get help, email me and I can send you a contact at Chase that can.
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March 29 2012
I agree.  The program has a lot of quirks that consumers are not aware of.  It can be frustrating for them.
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March 29 2012
125% seems to be the max that most lenders will allow for with LPMI. a lot of banks dont want to take on transferred mortgage insurance and even those that do will only want to take on files with MI with MI companies that are still in business (A few went out of business).

has your file been run through DU at 125% LTV to see if you get an approved eligible?
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March 29 2012
I can put you in touch with lender in WA that does over 125 LTV, if you would like.  Email me directly
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March 29 2012
Profile picture for eddie174
Tried a few local mortgage lenders to no avail. Most would not go above 105%. It was the big mortgage companies (Chase, BOA, Wells Fargo WAMU) who did this to the market now and got tons of money from taxpayers. The same taxpayers they are now unwilling to help.
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March 29 2012
The participation in HARP is voluntary.  The BIG banks are unwilling to take the unnecessary risk.  I would recommend you find a smaller mortgage lender that will allow unlimited LTV.  They are out there. 
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March 29 2012
 
Related Questions
Tryin to refinance under HARP 2.0 I have LPMI why is my mortgage comapany Chase saying no?
Profile picture for ticostech
Latest answer by ticostech
February 16 | 16 answers
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