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This Weeks News

Fannie Mae and Freddie Mac this week unveiled their new loan application form that goes live in 2018. But not everyone likes it. One loan officer, who did not want to be quoted by name, had this to say: “We could go on for hours about the inefficiency of this form.” In other words, stay tuned for additional reporting on the topic…

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FHFA Readies Successor Program to HARP. Name to Follow


The Federal Housing Finance Agency said Thursday it will introduce a new high loan-to-value ratio streamlined refinance program next year to replace the Home Affordable Refinance Program. It’s targeted specifically to borrowers who are current on their mortgages, but not able to refinance through traditional programs because of high LTV ratios or an underwater equity position. This new refinance offering, available in October 2017, is slightly different from HARP in that borrowers will be able to use it more than once to refinance their mortgage and there are no eligibility cut-off dates. However, the program maintains some of HARP’s features such as streamlined documentation, no minimum credit score, and no maximum debt-to-income ratio or LTV. And the program still does not require an appraisal. HARP, set to expire at yearend, has been extended until Sept. 30, 2017, so borrowers will continue to have a refinance option until the new one is implemented. More details about the new program will be revealed in the months ahead. HARP participation peaked in 2012, and has dwindled ever since. HARP refinances fell to just 19,989 units in the first quarter of 2016, down 5.2 percent from the previous period and off 36.8 percent from about a year ago.

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