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Snets
Nitroglycerin


Joined: 12 Nov 2008
Posts: 875
Location: Palm Beach County

Harp 2
PostPosted: Sat Mar 10, 2012 10:52 pm Reply with quoteBack to top

How many lenders are out there doing this TPO - I only have 1 - and can you do 15 year amorts on this - someone is telling me that 15's won't be available until June....
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StephenF
Nitroglycerin


Joined: 08 Dec 2007
Posts: 981
Location: New Jersey

Re: Harp 2
PostPosted: Sat Mar 10, 2012 11:45 pm Reply with quoteBack to top

All of our investors claim to be offering HARP...really won't know who is real until the loan is submitted...I guess they could all get a 1st chance...I am skeptical about the whole program...

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Snets
Nitroglycerin


Joined: 12 Nov 2008
Posts: 875
Location: Palm Beach County

Re: Harp 2
PostPosted: Sun Mar 11, 2012 12:53 am Reply with quoteBack to top

Hey Steve - how are ya man..... Only one of my conduits even knows anything about it - and if they're not geared up by now - it ain't going to be happening - I think it will be a great source of biz - it's supposed to be no appraisal an no income if the payment doesn't go up much - the only thing is - my conduit says not 15's (only 20 and up) until June and I'm trying to find out if if that's a Fannie/Freddie thing or is that just this company's overlay
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StephenF
Nitroglycerin


Joined: 08 Dec 2007
Posts: 981
Location: New Jersey

Re: Harp 2
PostPosted: Mon Mar 12, 2012 6:26 pm Reply with quoteBack to top

Hey Snets...all is well, no sense in complaining about the biz, it is well documented.

Personally I do not share your optimism about HARP 2.0...I just do not see 2nd mortgage holders being willing participants in this program. I cannot see a 2nd wanting to blatantly emphasizing an underwater 2nd on their books. Could be wrong...h**l hope I'm wrong!

Also, the cynical side of me (which has become all sides) feels that BoA is poised to do the bulk of this program and in an effort to gear up they have closed all other origination channels...They are poised to eat up all of the CW trash & in effect will make a handsome sum of cash from loans already on their books while pushing the burden onto the tax payers...

Just my .02

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“During times of universal deceit, telling the truth becomes a revolutionary act”
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Snets
Nitroglycerin


Joined: 12 Nov 2008
Posts: 875
Location: Palm Beach County

Re: Harp 2
PostPosted: Mon Mar 12, 2012 6:30 pm Reply with quoteBack to top

Steve - you may be right but from what I understand - the 2nd mortgage holders will be required to participate or they won't be allowed to participate in the 1st mortgage program - I've already seen deals done with close to 200% CLTV - however, the ones that have been approved have not been of the "large" bank variety so far. We are going on a conference call tomorrow - I guess I'll know more then...
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Snets
Nitroglycerin


Joined: 12 Nov 2008
Posts: 875
Location: Palm Beach County

Re: Harp 2
PostPosted: Tue Mar 13, 2012 9:27 pm Reply with quoteBack to top

Just had the conference call with UWM about Harp 2 - you may be right - even though it has been widely publicized that NO appraisal will be required - they seem to think that some will - also, it is not unlimited LTV with them - it has to do with credit score only over 760 will be unlimited - the the lower credit scores tier down to 125% with the minimum being 640 - again, although widely publicized that there will be no add ns to the pricing - there will be add ons to the pricing but they were vague about what they would be. Frankly, I was disappointed - the banks will not have add ons - will not have limits to the LTV - so even though we can do them quicker and more efficiently - no one will mind waiting for a lower interest rate..... my other conduits are doing it at all.
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StephenF
Nitroglycerin


Joined: 08 Dec 2007
Posts: 981
Location: New Jersey

Re: Harp 2
PostPosted: Wed Mar 14, 2012 2:37 am Reply with quoteBack to top

Snets, I hope that we are both wrong with our apprehension, I just can't get past a 2nd lien holder doing a refinance w/o an appraisal @any credit score.

I also feel that this HARP 2.0 is a designed payback for the bailout $$$ and the Big Box Banks are going to get just a bit healthier on the tax payees dime...They will happily convert an upside-down loan over to Fannie & Freddie...the ultimate no- brainer

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Snets
Nitroglycerin


Joined: 12 Nov 2008
Posts: 875
Location: Palm Beach County

Re: Harp 2
PostPosted: Wed Mar 14, 2012 9:38 am Reply with quoteBack to top

They have to have credit scores and I think there will be appraisals no matter what the popular conception is. The eFanniemae says that there will be no conception if the "Enterprises" deems the value reasonable - we cannot figure out what "Enterprises" means nor can we figure out who does the AVM - my take on it - if DO doesn't give a PIW - you are getting an appraisal. And you're right - the big box banks will not be getting ANY appraisals so we will be at a disadvantage again.
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Snets
Nitroglycerin


Joined: 12 Nov 2008
Posts: 875
Location: Palm Beach County

Re: Harp 2
PostPosted: Wed Mar 14, 2012 6:22 pm Reply with quoteBack to top

The way it will work with the lender I use is say 150% or higher 760 credit score - the rate will be 3/8's higher - if you have a 740 credit score - you will be maxed at 150% and and the rate will have a hit of 225 bp - doesn't sound like I am going to be competitive at all. Plus contrary to what everything you read says - there will be appraisals in most cases only the DTI will be waived. Yep Steve - you are right - compared to the big banks - we will suck - so you are probably right.....
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StephenF
Nitroglycerin


Joined: 08 Dec 2007
Posts: 981
Location: New Jersey

Re: Harp 2
PostPosted: Wed Mar 14, 2012 6:44 pm Reply with quoteBack to top

In the same Church, different Pugh category...

I am humored Laughing by those who are selling HARP leads at this point...The humor is in that nobody really knows what the guidelines are??? How can you qualify a lead (lead whores, a/k/a lead sellers) when you do not know what the qualifications are?

I am also humored by those who are buying them right now Rolling Eyes

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