Harp 2.0
Identifying Eligible HARP 2 Candidates
The increased number of eligible refinance candidates that will result from the recent changes to the Home Affordable Refinance Program (HARP) presents both an opportunity and challenge to lenders and servicers. There’s opportunity for more business, but the influx of this new activity may cause operational challenges.
Consumer Data Lead’s comprehensive data & analytics solutions and settlement services offering can immediately help you capitalize on the opportunity by quickly identifying eligible candidates and effectively deploying your loan modification strategy.
Identifying Your Best HARP 2 Candidates
We’ve identified 6.7 million borrowers who are most likely to benefit from the HARP 2 changes by deploying sophisticated analytics against our nationwide property database.
We can easily match your current portfolio against our HARP 2 Ready Database to identify your best candidates for loan modification.
Our targeting strategy includes analysis of the following criteria:
• Conforming loans with less than a 80% CLTV at the time of origination
• Current CLTV of 125% or higher (a focus on “newly eligible” HARP candidates)
• Properties identified as not currently under any type of distressed disposition (no NOD, NOT, REO, etc)
• List has also been scrubbed against over 30 million non-agency loans to narrow in on Government-sponsored enterprise-owned loans.
• Properties with reliable AVM estimates of value
The new HARP 2 eligibility requirements also require that candidates have no late mortgage payments in the past 6 months and no more than 1 late payment in the past 12 months. To address this requirement, we’ve partnered with the three credit bureaus and can run the prospect list from the three credit bureaus Property Database against credit bureaus credit file to ensure your final list is as targeted as possible.
| General Information |
| The loan must have been closed and committed/delivered to a FNMA or FHLMC Pool prior to June 1, 2009 in order to qualify for a DU Refi Plus or LP Open Access loan
DU Refi Plus
LP Open Access
|
| Ineligible Loans |
| Any loan currently in default
Existing loan:
|
| Maximum LTV & Loan Amount |
LTV/CLTV – Unlimited
Loan Amount
Loan Purpose
|
| Eligible Borrower |
| Run DU/LP with requested loan amount and estimated value. If you receive a DU Approve/”Ineligible” or an LP Accept “Ineligible” for LTV/CLTV only, you will likely receive a DU or LP “Eligible” on March 19th when the software is updated and no longer concerned with LTV/CLTV.
Borrowers must have at least one benefit outside of DU as follows:
Subordinate Liens
|
| Eligible Occupancy & Property Type |
| Primary residence Second home Non-owner occupied 1-4 units Condos, PUDS, manufactured homes Number of financed properties
|
| Documentation & Ratios |
As required by DU or LP
4506 required Asset verification only required if borrower paying from their own funds to reduce balance and/or cover closing costs DU/LP determine acceptable ratios |
| Credit |
Credit Score
Mortgage History
Prior BK or Foreclosure
|
| Mortgage Insurance |
| No MI required if not in place on existing loan
Existing loans with Lender Paid MI (LPMI) or Borrower Paid (BPMI) MI are eligible
|
Comprehensive Solutions
The combination of our advanced analytics, nationwide property database, and quality settlement services delivers an ideal solution to help you capitalize on the opportunities that will arise from these recent changes.
e-mail: info@ConsumerDataLeads.com
telephone: 714-453-9724
www.ConsumerDataLeads.com
NOTE: Fannie MAE and FREDDIE MAC loans are not recorded mortgages. We use the best search filters available, nevertheless, we can’t guarantee this type of loan to 100% accurate. For guaranteed results you must search individual address on either the Fannie Mae and/or Freddie Mac website.
Transforming Information into Intelligence
