HARP 2.0 Refinance Checklist for Lenders | Guild Mortgage | Seattle Mortgage Guy
Below is a general checklist for mortgage professionals out there when thinking through the new HARP 2.0 program. Of course, based on the roll out of this program, obviously things can change, but this is a good starter checklist:
1. Check if Fannie or Freddie loan: WhereIsMyLoan? This website is a very good and direct from the government on what all programs are available, HARP being one of them.
2. Once you find out Fannie or Freddie, run it through the appropriate AUS system and make sure to select the HARP program through the system you run. For those who still don't know, Fannie Mae is DO/DU and Freddie is LP.
3. Receive approved findings WITH an appraisal waiver for 'unlimited LTV.' Fannie Mae will be Property Field Waiver, Freddie Mac will be HVE with High or Moderate confidence level.
4. Review if loan has MI or is requested MI be put on the loan. If loan has MI it should show the company and cert # within the findings. Once you have that, please reach out to that MI company to make sure it is willing to transfer that MI cert over to EverBank before sending in the loan. Some MI companies might have restrictions. We will transfer the cert in our underwriting process if MI company allows.
5. Once you have done all of this, you are ready to submit your loan according to what AUS findings are asking for conditions.
Remember, the only time you will NOT have unlimited LTV is if you have a LPMI or NO appraisal waiver. It is useful to disclose the full appraisal fee upfront just in case, but the PIW fee will be $75. Also, make sure to prepare your borrowers for any possible extended turn times based on submission volume, subordination requests, etc.
Let me know if you have any questions.
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