Many of you already know that I’m a licensed loan officer that offers the HARP Program with Unlimited LTV for both Fannie Mae & Freddie Mac. It seems we are still one of the ONLY lenders offering the program without any strange limitations. I have done some research and acted as a potential client and would like to share what I’ve encountered. After interviewing many lenders, each and every one had different restrictions on what they would do or wouldn’t do.
#1 Ranked Lender in the Nation – Outside of the “Same Servicer” program they are only going up to 105 percent Loan-To-Value. They are also only accepting Fannie Mae backed loans, Sorry folks with Freddie Mac you’re out of luck with this lender. MI transfers are allowed to be transferred to the new loan with their approved MI providers.
#2 Ranked Lender – Could not even get past their “Preliminary process” in order to even get information about the program! He wanted my social security number before transferring me to a qualified loan officer that could answer my questions. That was a red flag thrown up right away, sorry if I was a potential client I wouldn’t be doing business with you, Mr. Big banker.
#3 Ranked Lender – Before being able to speak with someone I was hung up on, not once but twice! Once I was able to get someone on the phone, I found out some valuable information. They are only servicing their own loans, if you currently don’t have a loan through them they can’t help. This means they are only participating in the “Same Servicer” program. I asked when they planned on offering it and the representative told me they haven’t heard about anything opening up and don’t think they will begin offering the program as it’s a very “risky product”. Not only that, the Loan-To-Value Restriction is still 105 percent! It seems as if this lender is not participating in HARP 2.0, they must be stuck in the stone age.
#4 Ranked Lender – They have developed contracts with certain lenders/servicers to offer the “Same Servicer” program and can participate in the unlimited LTV program for only these clients. With Open Access they are only going up to 125 percent LTV. They are ALSO stuck with the value that the Automated Underwriting System (AUS) determines your property is worth. NO Condo Freddie Mac loans, I’m not sure why they have this specific requirement but it’s quite strange they would single out these borrowers. Most MI companies are on-board with transferring the certificates EXCEPT United Guarantee, they are working on obtaining approval with them to transfer the MI certifications.
To conclude this experiment acting as a potential client I am baffled, I have jumped through hoops of fire to run into brick walls everywhere I go. I have put together a few questions to ask yourself before moving forward with a certain company.
These are questions you need to ask yourself before finding a lender to work with and don’t settle with the first one you speak too. My contact information is below and I would be happy to help answer any questions you have about the program.
#1 Ranked Lender in the Nation – Outside of the “Same Servicer” program they are only going up to 105 percent Loan-To-Value. They are also only accepting Fannie Mae backed loans, Sorry folks with Freddie Mac you’re out of luck with this lender. MI transfers are allowed to be transferred to the new loan with their approved MI providers.
#2 Ranked Lender – Could not even get past their “Preliminary process” in order to even get information about the program! He wanted my social security number before transferring me to a qualified loan officer that could answer my questions. That was a red flag thrown up right away, sorry if I was a potential client I wouldn’t be doing business with you, Mr. Big banker.
#3 Ranked Lender – Before being able to speak with someone I was hung up on, not once but twice! Once I was able to get someone on the phone, I found out some valuable information. They are only servicing their own loans, if you currently don’t have a loan through them they can’t help. This means they are only participating in the “Same Servicer” program. I asked when they planned on offering it and the representative told me they haven’t heard about anything opening up and don’t think they will begin offering the program as it’s a very “risky product”. Not only that, the Loan-To-Value Restriction is still 105 percent! It seems as if this lender is not participating in HARP 2.0, they must be stuck in the stone age.
#4 Ranked Lender – They have developed contracts with certain lenders/servicers to offer the “Same Servicer” program and can participate in the unlimited LTV program for only these clients. With Open Access they are only going up to 125 percent LTV. They are ALSO stuck with the value that the Automated Underwriting System (AUS) determines your property is worth. NO Condo Freddie Mac loans, I’m not sure why they have this specific requirement but it’s quite strange they would single out these borrowers. Most MI companies are on-board with transferring the certificates EXCEPT United Guarantee, they are working on obtaining approval with them to transfer the MI certifications.
To conclude this experiment acting as a potential client I am baffled, I have jumped through hoops of fire to run into brick walls everywhere I go. I have put together a few questions to ask yourself before moving forward with a certain company.
- Does this company have your best interest at heart?
- Is the interest rate competitive?
- Have you been stuck in process for the past few months trying to close this loan?
- Is the lender you’re working with participating in the unlimited LTV program?
- Have you recently been denied the program?
These are questions you need to ask yourself before finding a lender to work with and don’t settle with the first one you speak too. My contact information is below and I would be happy to help answer any questions you have about the program.
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