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MBA Calls for Revamp of HARP
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
MBA Calls for Revamp of HARP
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
MBA Calls for Revamp of HARP

February 11, 2011 (Shirley Allen)
mortgage-loan-mod-help-image
The Mortgage Bankers Association (MBA) has submitted a letter to Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA), calling for an extension to the Home Affordable Refinance Program (HARP) along with improvements to some of the guidelines contained within the program.

FHFA is the regulator for Fannie Mae and Freddie Mac, which administer HARP. The program was launched with the Home Affordable Modification Program (HAMP) in March 2009 to help underwater borrowers refinance into new or modified loans with lower payments and more favorable loan terms.

Complaints and recommendations from the MBA about HARP include:

– Constrictive nature of the loan-level price adjustments, or LLPAs, which are conducted on loans delivered to the government-sponsored enterprises and based up on features such as credit score, occupancy, number of units and others.
– Adjustments are capped at 2 percentage points. The MBA said these fees often push borrowers deeper underwater and recommended an evaluation of the fee structure to help borrowers with the highest LTVs.
– Currently mortgages with a loan-to-value ratio of more than 125% are not eligible. The MBA said this cap prevents borrowers from the hardest hit regions from entering the program.
– The MBA recommends that the program, currently slated to expire at the end of June, be extended to the end of December, 2012 to coincide with the expiration of the Home Affordable Modification Program (HAMP).
– Closer alignment between Freddie Mac and Fannie Mae’s separate HARP programs.

“FHFA should consider raising or removing the LTV cap on loans that the GSEs already own to allow borrowers who are in severe negative equity positions, yet are still meeting their mortgage obligations, to improve their financial position,” MBA CEO John Courson wrote in the letter.

“HARP is a vital component of a lender’s tool kit to help borrowers remain in their homes,” Courson added.

Tags: MBA, FHFA, HARP, HAMP, freddie mac, fannie mae, mortgage modification, refinance, borrowers, modified loans, underwater mortgages

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
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A NEW CAR?


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COULD SAVE YOU THOUSANDS.
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Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
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February 11, 2011 (Shirley Allen)
mortgage-loan-mod-help-image
The Mortgage Bankers Association (MBA) has submitted a letter to Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA), calling for an extension to the Home Affordable Refinance Program (HARP) along with improvements to some of the guidelines contained within the program.

FHFA is the regulator for Fannie Mae and Freddie Mac, which administer HARP. The program was launched with the Home Affordable Modification Program (HAMP) in March 2009 to help underwater borrowers refinance into new or modified loans with lower payments and more favorable loan terms.

Complaints and recommendations from the MBA about HARP include:

– Constrictive nature of the loan-level price adjustments, or LLPAs, which are conducted on loans delivered to the government-sponsored enterprises and based up on features such as credit score, occupancy, number of units and others.
– Adjustments are capped at 2 percentage points. The MBA said these fees often push borrowers deeper underwater and recommended an evaluation of the fee structure to help borrowers with the highest LTVs.
– Currently mortgages with a loan-to-value ratio of more than 125% are not eligible. The MBA said this cap prevents borrowers from the hardest hit regions from entering the program.
– The MBA recommends that the program, currently slated to expire at the end of June, be extended to the end of December, 2012 to coincide with the expiration of the Home Affordable Modification Program (HAMP).
– Closer alignment between Freddie Mac and Fannie Mae’s separate HARP programs.

“FHFA should consider raising or removing the LTV cap on loans that the GSEs already own to allow borrowers who are in severe negative equity positions, yet are still meeting their mortgage obligations, to improve their financial position,” MBA CEO John Courson wrote in the letter.

“HARP is a vital component of a lender’s tool kit to help borrowers remain in their homes,” Courson added.

Tags: MBA, FHFA, HARP, HAMP, freddie mac, fannie mae, mortgage modification, refinance, borrowers, modified loans, underwater mortgages

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

February 11, 2011 (Shirley Allen)
mortgage-loan-mod-help-image
The Mortgage Bankers Association (MBA) has submitted a letter to Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA), calling for an extension to the Home Affordable Refinance Program (HARP) along with improvements to some of the guidelines contained within the program.

FHFA is the regulator for Fannie Mae and Freddie Mac, which administer HARP. The program was launched with the Home Affordable Modification Program (HAMP) in March 2009 to help underwater borrowers refinance into new or modified loans with lower payments and more favorable loan terms.

Complaints and recommendations from the MBA about HARP include:

– Constrictive nature of the loan-level price adjustments, or LLPAs, which are conducted on loans delivered to the government-sponsored enterprises and based up on features such as credit score, occupancy, number of units and others.
– Adjustments are capped at 2 percentage points. The MBA said these fees often push borrowers deeper underwater and recommended an evaluation of the fee structure to help borrowers with the highest LTVs.
– Currently mortgages with a loan-to-value ratio of more than 125% are not eligible. The MBA said this cap prevents borrowers from the hardest hit regions from entering the program.
– The MBA recommends that the program, currently slated to expire at the end of June, be extended to the end of December, 2012 to coincide with the expiration of the Home Affordable Modification Program (HAMP).
– Closer alignment between Freddie Mac and Fannie Mae’s separate HARP programs.

“FHFA should consider raising or removing the LTV cap on loans that the GSEs already own to allow borrowers who are in severe negative equity positions, yet are still meeting their mortgage obligations, to improve their financial position,” MBA CEO John Courson wrote in the letter.

“HARP is a vital component of a lender’s tool kit to help borrowers remain in their homes,” Courson added.

Tags: MBA, FHFA, HARP, HAMP, freddie mac, fannie mae, mortgage modification, refinance, borrowers, modified loans, underwater mortgages

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS