|HARP the Herald? not so fast!|
HARP the Herald? Not so fast...
There has been a lot of hype over HARP 2.0 since we first learned of it in October. The details were released last Tuesday, November 15th.
Yes, LTV caps will be removed for all Fixed rate mortgages with terms up to 30 years. But we won't be able to utilize this relief until DU is updated in March 2012.
PCM will issue new guidance on our DU Refi Plus program once implemented and as more information becomes available. Let's hope rates hold out until then.
LLPAs (loan level price adjustors) will be lowered and this is a good thing. Take some time to understand the guides as you will no doubt get phone calls from your clients on this program.
FNMA Guide Announcement - SEL 2011-12
FNMA Refi Plus FAQ
FNMA Refi Plus Price Matrix
FHLMC Bulletin 2011-22
FHLMC LLPA Pricing Matrix
Couple of Housekeeping Items...
Our Admin Fee is going to $995 effective with submissions 12/1/2011.
This will enable us to cover the ever increasing cost of doing business in the current environment while not compromising service.
As we do every year, our Concord/Irvine operations centers will be donating $20 for every loan funded in December AND January (new this year) to a charity selected by our staff. This year we will be donating to St. Judes Research Hospital for Children. We can only do this becuase of your continuing support! We thank you.