Harping

About The Author

Theresa Furzland - As an NAMP® staff writer, Theresa serves as an instructor for Loan Processor University (http://www.LoanProcessorTraining.org). Theresa has 25+ years of experience ranging from origination, processing, closing and post closing. She is currently a producing Branch Manager for LendSmart Mortgage, LLC and own and operate Willow Wood Mortgage Services, Inc. If you're interested in becoming a writer for NAMP®, please email us at: blog@mortgageprocessor.org.

The new HARP refinance program has been released as of the first of this month. This program is expected to help consumers who have been unable to take advantage of low interest rates and the opportunity to lower their payments due to falling house values which has resulted in homeowner’s being “underwater”

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There are still many hurdles that remain, however. FNMA will not be updating DU until March, MI issues remain and how the lenders will structure and price the program is still to be seen.

I have been in a very optimistic mood lately and so am hopeful that we really are going to see more homeowners benefit by this program, but no matter how much I may be full of wishful thinking it is hard not to worry that this is just another Political Game that is really going to frustrate homeowners and industry professionals much more than it will help….

The news reports this morning where very upbeat…reporting that home prices fell less this quarter than they have in the past. Yes, they are still falling but just not as much! That’s good news, right?

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I have not had the chance to “run a file through” the new refinance program, but do have a couple of customers waiting in the wings, so we will start the process and see if they can gain a Tangible Benefit. I will keep you posted on our progress….I hope we don’t have to wait until March because they have a FNMA loan. I hope we don’t get hung up on pricing adjustments and/or mortgage insurance issues. I hope the MI companies and the servicers work together to actually benefit homeowners. I hope I don’t have to tell any more homeowners that they need to “sit tight” and “ride out the storm”

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