Banker's Portfolio has fed over $10 billion in underwater mortgages through its "decisioning engine" that shows how many loans are eligible for a refinancing under the FHA "Hope for Homeowners" program.
"We just crossed the $10 billion mark" with a 42% pull-through rate, said Joel Harrison, director of business development for the mortgage vendor.
He expects to complete the first H4H closings in August or September. The Irvine, Calif., company has lined up four Federal Housing Administration-approved lenders to facilitate H4H refinancings.
The lenders are currently in the testing phase where they submit five H4H loans for FHA review. Harrison expects to bring on additional lenders, anticipating that refi volumes will increase.
The company's goal is to refinance $25 billion worth of conventional loans into FHA-insured H4H loans by Sept. 30, 2011, when the program is slated to expire.
"The need is still there," Harrison said. "The only thing we are fighting is time."
