HARP 2.0: Fat Profits, but Shenanigans?

So, HARP 2.0 is going to be the program that finally helps millions of current but underwater Americans refinance their GSE loans? Last week National Mortgage News first reported about some of the fat profits being earned by the nation's megabanks on the 'new and improved' program. What irks some small- to medium-sized correspondents is that the megabanks have been hogging the 'low hanging' HARP 2.0 fruit since late last year – all because Fannie Mae and Freddie Mac couldn't get their AU systems up and running in time – that is, until now. As one loan officer told us: “It's just very frustrating with people begging to get loans they are told on TV exist only to have to disappoint them.” But rest assured, some wholesalers such as Cole Taylor Mortgage, and ICON Residential are now making a big push on HARP 2.0 through loan brokers. Keep reading NMN and Origination News and our websites for updates.