Very few banks offering the Harp 2 refinance Loan

Most bank and servicing companies are waiting for Fannie Mae & Freddie Mac to update their Automated Underwriting System (AUS).  With out the AUS being updated the banks like Megastar Financial have no way of guaranteeing that Fannie Mae or Freddie Mac will insure or guarantee these HARP loans.  Very few banks have the ability to manually underwrite these loans.  Manual underwriting can be very risky for banks.  So most banks are waiting for the AUS systems to be updates.

DU Desktop Underwriter NOT updating the HARP 2 Program Until March of 2012

Fannie Mae is in agreance with the new updates that Obama put into place with the Harp 2 program.  Desktop Underwriter is one of the Automated Underwriting systems that all major banks use to underwrite their loans to Fannie Mae's Underwriting Guide.  They have anounced they will not be updating the new LTV updates untill March of 2012.

Expect HARP 2 refinance transactions to start in April of 2012.  

I have 20 - 30 clients lining up to start their refinances.  On average these clients will save between $200 - $400 a month. These clients all have stayed current with thier mortgage and want to stay in their home.  I plan on starting these refiannce transaction in April of 2012.  To see if you qualify for this program please refer to my HARP REFINANCE blog that details the benefits and how to qualify.   If you would like more info on the program or if you have any questions please contact me anytime at 530-221-7700.