United Wholesale Mortgage Implements HARP 2.0

UWM among the first lenders to offer new changes to the program

| From
Home Affordable Refinance Program

BIRMINGHAM, Mich., Dec. 20, 2011 (SEND2PRESS NEWSWIRE) -- United Wholesale Mortgage (UWM), a national wholesale mortgage lender operating in 47 states, announced today that it has successfully implemented the government's enhancements to the Home Affordable Refinance Program (HARP 2.0) that went into effect December 1, 2011.

HARP is a federal government program designed to help millions of underwater homeowners refinance into a fixed loan with a lower monthly payment. The release of HARP was originally announced in March of 2009, but as of August 31, 2011 only 894,000 borrowers have refinanced through the original HARP plan. The HARP 2.0 version, however, is expected to significantly increase the number of eligible participants into the program with the aggressive changes to make the program more viable for both borrowers and lenders.

"Access to HARP 2.0 provides much needed relief to underwater borrowers who have been making their payments but unable to refinance due to lack of equity in their homes," said Mat Ishbia, president of United Wholesale Mortgage. "The recent change to HARP is something we wanted to make available to our Broker Network so they may assist borrowers that they otherwise could not have helped. There are very few lenders that have implemented HARP 2.0 thus far, and we don't expect to see immediate adoption because of the technology, staffing and liquidity implications. At UWM, we are committed to offering our customers the products they need to satisfy marketplace demands and grow their business."

UWM added HARP 2.0 to its broker portal, EASE (Easiest Application System Ever), where brokers can price and determine eligibility via EQ (Easy Qualifier). UWM's robust technology infrastructure was a big part of why they were able to bring HARP 2.0 to market so quickly after it was announced, the company says.

The primary changes to HARP are the reduction of pricing adjustments on all HARP loans which allows borrowers to save more money than they could have before, removing the 125% CLTV restriction, and the ability to not require appraisals on many loans. Notable is that Fannie Mae and Fannie Mae's Desktop Underwriter(R) (DU) system will not be updated to accept unlimited loan-to-value applications until March of 2012, and UWM will roll out that enhancement once Fannie Mae's system is ready.

Company officials at UWM say they are dedicated to helping homeowners and brokers across the country by swiftly supporting the revised, government-backed Home Affordable Refinance Program. Interested parties can learn more about UWM's HARP 2.0 by calling 800-981-8898.

About United Wholesale Mortgage:

Headquartered in Birmingham, Michigan, United Wholesale Mortgage underwrites and provides closing documentation for residential mortgage loans originated by mortgage Brokers, banks, credit unions and correspondents. UWM provides unparalleled service with its deep understanding of the mortgage process using its talented team of account executives, underwriters, closers and funders, who have years of experience with intricate knowledge in wholesale. UWM's positive teamwork and dedication to exceptional customer service has resulted in continued success and growth that has spawned expansion. For more information, visit or call 800-981-8898.

Joe Bowerbank
Profundity Communications, Inc.
949.378.9685 .

News Source:
For more information regarding this press release, please visit:
Like, Share, Save this press release:
  TWEET   SHARE   G+   PIN IT   STUMBLE   LinkedIn   Instapaper   Buffer

The content of the above press release was provided by the “news source” (United Wholesale Mortgage) or authorized agency, who is solely responsible for its accuracy. Send2Press® is the originating wire service for this story and content is Copr. © 2011 United Wholesale Mortgage with newswire version Copr. © 2011 Send2Press (a service of Neotrope). All trademarks acknowledged.

Rights granted for reproduction by any legitimate news organization. However, if news is cloned/scraped verbatim, then original attribution must be maintained with link back to this page as “original syndication source.” Resale of this content for commercial purposes is prohibited without a license. Reproduction on any site selling a competitive service is also prohibited. Information is believed accurate, as provided by news source or authorized agency, however is not guaranteed, and you assume all risk for use of any information found herein/hereupon. This work is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License.
STORY READS for this single page only, as of Oct 23 2016:
[ count retired 8.4.16 ]

Banking and Finance, Real Estate, Software, or: Search

back to top
REFERENCES: Home Affordable Refinance Program, wholesale mortgage lender, united wholesale mortgage, home affordable refinance program, harp 2.0, mat ishbia, desktop underwriter, wholesale mortgage lender, mortgage, Michigan, news, press release from United Wholesale Mortgage, Dec 20, 2011, Banking and Finance, Real Estate, Computing, Birmingham, Michigan, United Wholesale Mortgage Implements HARP 2.0