Offering Auto lending, Business Lending, Investments, Mortgage, Realty, Title Services, Calculators, Rates and more, CU Companies helps Minnesota Credit Unions provide superior services at the lowest possible cost to their members.
Offering Auto lending, Business Lending, Investments, Mortgage, Realty, Title Services, Calculators, Rates and more, CU Companies helps Minnesota Credit Unions provide superior services at the lowest possible cost to their members.
Offering Auto lending, Business Lending, Investments, Mortgage, Realty, Title Services, Calculators, Rates and more, CU Companies helps Minnesota Credit Unions provide superior services at the lowest possible cost to their members.
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HARP Changes Announced
In a release Monday, the Federal Housing Finance Agency, along with Fannie Mae and Freddie Mac, announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgage. While operational details won't be available to mortgage lenders and servicers until November 15, the anticipated program enhancements include:
  • Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers.
  • Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac.
  • Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by Fannie Mae/Freddie Mac.
  • Extending the end date for HARP until December 31, 2013 for loans originally sold to Fannie Mae/Freddie Mac on or before May 31, 2009.

Credit Union members contacting CU Companies between now and when the program is official will be placed on a call-back list.