Wells Fargo to Limit HARP 2 Financing
In January Wells Fargo wholesale announced its HARP 2.0 plans.
“Several changes will go into effect for the Home Affordable Refinance Program (HARP) on Monday, Feb. 6, and there are important deadlines for HARP 1.0 transactions for loans with registration dates prior to Feb. 6. Changes to the HARP will go into effect with loan registrations on or after Monday, Feb. 6, 2012.
Important: The Loan-to-Value (LTV) enhancement offered by Freddie Mac and Fannie Mae will not be available to the Wells Fargo Wholesale channel until a thorough assessment of the impacts has been made.
Check out the bulletin issued to brokers for more on specific changes, dates and underwriting.
What does this mean to you? Really, nothing. Use a great mortgage broker who can do your loan. You do not have to go back to Wells Fargo if you have an underwater Wells loan. You don’t have to go back to Bank of America or Chase either. You can go to us at U S Loans Mortgage LLC