2009-07-20 — housingwire.com
Fannie Mae will accept mortgages refinanced through the Home Affordable Refinance Program (HARP) with loan-to-value (LTV) ratios between 105.01% and 125% on August 1, one month earlier than previously announced.
“We are providing this advance ability for whole loan committing to address lenders’ needs to obtain secondary market pricing information so they can establish their own pricing for loan originations,†the government-sponsored enterprise said in a statement Friday.
We love the vague "establishing their own pricing" justification. In reality, this is because they can't get lenders to take the cram-downs needed to re-fi these loans.
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govieoriginator at 02:25 2009-07-21 said:
When will Fannie allow TPOs to originate a 125% refi through DU? Right now it looks like, starting August 1, the "servicing lender" can manually underwrite a loan in their portfolio up to 125% but, third party originators can only use automated DU findings up to 105%. Does anyone know when the 125% might be opened up through DU for third party originators? Permalinkadd a comment | go to forum thread
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