*HARP 2.0 Is For Everyone*
**Help For Smaller Banks**
***PROGRESS in Lending has learned that String Real Estate Information Services, a consultancy and back-office service provider to the U.S. home finance industry, has added capacity in preparation to help smaller mortgage lenders capitalize on the government’s recently announced Home Affordable Refinance Program (HARP 2). As many as 6 million homeowners may qualify to refinance existing mortgages under the program but experts say smaller institutions could benefit the most. Here’s the whole story:
****Research performed recently by FBR Capital Markets analysts predicts that the biggest beneficiaries of the HARP 2 program are likely to be smaller originators, if they are well positioned to pick up market share. Unfortunately, these smaller firms are the ones that are likely to need the most support to take on this additional volume.
****“Helping these originators find qualified borrowers, contact them with offers, underwrite and process their applications are exactly the types of tasks that our team has been built to handle easily,” said Prashant Kothari, chief executive officer for String Real Estate Information Services.”
****String has enjoyed phenomenal growth over the past 2 years and has been expanding into new markets and extending its footprint within the U.S. real estate industry. The company has been particularly successful in building capacity for title industry outsourcing. Kothari said String identified the HARP 2 opportunity last fall and has been working to build capacity since then. The company is taking on new clients for HARP 2 services now.