Market Analysis: Do You Need Help With HARP 2.0?

*Do You Need Help With HARP 2.0?*
**By Tony Garritano**

***I’ve talked a lot about HARP 2.0. Why? Because it’s a real opportunity if done well. So, when I hear about technology that can help, I’m going to tell you about. Recently I was told that ServiceLink, an end-to-end origination and default solutions provider for 15 of the top 20 mortgage lenders and servicers, has expanded the availability of its HARP 2.0 solutions to lenders nationwide, including regional and smaller national lending institutions, which stand to benefit most from this enhanced government program. No new-comer to the HARP process, ServiceLink has been providing both custom and standardized programs to support HARP transactions for the nation’s leading financial institutions since the program’s inception in 2009. To date, ServiceLink has successfully completed hundreds of thousands of HARP transactions for its customers, helping borrowers stay in their homes in the process. Here’s their story:

****In keeping with the company’s customized service-based philosophy, ServiceLink provides its lender customers with a solution that effectively resolves capacity issues through the use of customized workflow processes. ServiceLink carefully aligns its processes and capabilities to effectively meet its customers’ unique business needs, enabling them to significantly reduce cycle times, while mitigating risk and optimizing the overall borrower experience. In order to facilitate each lender’s unique business needs, HARP transactions may be submitted to ServiceLink in a variety of ways, including custom systems integration, the company’s website or through leading third-party transaction platforms.

****Once a lender has identified and solicited a borrower for participation in the HARP 2.0 program and assigned the loan to ServiceLink, ServiceLink then runs the loan data through its proprietary SmartConneXion iApprove platform to make informed title workflow decisions, triggering rapid production of title commitments and “clear to close” notifications. This allows ServiceLink to measure the delivery of title commitments in minutes rather than hours or days. Additionally, over 90 percent of the loan files that ServiceLink manages through this process achieve a “clear to close” title in just two days.

****Through its Web-based closing solution, iClose, ServiceLink then works directly with borrowers to conveniently review and execute the loan documents from virtually any location at any time. Access to real-time, face-to-face video technology further enhances the borrower experience for ServiceLink’s customers. Additionally, HARP closings leverage all of the available closing solutions, including in-home signings, in-branch signings and traditional office closings.

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at

Understanding The News: Painting A Very Clear Picture Of HARP II

*Painting A Very Clear Picture About HARP*
**Webinar Looks to Educate All**

***Will HARP II be the thing that restarts the mortgage industry? Probably not. However, HARP II does present a set of opportunities for lenders to help borrowers. So, what’s HARP II really all about? There’s a lot of misinformation out there so AllRegs will offer a training webinar entitled, “The HARP II Program,” Tuesday, May 22, 2012, from 2:00 p.m. to 3:30 p.m. Eastern Time. Registration is $265 per site, to educate the space. Here’s the details:

****The Home Affordable Refinance Program (HARP) was originally introduced as a part of the Making Home Affordable Program in March, 2009. The program had two outstanding advantages – it afforded someone who had worked hard to stay current the ability to refinance, and they were allowed to refinance their outstanding principal balance despite the fact that their property value may have be significantly “underwater” based on the fair market value. Servicers were still concerned about using the program as many of the people had loan-to-value ratios that far exceeded the 105% limit. The limit was raised to 125%, then to 140% of fair market value.

****In 2012, the HARP II program was announced to allow lenders to deliver HARP loans without a cap on loan-to-value ratios. Making changes to the LTV ratios is just one of the many changes to the revised HARP II program.

****During this 90-minute webinar, AllRegs will look at all of changes to this program and how they will impact those borrowers who were locked out of refinancing to a lower rate based on previous LTV restrictions. AllRegs Academy instructors Elana Lovoy and Pat Taylor will provide ideas on how to communicate this program to potential borrowers, analyze the risk and determine best practices for originating this type of loan program.

****Production and Servicing Managers, Risk Officers, Asset and Portfolio Managers, and any staff members responsible for early intervention of loans that may be at risk of default are encouraged to attend.

****The cost for this course is $265 per site, with the ability to dial in to the conference from one phone line at each site. To learn more or register, click here or visit