Estimates differ concerning how much the Home Affordable Refinance Program (HARP) revisions will influence the refinance market in 2012, but Urban Lending Solutions announced that it is ready for an influx of activity.
Urban Lending Solutions, a provider of residential and commercial outsource fulfillment and settlement services to the mortgage origination and servicing industry, said it has shifted internal resources to provide more support to lenders and servicers that are looking to capitalize on HARP 2.0.
“This is going to be a great opportunity for the nation’s homeowners,” said Mike Forgas, president of Urban Lending Solutions. “The new guidelines will allow more borrowers to qualify and this will lead to an increase in refinance activity. Banks may not be staffed to handle this increase and they are reaching out to qualified partners to help support and streamline the HARP 2.0 refinance process. We have been very successful supporting our existing clients with the HARP process.”
The original goal of the HARP program was to allow underwater borrowers to refinance. However, strict guidelines prevented many homeowners who wanted to refinance from qualifying. Under HARP 2.0, these restrictions have been relaxed and the processing has been streamlined. Many industry experts expect the program to result in a wave of new refinances. However, industry guidance from the former government sponsored enterprises has thus far been sketchy, leading many lenders to seek out professional support for their upcoming HARP 2.0 programs.
“This is an excellent opportunity for banks to meet their annual corporate diversity goals at the same time they significantly expand their refinance business, if they partner with a qualified Minority Business Enterprise,” said Thomas Lewis, corporate diversity and business development executive for ULS. “We have a proven team that is already working with some of the nation’s largest lenders and servicers and we are an MBE. It makes us a perfect choice for this program.”