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HARP 2 Refinance

Bert,Thank you for your response. It really does help me make decisions. Can you please let me know why some banks require appraisal while some others don't? I am just trying to find out my broker is not cheating my pocket.Thank you. by xiulin_544_225 from Camarillo, California. Jun 5th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Under the HARP 2 refinance program, you loan has to be entered into an automated approval system for Fannie/Freddie. The results from this system determines if an appraisal is waived or necessary. Some lenders will require an appraisal even though the automated systems says it's ok to waive it.. I hope this helps.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 5th 2012
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Jonathan Rhode (jrhode)
#183 ranked lender in California - 130 contributions

Once your loan is ran through the automated system it will be determined if you will need an appraisal or not.

Jun 5th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,828 contributions

All appraisal or appraisal waivers, known as PIWs, are dictated by the automated underwriting system, or AUS. However, if the lender that is servicing the loan chooses, they can choose to waive the appraisal if the desire, though most don't. As far as being cheated, it is doubtful. The fee cannot be collected unless an appraisal is performed, the lender cannot dictate who the appraiser will be (under the Rules of HVCC), meaning he can't be trying to line the pockets of a friend, and the need for an appraisal will actually delay the timing of the close of escrow, which is a disincentive to the broker. Finally, I am actually working on a file right now that started as a "No appraisal" or PIW approval. Changes in the AUS in the last two weeks, and now I need an appraisal. Bottom line... There really is no reason to ask for an appraisal unless it is being required. Getting back to the real point, even if you have to pay for an appraisal, your cost will be much less than the extra interest you will pay at the higher loan rate ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Jun 5th 2012
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Blake Kleckner (BlakeK)
#388 ranked lender in California - 259 contributions

Appraisals for HARP 2 loans should be determined by the Fannie or Freddie computer systems. For the most part, if the findings are that an appraisal isn't necessary, lenders won't require them. On the other hand, the lenders pretty much do what they want and can still require them even if Fannie and Freddie say they aren't needed. I am working onn many HARP loans right now. About half of them didn't get appraisal waivers for whatever the reasons. The the lenders for the other half are honoring the appraisal waivers. I have only experienced 1 lender that didn't honor the waiver. To be safe, you need to stay away from dealing directly with banks. They take tremendous advantage of people because they can. I just did a HARP loan for a client who was going to do it directly with her bank, which just happens to be a lender of ours as well. Believe it or not, I was able to get her a lower interest rate, saving her $30/mo., and do her loan at no cost, which saved her $3,000. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Jun 5th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

Fannie or Freddie Automated system will decide for you...

Jun 6th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

ALSO, on harps, it depends on your loan to loan balance. it sounds confusing, but its not only the loan to value, but its how much of your loan in percentage is from the original loan.. This is what is causing a lot of folks not to get approved, and many of the mortgage professionals out there miss this situation.. I can do harps in California.. email me at yourloanpartnerforlife@live.com or call me at 602-330-1598

Jun 6th 2012
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