Harp Refinance

[Jan Roseberry]

Just got an order for a 'Harp Refinance.' Has anyone else got a similarly worded request? Anything special required?

The kicker is that they also requested rent comparables. It's a single family investment.

 

[Terrel L. Shields]

Run Run Run...

 

[Tim The Enchanter]

Extra work, extra fee for the form 1007 and rental comps.
No big deal.

 

[incognito]

I don't get it, Terell? There is NOTHING odd or different about a HARP refi appraisal. If they want a rent schedule, charge appropriately and do it. Rent schedules are easy money... I can think of NO scope requirements which would be different from any typical mortgage appraisal... In fact, most lenders do not tell you it is a HARP refi: no need to...

 

[Lobo Fan]

HARP loans Don't usually require an appraisal. It is just a way to slide a potential short sale from the bank to government. All they are doing is refinancing their current balance at a lower interest rate. The value of the house has nothing to do with the loan. If the borrower owes $300,000 on a $150,000 house, they will still owe $300,000, just at a lower rate. If they default, the government eats instead of the bank that made the first bad loan. It is another government bailout in disguise.

 

[Michigan CG]

........... It is another government bailout in disguise.

Let's get it right, it is a TAXPAYER bailout in disguise. Too many people are using the term government when in fact it is the taxpayer who is bailing out whatever the cause-of-the-week is.

I had a discussion with a 10-year old about where food stamps and subsidized housing comes from. She said it was the government and I asked her where the government got the money from. She couldn't answer the question. I would guess that many 30 year-old people can't answer the question either.

 

[Lobo Fan]

Thank you for pointing out the obvious. I am not a 10 year old. I am keenly aware of how the government is funded.

 

[Michigan CG]

Thank you for pointing out the obvious. I am not a 10 year old. I am keenly aware of how the government is funded.

I wasn't referring to you.

 

[J Grant]

If it's a market value purpose appraisal, then develop market value. Same as with any other appraisal. They want single family rent comps, provide them.

Just because it's a HARP loan instead of a non HARP loan, doesn't change the MV def or the steps to develop a credible supported value.

 

[ctapraser]

Let's get it right, it is a TAXPAYER bailout in disguise. Too many people are using the term government when in fact it is the taxpayer who is bailing out whatever the cause-of-the-week is.

I had a discussion with a 10-year old about where food stamps and subsidized housing comes from. She said it was the government and I asked her where the government got the money from. She couldn't answer the question. I would guess that many 30 year-old people can't answer the question either.[/quote]

Sort of off topic to the OP, so hopefully I will not get the stay on topic warming....

Every day after school I spend about 15 min, per daugter, deprogramming all of the "junk" the teachers try to sneak into the curriculum.

Tell them every day "do not be afraid to think for them selves"