360 Mortgage Group Sees Significant Ongoing Refinancing Opportunities Under HARP 2.0

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Only one in four eligible borrowers under the HARP 2.0 guidelines have taken advantage; HARP 3.0 needed to help additional borrowers who have been diligent on their payments

360 Mortgage Group (360 Mortgage), a privately-owned mortgage bank, with a 100 percent focus on third party origination, today confirmed that a significant opportunity remains for borrowers nationwide to take advantage of the Home Affordable Refinance Program (HARP) 2.0, which went into effect in March 2012.

“HARP 2.0 has been very successful in enabling a large number of homeowners to refinance at historically low interest rates, and 360 Mortgage continues to see growth in the number of borrowers looking to refinance under this program,” commented Mark Greco, President and Founder of 360 Mortgage Group. “However, less than one in four eligible borrowers under the HARP 2.0 guidelines has taken advantage of this important program. There remains a significant opportunity for HARP 2.0 to benefit additional American homeowners, many whom continue to struggle, and positively impact the US economy.”

Lender Processing Services (LPS) recently reported that about 2.6 million Fannie Mae and Freddie Mac loans may still be eligible for refinancing under HARP 2.0. These loans fit the general HARP requirements and 50 percent have prime credit scores of 720 or above, including 670,000 with interest rates above six percent. LPS estimates that another 10 million mortgages may be eligible for traditional refinancing.

President Obama declared in his State of the Union address on February 12, 2013, that there are still too many families with solid credit who have not been able to refinance their homes, placing unnecessary financial burdens on them and holding our entire economy back.

“There remains a large group of homeowners with higher than current market interest rates for whom even HARP 2.0 is still out of reach. In the current versions of the regulation, the borrowers falling under the poor underwriting guidelines programs known as Alt-A and Subprime have been excluded. Consequently, HARP 3.0 is in order,” added Mr. Greco. “HARP 3.0 would be an opportunity to not only expand refinances to include these borrowers who have been diligent on their payments, but also to continue to rebuild our nation’s economic strength.”

About 360 Mortgage Group, LLC:
Established in 2007, 360 Mortgage Group LLC is a privately owned mortgage bank, with a 100 percent focus on third party origination that has successfully utilized its high-technology platform to provide better communication and customer service to business partners. An approved Fannie Mae seller/servicer and Ginnie Mae Issuer, 360 Mortgage Group is headquartered in Austin, Texas and provides services in 33 states across the country. 360 Mortgage Group is emerging as a leader in refinancing under Home Affordable Refinance Program (HARP) 2.0. For more information on 360 Mortgage Group, please visit https://www.360mtg.com.

Media Contacts:                
John Lovallo, LEVICK please call 917-612-8419 or email jlovallo(at)levick(dot)com     
Katherine Herring, LEVICK please call 202-973-1315 or email kherring(at)levick(dot)com

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