Broadview Mortgage Optimistic About President Obama's HARP 3.0 Comments

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Broadview Mortgage endorses the comment made by President Obama regarding the passage of HARP 3.0.

President Obama has been talking up housing solutions. Zillow CEO Spencer Rascoff moderated a 30-minute segment where the President answered questions from homeowners and homebuyers.

About 20 minutes into the interview, President Obama says that passing the legislation is a "no-brainer". Broadview Mortgage Branch Manager Scott Schang says that he wholeheartedly agrees. "There are so many people that would benefit from passing a revision to HARP, chief among those are homeowners whose mortgage is not owned by Fannie Mae or Freddie Mac."

About 30% of the questions focused on the rumors of a HARP 3 underwater refinance program for those that don’t qualify for HARP 2. The question remains, what exactly would HARP 3 entail?

  • Allow non-servicing lenders to use “streamlined guidelines” to reduce documentation and cost to consumer.

Remove fannie mae and freddie mac owned requirement to allow any eligible homeowner to refinance

  • Further streamline qualifying process making on-time payment history primary factor for eligibility.
  • Remove requirement for income, appraisal, assets – eligibility depends on payment history.

As of September 4th, 2013 the official Senate website for S.249 states that the likelihood of it being passed is low.

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Chris Apodaca

Scott Schang
Broadview Mortgage
since: 05/2009
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