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UWM Fast Tracks HARP 2.0 Integration

In accordance with the government's updated ""Home Affordable Refinance Program"":www.makinghomeaffordable.gov/programs/lower-rates/.../harp.aspx (HARP 2.0), ""United Wholesale Mortgage"":www.uwmco.com/ has announced its successful implementation of the December 1 enhancements to the initiative. The federal program, which is designed to help facilitate refinancing for distressed homeowners, is expected to increase the number of participants who are eligible for assistance.

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To accommodate the new provisions within HARP 2.0, UWM has integrated the program into its broker portal, EASE. UWM's system gives brokers a module for determining pricing and eligibility through its Easy Qualifier component, and the technology infrastructure already available from UWM simplified the company's transition to HARP 2.0 capabilities.

The recent changes to the program include a reduction of pricing adjustments on HARP loans, the removal of the 125 percent CLTV restriction, and the removal of appraisal requirements for many loans. UWM was able to accomplish its HARP 2.0 implementation quickly, and even large entities, such as ""Fannie Mae"":www.fanniemae.com/, have reported that their compliance with the updates could take until March of 2012.

Commenting on the changes to EASE, UWM's president, Mat Ishbia, said, ""Access to HARP 2.0 provides much needed relief to underwater borrowers who have been making their payments but unable to refinance due to lack of equity in their homes. The recent change to HARP is something we wanted to make available to our broker network so they may assist borrowers that they otherwise could not have helped.""├âÔÇÜ├é┬á

Continuing his statements, Ishbia noted, ""There are very few lenders that have implemented HARP 2.0 thus far, and we don't expect to see immediate adoption because of the technology, staffing and liquidity implications.├âÔÇÜ├é┬á At UWM, we are committed to offering our customers the products they need to satisfy marketplace demands and grow their business.""

In a company release, officials at UWM expressed their collective dedication to helping borrowers and brokers around the U.S. by supporting the revised program. HARP 2.0 is an expansion of the original government plan, which launched in March 2009.

About Author: Abby Gregory

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