|Service helps identify HARP 2.0-eligible refinance candidates|
CoreLogic announced a new service designed to help originators identify potential Home Affordable Refinance Program 2.0 (HARP 2.0) refinance prospects.
The HARP 2.0 program was introduced in late 2011 to assist qualified underwater homeowners in refinancing their mortgages. CoreLogic leverages a proprietary database, patented valuation technologies, comprehensive lien information, and new patent-pending analytics to identify more than 2.3 million borrowers with a strong likelihood of potential eligibility for refinancing through the HARP 2.0 program.
“The new HARP 2.0 guidelines provide a great opportunity for homeowners with negative equity who were previously unable to take advantage of historically low interest rates and refinance their existing mortgages,” says Anand Nallathambi, president and CEO for CoreLogic. “It may not be clear to homeowners how HARP 2.0 eligibility requirements apply in their circumstance.”
Using a specific list of eligibility criteria, database filters and derivation techniques are used to identify potential HARP 2.0 eligible loans. The loan-to-value ratio information is calculated using industry-leading CoreLogic automated valuation models. In addition, to ensure the most up-to-date information is available, CoreLogic re-evaluates its HARP 2.0 eligibility database with refreshed data monthly, providing originators access to updated and/or new leads in either single prospect or batch forms.
“By utilizing CoreLogic proprietary databases and analytics teams, we can provide a targeted and customized list of very high probability HARP 2.0 refinance-eligible candidates,” says Dianna Serio, chief data officer for CoreLogic. “Our ability to provide specific homeowner data, highly accurate loan-to-value estimates, identification of lenders, current owner occupancy status, and liens associated with a property can be especially helpful to originators looking to build or defend their current portfolio.”
For more information.
[This article was posted on April 4, 2012, on the website of ABA Banking Journal, www.ababj.com.]
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