The government’s Home Affordable Refinance Program 2.0 was revamped through loosening its loan requirements in order to provide more assistance to home owners that are upside down in the value of their homes.
In an effort to help homeowners nationwide the government has in turn helped a few of the country’s largest lenders. JP Morgan Chase and Wells Fargo, as well as other mortgage servicers nationwide stand to gain nearly $12 billion in revenues by year’s end simply through participating in HARP 2.0.
The lack of opportunity to receive loans from a lender other than the one a borrower currently has is presenting a problem for homeowners looking to modify.
HARP 2.0 is doing its job. Mortgage applications are the highest they have been since 2009, including loans in the HARP.