20% of members may be eligible for home refinance under HARP 2.0! (Webinar Slides)
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The new Home Affordable Refinance Program (HARP) offers a huge opportunity for credit unions to help roughly 20% of members. Between two and five million underwater homeowners could be helped by this program. HARP 2.0 is a revamped version of the original HARP program, a program whose restrictions limited its effectiveness. Those barriers are now gone. Watch and listen to this educational session on HARP 2.0 hosted by expert presenter, Nizar Hashlamon to hear more about a program that could change your members' lives, help boost the economy, and increase mortgage business at your credit union. For more info: www.nafcu.org/primealliance
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20% of members may be eligible for home refinance under HARP 2.0! (Webinar Slides)
- 1. by: Nizar Hashlamon Prime Alliance Solu2ons, Inc. © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 2. What is HARP 2 Why Important Resources Overview Strategies © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 3. Survey QuesCon #1 Is your credit union a Fannie or Freddie direct seller? a. Fannie b. Freddie c. Neither © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 4. REFI, REFI PLUS & DU REFI PLUS HARP: WHAT’S THE DIFFERENCE? Announced in October 24, 2011 Background Fully implemented in March 17, 201 Two op&ons Refi Plus Same Servicer manual underwri&ng DU Refi Plus Same or different Servicer Provides increased efficiencies for the origina&on and underwri&ng. © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 5. PEOPLE HELPING PEOPLE Credit Union Mission © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved. 5
- 6. MEMBER LOYALTY RetenCon © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 7. FINDING THEM IS EASY Remember Your Member © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 8. SAVING MONEY FOR MEMBERS Revenue © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 9. SHARPLY REDUCED RISK Rep & Warrant Relief © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 10. ARE YOU HELPING YOUR MEMBERS YET? 81% of REFI’s 2.3 Million Loans 41% of OriginaCons © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 11. WHAT’S NEW? r 30Y xed es s n, ≤ Fi Acc itaCo ore d pen V lim it sc O T inate No L in cred or elim m d No cappe ed 0.7 s 5 s a lign er A nie Waiv LLP ompa ield c MI erty F p Pro © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 12. ELIGIBILITY EXPANDED Current Payments Principal Residence LTV Greater than 80% Not HARP Refinanced Owned by Fannie or Freddie before June/09 © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 13. DEADLINES & EXCEPTIONS! Dec/2013 Note Date If Payment Increase >20% Delivered on Re-‐Qualify Loan or Prior to April 30/2014 VerificaCon FICO 620 DTI 45% Income, Funds © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 14. SOLICITATION RULES Limit to > 80% LTV Specific SolicitaCon Language Across both GSE’s © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 15. Survey QuesCon If you have analyzed your exisCng mortgage porlolio, #2 what percentage qualifies under HARP 2.0? a. Less than 10% b. 10 -‐20% c. More than 20% d. We have not analyzed our porlolio for HARP 2 eligible loans. © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 16. STRATEGY COMPONENTS Campaign TargeCng Member Collateral Call-‐to-‐ Messaging AcCon © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 17. IMPLEMENTATION STRATEGIES... Reach the most Super members using Streamlined Fewest the fewest Requirements resources Streamlined Some AddiConal Requirements TradiConal Refinance © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 18. THREE FULFILLMENT PATHS SUPER Streamlined TradiConal Streamlined False PFW or HVE allowed TRUE TRUE Full Appraisal Required None YES Requires “resub” Junior Lien Or “resub” (if no “resub” approval agreement agreement) MI provider is No coopera&ng YES YES New MI policy with HARP? required No credit score TRUE TRUE False requirement & DTI © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 19. Survey QuesCon #3 Does your credit union perform any Mortgage loan specific direct markeCng campaigns? a. Yes b. No © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 20. BEST IN CLASS CAMPAIGN Offer w/ Three Options Term Rate Reduction w/ very low Reduction (or no) NO Closing Closing Costs Costs ADVANTAGES sense of urgency Rate choice from three Reduction clear opCons w/ Closing reduce stress to Costs originaCon and fulfillment resources © 2012 Prime Alliance Solu2ons, Inc. All Rights Reserved.
- 21. HOW TO TARGET IdenCfy Members w/ Mortgage Public Data Records Apply HARP 2 Rules Level Set Members’ ExpectaCons
- 22. MANAGING Not All EXPECTATIONS Look Alike Loans are HARP Loans Honesty In CommunicaCon Encourage to Verify w/ GSEs Explain & Educate
- 23. COLLATERAL THAT HELPS DETERMINE ELIGIBILITY
- 26. PRIME POSSIBILITIES FOR HARP Targeted Direct MarkeCng Member Data & Public Records Message Points Direct Mail & & ‘Call-‐to-‐AcCon’ email Campaigns
- 27. PRIME POSSIBILITIES FOR HARP APPLY HARP 2 RULES
- 28. Nizar Hashlamon Prime Alliance Solu2ons, Inc 206) 321 6773 nhashlamon@primealliancesolu2ons.com hqp://www.nafcu.org/PrimeAlliance/