Analytics provider CoreLogic has a new service to assist originators identify potential loans that can fall under the Home Affordable Refinance Program 2.0 (HARP 2.0).
HARP 2.0 was introduced in late 2011 to help qualified underwater borrowers to refinance their mortgages. This makes use of a proprietary database, patented valuation technologies, comprehensive lien data and new patent-pending analytics to identify more than 2.3 million borrowers with a ‘strong likelihood’ of potential eligibility under HARP 2.0.
A specific list of eligibility criteria, database filters and derivation techniques are used to separate out potential HARP 2.0 eligible loans.
The loan-to-value ratio data is calculated utilizing CoreLogic automated valuation models. This is to ensure the most up-to-date data is available, CoreLogic then re-evaluates its HARP 2.0 eligibility database with refreshed data monthly. This offers originators access to updated and/or new leads in either single prospect or batch forms.
“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,” said Anand Nallathambi, president and CEO for CoreLogic. “It may not be clear to homeowners how HARP 2.0 eligibility requirements apply in their circumstance. CoreLogic is uniquely positioned to help mortgage originators identify qualified homeowners who are highly likely to be eligible for the HARP program. This will allow the originators to focus their educational and sales efforts on homeowners who will likely be motivated to refinance.”
“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,” said 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.”