Some lenders are already chomping at the bit on 'HARP 2.0' and plan to hit the ground running to refinance Fannie Mae/Freddie Mac-backed mortgages when the application process commences on Dec. 1.

Under the new, detailed guidelines released earlier in the week lender/servicers can begin processing new HARP loans manually and don't have to wait for the GSEs to update their automated underwriting machines in March.

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