HARP II guidelines were released last week and I was more confused than before. We are fortunate to have Alice Alvey to interpret what the guidelines say about who will be able to offer borrowers this new product and when. She too found it difficult, but this is what she thinks the guidelines say regarding who and when. First, the current servicer of a loan will be able to refinance their serviced loans beginning with applications taken after December 1, 2011. For these loans, certain provisions will not be available for settlements prior to January 3, 2012, so most loans will not fund until after then. Access to the HARP II does not open up to non-servicer originators (Open Access) until March 15, 2012. This is when the automated underwriting engines will be programmed to accept loans with the LTV waiver.
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