Wierd HARP REFI problem! THIS IS GETTING RIDICULOUS!!!! :(

yadfgp

LoanSafe Member
Dec 17, 2009
38
0
0
Ok, I've posted quite a FEW posts here in this thread about trying to get a HARP refi done my primary home. It's been 1 incredibly difficult process and I'm going to throw out all the old info and start with some new info on what my problem is NOW............


Hopefully maybe a mortgage broker or loan agent out there that does HARP refi's can answer this 1 for me...
On April 1st, my 1st mortgage was transferred to Green Tree from Bank of America.
I have a 2nd also that was originated with B of A when I bought my home. It was transferred to GT as well, but this 1 was transferred about 3 years ago or so.


When I bought my home, I put down 5%. So I wound up with 2 loans, one was to cover I think it was 80% of the home, and the 2nd covered the other 15%. Or it may have been 75% and 20%. I don't remember for sure offhand. Anyways, the last few weeks, I have been trying to do a HARP refi with Green Tree. When my loan agent entered all my info into the DU software program, he said it showed me as having LPMI. He also said that Fannie Mae is denying me a HARP refi according to his software.......!


I told him that's impossible, that I don't have any insurance on either of my loans. I have never paid PMI, since I have 2 loans. He said that it's LPMI that I have. So I looked up my closing papers for both loans.
They show this for both loans.... LOAN TYPE: CONV/UNINSUR. Also for LPMI/BPMI it says N/A. I looked at my closing costs for both loans, nowhere does it list any fees for mortgage insurance.


My loan agent said that he is only reporting what it shows up in his software. He said the problem may be that all the data for my 1st mortgage is still syncing up with GT. And that once that's all done, he will be able to go back in and try and do a HARP refi for me. He said he thinks that I may have paid a bit more for a slightly lower (or higher?)interest rate to get that insurance added in there to avoid having to pay PMI every month.


When I check my credit report, as of right now, B of A shows my 1st as having just been closed about 2 weeks ago. It still does not show my 1st as being with GT yet. Despite my loan being with them for going on almost 3 months.
My loan agent said that when my credit report finally shows my 1st as being with GT,we should be able to proceed with a HARP refi. He said we just need to wait it out till all that data gets fully transferred over from B of A to GT.
Does this sound accurate to any of you experts out there?


To me it sounds like BS with the whole LPMI thing. I don't see how I can be denied for having LPMI according to his software. Especially if I don't actually have it. I asked if there was some error in it being falsely reported and he said that might be possible. And that once the data fully syncs up, he'll know for sure.


Thanks for any insight you guys can provide!
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Ok, I've posted quite a FEW posts here in this thread about trying to get a HARP refi done my primary home. It's been 1 incredibly difficult process and I'm going to throw out all the old info and start with some new info on what my problem is NOW............


Hopefully maybe a mortgage broker or loan agent out there that does HARP refi's can answer this 1 for me...
On April 1st, my 1st mortgage was transferred to Green Tree from Bank of America.
I have a 2nd also that was originated with B of A when I bought my home. It was transferred to GT as well, but this 1 was transferred about 3 years ago or so.


When I bought my home, I put down 5%. So I wound up with 2 loans, one was to cover I think it was 80% of the home, and the 2nd covered the other 15%. Or it may have been 75% and 20%. I don't remember for sure offhand. Anyways, the last few weeks, I have been trying to do a HARP refi with Green Tree. When my loan agent entered all my info into the DU software program, he said it showed me as having LPMI. He also said that Fannie Mae is denying me a HARP refi according to his software.......!


I told him that's impossible, that I don't have any insurance on either of my loans. I have never paid PMI, since I have 2 loans. He said that it's LPMI that I have. So I looked up my closing papers for both loans.
They show this for both loans.... LOAN TYPE: CONV/UNINSUR. Also for LPMI/BPMI it says N/A. I looked at my closing costs for both loans, nowhere does it list any fees for mortgage insurance.


My loan agent said that he is only reporting what it shows up in his software. He said the problem may be that all the data for my 1st mortgage is still syncing up with GT. And that once that's all done, he will be able to go back in and try and do a HARP refi for me. He said he thinks that I may have paid a bit more for a slightly lower (or higher?)interest rate to get that insurance added in there to avoid having to pay PMI every month.


When I check my credit report, as of right now, B of A shows my 1st as having just been closed about 2 weeks ago. It still does not show my 1st as being with GT yet. Despite my loan being with them for going on almost 3 months.
My loan agent said that when my credit report finally shows my 1st as being with GT,we should be able to proceed with a HARP refi. He said we just need to wait it out till all that data gets fully transferred over from B of A to GT.
Does this sound accurate to any of you experts out there?


To me it sounds like BS with the whole LPMI thing. I don't see how I can be denied for having LPMI according to his software. Especially if I don't actually have it. I asked if there was some error in it being falsely reported and he said that might be possible. And that once the data fully syncs up, he'll know for sure.


Thanks for any insight you guys can provide!
You can contact Erik Sandstrom, he is very well versed on HARP refinances, his information is in his signature in the following thread;

http://www.loansafe.org/forum/refinance/48248-harp-most-commonly-asked-questions-answered.html