HARP 2.0 LPMI

I'd be happy to work with you and assess your situation without any application fees to get started. If you would like some direct help, just send me a direct message through this site. Thank you and good luck!

It's all about liability... and it's never a problem until something goes wrong.. When a mortgage is underwritten and MI is issued, then the company underwriting the loan has a risk that never leaves them.. if the loan goes into default, and the MI company finds out that the original underwriter missed something crucial, then the MI company can deny the claim.. (most insurance company have no problem accepting money, but they hate paying it out, so any time there's a claim, they will always try to defer liability to someone else).. Under HARP refi's, the NEW lender will get the original MI certificate TRANSFERRED to the new loan... once that transfer is complete, the liability for the original lender and their underwriters is released, and they are off the hook for any future liability ( assuming there was no fraud)... and the new lender assume responsibility for the MI even though they didn't underwrite the underlying loan that it was originally attached to... some lenders understand that if that borrower has not defaulted by now, they probably won't.. And they will allow MI transfers.. They will also charge a little more to do those loans, since there's added risk, but they will do them.. Other lenders are too conservative and won't touch them at all.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Lender Paid MI simply gets converted to monthly MI under the HARP 2.0 program. We refinance them all of the time here at Vantage Point.

The LPMI will be converted to monthly paid MI with the HARP 2.0 program. I'm not sure why most lenders do not wish to participate in this, however we do it often here at Vantage Point Bank.

http://harp2mortgagerefinance.com/

You should be able to find a lender who will convert the LPMI to monthly. As mentioned by Ronald this is done frequently. Contact one of the Lender 411 mortgage professionals. I bet they will be able to help you. Good Luck.

I can't say why some lenders won't do a HARP refinance with LPMI, but my assumption has been that they don't want to take that one extra step in requesting the MI certificate be transferred from the previous lender. We do these all the time. The additional step adds about 2-3 days to the process, that's it.