HARP 2.0 Mortgage Data
Dear Mortgage Lead Buyers,
As I am sure you are aware, there are some exciting changes coming to the Home Affordable Refinance Program (HARP 2.0) that are believed will help up to 5 million homeowners that are under water on their mortgages but have made their mortgage payments on time. As the program was written in March of 2009 as a part of the Making Home Affordable Program, the guidelines contained a restriction on negative equity that left a lot of homeowners out in the cold on any sort of payment reduction mortgage finance options. Homeowners between March of 2009 and until the official release of the HARP Program’s new guidelines have been subject to a guideline and cap on the equity at 125% for financing. In trying to stabilize the housing market and avoid homeowners with good credit and payment histories strategically defaulting on their mortgage with the promise but no written guarantee of a loan modification or payment reduction, the government sponsored HARP Program may have been a little short sighted. I believe that there never should have been a ceiling at 125% and that we had the economic and real estate data to know that American Homeowners had lost value so rapidly and so severely that the 125% figure would under-serve homeowners that needed help. That is neither here nor there now as the mortgage industry prepares for the revamped guidelines and the removal of the equity requirement from the guidelines for HARP 2.0.
March 19, 2012 represents the day that changes should have been made to the electronic underwriting systems (DU & LP) that will allow lenders to get HARP 2.0 Loan Application Approvals that will get the ball rolling on this new program. Nobody knows for sure if that date will be met without hiccups and it is probably wise to expect that there will be. In the meantime, mortgage professionals and lenders are already taking manual applications and issuing suspended approvals pending the applications being run through for electronic underwriting approvals. What this means to the mortgage lead buyer is that your competition is already out there accumulating as many applications as they can. At GenStar Marketing, we recently completed 30 hours of research and content writing for a marketing group related to the HARP 2.0 Mortgage changes and guidelines. Combine this with 7 years of exposure to mortgage marketing, mortgage data, mortgage telemarketing, mortgage origination and mortgage branch management and we are confident that we can help the mortgage industry properly target homeowners for the HARP 2.0 Program.
Rather than give away our HARP 2.0 Mortgage Data modeling criteria so that every data and lead company will steal our thunder, I am going to encourage you to call us. We know data and we have studied the new guidelines and believe that positions us as one of the most knowledgeable marketing companies in the country when it comes to data. While no data company will be able to model this perfectly, we believe it will be like throwing a grenade at the enemy where having it land close to the target will get the job done. Whether you are telemarketing or mailing, mortgage data will be one of the cheapest ways to target new prospects for the expanded guidelines of the HARP 2.0 Mortgage Program!