Harping on Harp

Harping on HARP, 2.0 12/2/2011
Reports, analysis and general fodder on HARP 2.0 is all around us and it's time I put in my two cents. We're starting to read how this new program will not reach as many distressed borrowers as initially hoped. Well maybe so, but is that really news and does it even matter? Over the last few years we've had numerous programs created to help homeowners - none of them actually hit the initial targets set by Washington - remember the FHA Secure program? Nobody can honestly buy the propaganda coming out of Washington without feeling short-changed; however we can take a moment to understand how this program will impact the mortgage banking community.

The bottom line: HARP 2.0 will help. HARP 1.0 and DU Refi Plus programs were widely criticized as well, but in the end many bankers were able to market this program to better serve their clients and increase production. Nothing out of Washington is perfect, or even close to it, but HARP 2.0 is a step in the right direction and will help those who are ready to embrace (i.e. market) it. And just think for a minute, if the program were perfect, bankers wouldn't even know what to do with themselves. Lenders and investors alike are already operating at max capacity and scrambling to improve efficiencies and turn times in order to turn over their lines. Many bankers are already overwhelmed with business and have pipelines that will keep them more than busy for the next few months. So let's not complain too much here.