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HI have tried 3 lenders to do a HARP 2.0 on our loan, and am having no luck. I am being told I am EA3, and therere is my question

by erockga from Ball Ground, Georgia. Aug 31st 2012 Reply


Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,385 contributions

Generally an Expanded Level Approval means there are some severe weaknesses to the borrower's file. Low scores, High DTI, Low reserves, short job time, etc. It is possible to improve your situation. You need to have your Mortgage Professional explain to you the areas of weakness. It will be spelled out in the AUS findings. Once you know you can begin to address the changes that need to be made. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Aug 31st 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,385 contributions

STOP dealing with GreenTree. Politely, they are idiots. Politically correct, we'd say stupid. Yes it is true that Fannie Mae has no LTV limits, but lenders like Greentree instill their own caps. Find a local Mortgage Banker/Broker in your area. There are other issues at play here. The Fannie Mae Automated underwriting model is called DU. DU will establish a value that they will accept. What you need to find out is what else is wrong with your situation. If the only thing wrong was the value, then you'd get a DU Accept Eligible (AE) There IS something else that is making your file seem weak to DU. You want to find a seasoned, experienced Mortgage Professional to work with you. Try finding one here at Lender 411, or find one at NAMB.org (The National Association of Mortgage Professionals). If they have any experience at all, they can tell you what is wrong. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Aug 31st 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

AHHH this wonderful HARP program and another satisfied customer.. Your questions are legit.. And a lot of folks are asking the same questions.. But unfortunately, Fannie/Freddie has a different view.. LTV, DTI, property type, Credit Scores, MI or No MI.. All play into your level of risk.. without seeing the DU findings, it's hard for anyone here to tell you how to get the risk level decreased... 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

Aug 31st 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

GA is a tough state for harps... its hard to get the right values... If you can get a copy of the DU FINDINGS,, most of the ea111 are caused by not putting in the right information.. I have reworked quite of few of these... linda , and yes I can lend in your state.. my email is yourloanpartnerforlife@live.com or phone me at 602-330-1598 linda

Sep 2nd 2012
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Patrick McCarthy (PatrickM)
#23 ranked lender in Ohio - 196 contributions

Hello.I am able to lend up to 125% under the HARP guidelines in Georgia. We sell straight to Fannie Mae. If you have a Freddie Mac loan, you may be restircted by the Freddie guidelines and the number of brokers/lenders out there doing Freddie Mac HARP loans to the full extent of the program guidelines. Feel free to call on me and see if you can get the DU (Desktop Underwriter) Findings from the lender that ran it.When going over 95% LTV, the system is pickier when it comes to credit and reserves under this program. We see appraisal waivers all the time when we run them thru DU since there are no 'Lender Filters' when we run it for approval. I look forward to talking with you.

Sep 4th 2012
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We also are working with a lender with an EA3 status. We were approved with no appraisal needed. Now the issue, we have been working on this loan since June 2012. We are constantly sending in paycheck stubs and bank statements. We were told in October we were looking at an end of October closing date. It's now Jan 2013 and unless I email our company we are dealing with we hear nothing. His last quote to me was that the bank he's dealing with is the only bank doing EA3 loans. As you can tell I'm pretty frustrated with this whole process. Any suggestions out there? We live in WA state. I have a Fannie Mae loan now and we have a second mortgage.

Jan 7th 2013
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Yes, I was told I was EA 3. They each told me somewhat the same answers. My current loan is for $225k, house is probably worth around mid $180's. They told me that I would have to have an appraisal done, and it would have to be at LEAST $205k to move forward, which I know based on my area won't happen. They each said Fannie Mae values house at $186,100. Where I am confused is that the program says it has no limits on value...so why am I now being placed in a value situation? Is there seriously nothing I can do? I don't want to short sale or move, but it looks like that may be only option. Greentree tells me there is nothing that they can even offer until I am late on payments, and I certainly don't want to screw my credit up if not needed!

Aug 31st 2012
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Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

There are lenders that will do EA1 and EA2. I'm not certain about the EA3. I would say get a copy of the AUS Findings and show that to some other lenders for opinion. Perhaps even to the professionals on this board. There can be quirky data that throws off the DU Findings. If you are working with a loan officer that doesn't know how to "tweak" the underwriting engine, that could be the problem. Don't worry about the value, HARP does not limit how far underwater you are - only the overlays of some lenders will limit you. Find a good mortgage broker to work with. I'm sure most of us could find someone for you in GA.

Aug 31st 2012
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Hello! I am a licensed mortgage banker. Our underwriting guidelines allow us to accomplish EA3's. I close these loan all the time usually within about 3 weeks. Please let me know if I could be of assistance. Thank you! jwallace@proficiomortgage.com

Oct 20th 2012
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Joseph Wallace (JoeWallace)
#62 ranked lender in Ohio - 2 contributions

Hello! I have been hearing a LOT of stories about lenders taking this long - and still declining the loan at the end. I specialize in HARP loans and have no problem accomplishing EA3's. I close these loan all the time usually within about 3 weeks. I can start your loan (no application fee and no out of pocket expense) and you can go with whoever gets it done first. No risk to you. Please let me know if I could be of assistance. Thank you! jwallace@proficiomortgage.com

Jan 18th 2013
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