MI Companies to Participate in HARP Phase II

Mortgage Insurance Companies of America (MICA) has announced that the association, representing private mortgage insurance (MI) company members, is endorsing the revised Home Affordable Refinance Program (HARP), HARP Phase II, that was enhanced to better serve borrowers. MICA fully supports the expansion to HARP. “MICA applauds the FHFA’s efforts to bolster the effectiveness of HARP, which is intended to increase the number of non-delinquent homeowners that will be eligible to participate in the program so they can improve their financial condition and enhance their ability to continue to make timely payments,” said Suzanne Hutchinson, EVP of MICA. Private MI companies have been actively engaged in HARP since its inception. No MICA member will institute any additional requirements on HARP loans beyond the program requirements of the government-sponsored enterprises (GSEs), aligning with their common guidelines. The industry will continue to collaborate with the GSEs, lending institutions and servicers to further streamline the operational processes of HARP Phase II. To advance the reach of the program, private MIs will relieve lending institutions of representations from the original loan files. "A greater number of borrowers can now benefit from the FHFA enhancements to HARP, enabling creditworthy homeowners to remain in their homes with the added support of private MI’s cooperation," said Hutchinson.