CoreLogic unveils HARP 2.0 service
Business analytics provider CoreLogic (CLGX) introduced a new set of services designed specifically to address the anticipated increase in mortgage refinance activity from revisions to the Home Affordable Refinance Program. Fannie Mae and Freddie Mac released specific guidance Tuesday on how mortgage servicers and lenders will implement changes for HARP 2.0, which aims to help more underwater borrowers move into lower-rate loans. The CoreLogic HARP 2.0 services will identify qualified borrowers to enhance loan originations and fulfill underwriting requirements. CoreLogic will supply HARP-specific teams as part of the service. The company said the service will help lenders determine how much of volume they are likely to see because of HARP 2.0, which will allow them to strategically approach the potential demand increase, CoreLogic said. "Over the past few years, mortgage companies have really been fighting a battle on two fronts. On one front, origination volumes have been down as the economy struggles to rebound," said Scott Brinkley, senior vice president of outsourcing and technology solutions for CoreLogic. The largest four banks combined wrote $175.4 billion in new mortgages during the three months ended Sept. 30., down 24% from what the lenders wrote a year earlier. "On the other front, servicers continue to wrestle with the complex elements associated with enhanced regulatory oversight and related compliance issues in the default space," Brinkley added. "The combination of these two realities has created operational strain on many organizations." Write to Justin T. Hilley. Follow him on Twitter @JustinHilley.