The Home Affordable Refinance Program may be tweaked again in the near future, according to the Federal Housing Finance Agency's Acting Director Ed DeMarco.
Apparently, DeMarco suggested during a House Financial Services Committee hearing that a marketing campaign informing borrowers about the existence and benefits of HARP could come into fruition sometime in the near future, Barclays Securitization Research said in a new paper.
The Barclays team writes:
"This campaign would come on top of the servicer-driven solicitation that is already part of the HARP program. This marketing campaign can be seen as another one of the tweaks to the HARP program that we have talked about. The true effect of the campaign can be judged only when we know the details. However, it is difficult to envision a program that would substantially boost already-high HARP speeds. All the same, it could certainly work to counteract some of the burnout that we are beginning to see, especially for faster-paying servicers. This, along with the servicers transfers, could potentially sustain HARP speeds at elevated levels for a longer timeframe."