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HARP

HARP. How will it help you grow your business?. Our panel. Brian Berman, Mortgage Atlanta LLC, Atlanta. Chris Brown, Certified Mortgage Planners, Orlando, FL. Emily Provost, Capital One Bank Home Loans, Austin. Mike Mullin, First Priority Financial, Spokane, WA.

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HARP

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  1. HARP How will it help you grow your business?

  2. Our panel Brian Berman, Mortgage Atlanta LLC, Atlanta Chris Brown, Certified Mortgage Planners, Orlando, FL Emily Provost, Capital One Bank Home Loans, Austin Mike Mullin, First Priority Financial, Spokane, WA Jim Sahnger, FBC Mortgage, Jupiter, FL

  3. Guess What?? • We’re not attorney’s, but we have stayed at a Holiday Inn Express….

  4. Let’s Jump Right In • What is HARP? • What is the major difference between the current HARP program and HARP 2.0 which will be coming out in March?

  5. What about the borrower? • Will there be income requirements? • Will there be DTI requirements? • What if there was only one spouse on the original loan? • Must there be “hardship” other than negative equity? • What are credit score requirements? • Will there be verification of assets or reserves?

  6. What about the Loan? • Is there a max LTV? • How will value be determined? • Will there be an appraisal? • What if there is a 2nd? • What if there is PMI? • What about LPMI? • Can occupancy type change? • What if the property is for sale? • Can a heloc or construction loan all be rolled into one loan?

  7. What about the Lenders? • Is this allowed with any servicer? • Is there a single lender prepared to underwrite and close these loans? • What about lender overlays? • What about banks that say no? • Will all lenders be forced to the new guidelines? • Do you have to use the original servicer?

  8. What about the program? • When will LP/DU be updated to accommodate the product? • Is there an end like there was to the $8K tax credit? • Will there be a cap on origination fees? • Will the banks have it before TPO’s (third party originators?) • Why was HARP2 allowed for the Big 4 in December, but everyone else has to wait until March? • How long are they taking to close?

  9. More Program Questions • Will they be changing, eliminating or extending the 2009 cutoff date? • Is there a seasoning requirement if someone has a BK or Foreclosure? • Is this giving false hope to the media or to borrowers that this is the “solution?” • Will this allow for JUMBO loans? • What if someone isn’t Fannie or Freddie?

  10. Marketing • How do we get the word out? • Who would make a good referral partner? • Can an assistant make the initial call to my database or should I make those calls myself? • Can I use social marketing? • Wait until March or act NOW?

  11. Emily Provost • Marketing to Referral Partners – Real Estate agents, Title agents • Marketing to Past Database • Teaching classes

  12. Brian Berman • Hand calling everyone in past database (assistant is doing and setting mortgage review) • Working with 2 real estate agents • Working with an insurance agent • Posting on Facebook • Developing a Facebook ad

  13. Mike Mullin • Writes a mortgage column in the local newspaper • Personal Facebook posts • Developing a blog

  14. Jim Sahnger • Creating a web presence • Targeting communities that were built in ’05, ‘06 and ’07. Sending postcards, letters • Door hangers • Seminars for HOA’s • Affinity partners – Insurance agent – “Would it be of benefit to you if I could help your client’s put an extra $500 in their pocket that they could in turn use to buy an insurance product.

  15. Chris Brown 1 Direct Mail post cards to targeted neighborhoods 2 Flyers for contact's places of work 3 video email to Database 4 video email for professional sphere to send out making THEM the resource 5 blogging 6 FB Ads 7 TV interviews 8 Radio Interviews 9 Splash pages 10 speaking at trade meetings 11 co-sponsored seminars

  16. Wanna Hear it Again? www.HARPrecording.com Brian Berman, Mortgage Atlanta LLC, Atlanta Chris Brown, Certified Mortgage Planners, Orlando Emily Provost, Capital One Bank Home Loans, Austin Mike Mullin, First Priority Financial, Spokane, WA Jim Sahnger, FBC Mortgage, Jupiter, FL

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